Severa Chairman Nominated for European Business Angel of the Year by EBAN

NEW YORK, NY and MADRID, SPAIN--(Marketwire - April 27, 2009) - Severa Corporation, Nordic's leader in professional services automation and project management tools, is pleased to announce the nomination of Ari Korhonen in the finalist round of the EBAN Business Angel of the year award. Mr. Korhonen is the chairman of the board at Severa Corporation as well as its largest stock holder.

The final EBAN award ceremony will honor a winner among the top four nominees at an event scheduled for April 27, 2009 at the Casino De Madrid in Madrid, Spain. The Business Angel award will recognize a European-based investor and his or her investment in a successful startup that has achieved significant growth within the last 12 months. A dynamic business leader, Ari Korhonen is involved in numerous European startups including CitySocialising, in4mo, Controlmatic, Project Business Finland, RunToShop, Severa Corporation, Studio Elite, and 360 Cities.

"I am extremely pleased to be nominated for this award among thousands of other European business angels," said Ari Korhonen. "Although the past year has been challenging for all of us, a number of Finnish-based companies have been able to penetrate deeper into the market and benefit from the change in market dynamics. One such company is Severa Corporation with its explosive market expansion from a primarily Finnish customer base to a global SaaS provider."

Severa Corporation has grown exponentially in the last year. With more than 500 customer installations, Severa has recently launched Severa 3, its latest version of its SaaS tool for managing projects, customers and billing functions. Within the first three days of the new release, more than 300 professional services organizations, SMEs and government organizations have registered for the web-based application.

EBAN is the European Trade Association for Business Angels and Early Stage Investors, an independent and non-profit association representing the interests of business angels networks (BANs), early stage venture capital funds and other entities involved in bridging the equity gap in Europe. EBAN was established with the collaboration of the European Commission in 1999 by a group of pioneer BANs in Europe and EURADA (the European Association of Development Agencies). For more information visit www.eban.org.

About Severa Corporation

Severa Corporation is a leading provider of SaaS-based professional services automation designed to take the pain out of project management for small to medium sized businesses. Severa 3 is offered as an online application that reduces implementation time and is fully customizable to fit into various verticals including design agencies, IT consulting, law firms, engineering houses and architecture firms. Severa's transparency into project data helps communicate business objectives, optimize resource allocation and reduce revenue leakage. Severa has received the Red Herring Global 2008 Winner Award. For more information on Severa Corporation visit www.severa.com or contact Severa's U.S. office at 5 Penn Plaza, 23rd Floor, New York, NY, 10001. Tel. 1-877-5-SEVERA.

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Contact Information: Press Contacts: USA: Victor Cruz Principal, MediaPR.net vcruz@mediapr.net Tel: (401) 349-3369 Finland: Karoliina Caforio Severa Communication Manager karoliina.caforio@severa.com +358 45 127 5352