SECOND FOUNDATION AND METAMOR ENTERPRISE SOLUTIONS ACQUIRE ASSETS FROM PSINet CONSULTING SOLUTIONS

MENLO PARK, CA., (BUSINESS WIRE) February 26, 2002 , Privately held Second Foundation Inc. and its affiliate, Metamor Enterprise Solutions, is announcing that they have acquired extensive assets from a group of subsidiaries of PSINet (Nasdaq:PSIX) Consulting Solutions.

The assets of PSINet's Consulting Solutions subsidiaries include all prior and existing client contracts, sales pipelines, fixed assets and infrastructure. Second Foundation will take control of systems integration and technology consulting services while Metamor Enterprise Solutions acquires the SAP and Oracle practices. Immediately following the acquisition, a majority of the existing employees of the subsidiaries elected to join Second Foundation or Metamor.

The acquisition of assets for Second Foundation expands its presence to the East Coast and the Southwest. Second Foundation is in the process of integrating the PSINet Consulting offices in Somerset, New Jersey, Boston, Massachusetts and Dallas, Texas.

"The acquisition provides us with the opportunity to immediately launch, expand and grow our systems integration capabilities nationally," said Pradeep Bakshi, managing partner, Second Foundation. "The acquisition also allows us to better utilize and expand our custom development services in India on a global level," added Bakshi.

In acquiring the assets related to SAP and Oracle, Metamor Enterprise Solutions plans on further developing specialized solutions for Fortune 100 companies using enterprise software. Most corporations already have a variety of enterprise software implemented and the automation of basic transactions completed.

"Corporations are looking to better manage and streamline operations, both internally and across the supply chain," said Jai Saboo, founder and Chief Technology Officer of Metamor. "These acquisitions allow Metamor to continue developing specialized combinations of product/service offerings that are consistent with the maturity curve of information technology systems and to tap into business intelligence trapped within the transactional data," added Saboo.

About Second Foundation

Headquartered in Menlo Park, California, Second Foundation Inc. is privately held and provides Systems Integration and Custom Development services. It also has offices in Virginia and an offshore software development facility in India.

About Metamor Enterprise Solutions

Metamor Enterprise Solutions was a winner of the prestigious SAP Award of Excellence in 1999 and continues to build a close partnership with SAP and Oracle. Metamor Enterprise Solutions is privately held and headquartered in Menlo Park, California, and has offices in Fountain Valley, California, Northern Virginia, and an offshore center in Chandigarh, India

CONTACT:

Second Foundation
Namita Mehta, 650/980-3330 x 402
namita@secf.com