Robert W. Baird & Co.: Baird Expands Business Services Expertise

For Immediate Release

For further information, contact:

John Rumpf

414-298-6104

[email protected]

Firm furthers efforts in dynamic sector with new hires

MILWAUKEE, March 8, 2005 – From the smallest entrepreneurial firm to the largest multi-national, virtually every company has needs addressed by the Business Services industry. In line with the importance of the sector and its potential for further growth, Robert W. Baird & Co. (Baird) is enhancing its already significant resources dedicated to Business Services. Baird recently added a number of professionals to its Business Services equity research, private equity, and investment banking teams, and just hosted its 12th annual Business Solutions Conference in New York.

“Business Services has long been one of Baird’s most important areas of focus,” said Paul E. Purcell, Baird President & Chief Executive Officer. “We are well positioned to help our corporate clients, portfolio companies, and institutional and individual investors participate in the current success and future promise of the Business Services space. These accomplished additions to the Baird team further underscore our commitment to the sector.”

Baird’s Business Services Expertise

Baird is a long-time leader in the Business Services sector, which includes Human Capital Services such as staffing, payroll processing, and HR administration; Information Technology Services; Marketing Services; Education Services; Financial Technology Services; and Facility Services.

In the U.S. and Europe, Baird has 19 equity research analysts and 11 private equity professionals focused on Business Services, and more than 25 investment banking professionals dedicated to Business & Technology Services. This includes nine professionals who have recently joined Baird or transitioned from other areas of the firm.

Equity Research

Mark S. Marcon, CFA, has joined Baird as Senior Research Analyst for Human Capital Services. Marcon has 10 years of experience covering the Human Capital sector, including the last six years with Wachovia. He has been recognized by StarMine as a top analyst in his field.

Sandra M. Notardonato has joined Baird as Senior Research Analyst for IT and Professional Services. Notardonato comes to Baird from Adams Harkness and has been recognized by StarMine and The Wall Street Journal as a top analyst in her field.

Trace A. Urdan has joined Baird as Senior Research Analyst for Education Services, as was announced earlier this year. Urdan has covered the education sector since 1997 and was previously with ThinkEquity Partners LLC where he also covered the for-profit education industry. He has twice been included on the Institutional Investor “All American” and The Wall Street Journal “Best on the Street” lists of top rated analysts.

Private Equity

Randall A. Mehl, CFA, has transitioned from his Senior Research Analyst role to become a Partner with Baird Capital Partners (BCP). Mehl joins David Pelisek and John Neis as a member of BCP’s Business Services team and will work alongside the Business Services teams of Baird Venture Partners (BVP) and Granville Baird Capital Partners (GBCP). Mehl joined Baird in 1996, and has been recognized by The Wall Street Journal, Forbes, StarMine, and Institutional Investor for his coverage of the Human Capital Services sector. He has been a member of the BVP investment committee since its inception.

Investment Banking

Brian S. Doyal joined Baird in 2004 as Managing Director and head of Baird’s Business and Technology Services investment banking group. Doyal was previously with Credit Suisse First Boston (CSFB), where he held various positions over the past 14 years, and last served as Managing Director and co-head of the Global Services Group.

Andrew K. Snow joined Baird in 2004 as a Managing Director in the Business & Technology Services investment banking group. Snow previously served as a senior member of the Business Services Group at CSFB.

Christopher W. Hildreth, Vice President, recently joined Baird’s Business & Technology Services investment banking group. He previously served as a vice president in the Global Consumer/Business Services investment banking group at Deutsche Bank.

Howard P. Lanser, Vice President, joined Baird in 2004 in the Business & Technology Services investment banking group. Prior to Baird, Lanser was an Associate in the investment banking department of CSFB.

Michael G. Bruns, Vice President, joined Baird’s Business & Technology Services investment banking group in 2004. Prior to Baird, Bruns was a Vice President at Broadview International.

Baird Business Solutions Conference

Baird’s 12th annual Business Solutions Conference, held Feb. 23 and 24 in New York, featured business outsourcing-focused presentations by senior executives from 55 public and private companies. More than 770 people attended.

In-depth Sector Experience

Baird’s Equity Research Department of 91 research professionals, including more than 35 senior analysts, covers 515 U.S. and European companies. Since 2000, research coverage has increased by 50 percent, and is expected to grow another 10 percent in 2005. Institutional investors rated Baird’s Business Services research the best in the “boutiques or regional firms” category in Institutional Investor magazine’s 2004 All-American Research Team survey, the third consecutive year the firm has received this honor.

Baird Private Equity, which includes more than 40 investment and 20 operating professionals in the U.S., Europe and Asia, has raised and managed over $1.2 billion worldwide. Through its three investment funds, Baird Capital Partners, Baird Venture Partners, and Granville Baird Capital Partners, Baird Private Equity provides private equity capital to both early stage growth companies and more seasoned middle-market businesses. Over the past decade, the group has made private equity investments in numerous Business Services companies in the United States and Europe, including ArmorGroup International Limited; Austin Logistics Incorporated; The Aviant Group; Berbee Information Networks Corporation; CLP Resources, Inc.; Controlex España Prevención de Riesgos, S.L.; Encore Legal Solutions, L.L.C.; Everdream Corporation; HireRight, Inc.; Jefferson Wells International, Inc.; Marshall Erdman & Associates; Mentor Technology Limited; Nobis Beteiligungen GmbH; Payroll Associates, Inc., Public Recruitment Group Limited; SmartTime Software, Inc.; Team BS Betriebs-Service GmbH; and TrialGraphix, Inc.

Recent Baird Private Equity transactions in the space include:

Austin Logistics Incorporated – BVP led the Series A Preferred Stock financing, which closed on February 2, 2004. Other investors included Svoboda Collins, Apex Venture Partners and North Hill Ventures, the venture capital affiliate of Capital One Financial Corporation. Austin Logistics is a leading provider of predictive analytics, targeted primarily to financial institutions and most specifically their consumer credit divisions.

Marshall Erdman & Associates, Inc – BCP, Lubar & Co. and senior management acquired Marshall Erdman & Associates, Inc. in 2004. M&I Bank provided the senior financing for the transaction. Marshall Erdman is a 50-year old Madison, Wis., based company that provides healthcare design/build construction services. The Company is a market leader that has planned, developed, designed, engineered and constructed over 3,000 medical facilities in the U.S.

SmartTime Software – The Company’s preferred stock equity financing was led by BVP and included Zon Capital Partners, North Hill Ventures and senior management. SmartTime is a leader in Active Workforce Management providing integrated scheduling, time and attendance, workflow planning and optimization solutions to employers with complex workforce environments.

Baird Investment Banking is comprised of more than 100 professionals and has advised clients on 335 completed merger and acquisition transactions with a total value of $46.4 billion over the past ten years. The team has conducted a number of significant transactions in the Business Services sector, including both merger and acquisition advisory work and public offerings. Recent examples include:

American Reprographics (NYSE:ARP) – Baird co-managed the February 2005 $173.6 million initial public offering of American Reprographics, a leading reprographics company in the United States providing business-to-business document management services.

Kanbay (Nasdaq:KBAY) – Baird co-managed the July 2004 $106.9 million initial public offering and the December 2004 $132.5 million secondary offering of Kanbay, a global provider of IT services and solutions focused on the financial services industry. The Kanbay IPO was one of the 10 best performing initial public offerings in the United States in 2004, according to Thomson Financial.

Braun Consulting, Inc. (Nasdaq:BRNC) – Baird served as exclusive financial advisor to Braun Consulting, Inc. when the marketing strategy and technology consulting firm was acquired last September by Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision technology.

Schawk, Inc. (NYSE:SGK) – Baird rendered a fairness opinion to Schawk, Inc. a world leader in strategic brand imaging solutions, which recently announced it has signed a definitive agreement to acquire privately-held Seven Worldwide, Inc.. SevenWorldwide, formerly known as Applied Graphics Technologies, Inc., is a leading provider of page creation and graphic services to the packaging, retail and advertising industries.

About Baird

Baird, established in 1919, is an employee-owned international wealth management, capital markets, private equity and asset management firm with offices in the United States, Europe and Asia. Baird’s principal operating subsidiaries are Robert W. Baird & Co. in the United States and Robert W. Baird Group Ltd. in Europe. Baird also has an operating subsidiary in Asia supporting Baird’s U.S. private equity operations.

Committed to being a great place to work, Baird is one of FORTUNE magazine’s “100 Best Companies to Work For” in 2005 and was also included on the magazine’s 2004 list. Robert W. Baird & Co. is a member of the New York Stock Exchange and other principal exchanges and the Securities Investor Protection Corporation (SIPC). Robert W. Baird Ltd., a member of the London Stock Exchange, and Granville Baird Capital Partners Ltd. are authorized and regulated in the United Kingdom by the Financial Services Authority. For more information, please visit Baird’s Web site at www.rwbaird.com.