TORONTO, December 21 /PRNewswire/ --

- Acquisition to Expand Converged Rating and Billing Product Portfolio and Global Reach in Asia Pacific, Africa and North America

Redknee Solutions Inc. ("Redknee" or the "Company") (AIM: RKN), a leading provider of innovative infrastructure software that monetizes and personalizes services and content for mobile operators, today announced the conditional acquisition of the assets of Argent Networks Ltd. ("Argent"), a leading technology and telecommunications billing company, for an initial payment of US$4 million in cash raising to a maximum cash payment of US$8 million if certain revenue related metrics are achieved. Based on the foregoing, Redknee is increasing its guidance for fiscal 2008 to CAD US$48-52 million.

Argent, based in Auckland, New Zealand, has operations in Australia, Middle East and the United States and currently services over 20 operators in North America and across the emerging markets of Asia Pacific and Africa. Following the acquisition, Argent's customers and employees will be integrated into Redknee's existing business with a view to leveraging Argent's customer base, partner network and employees. The Directors believe that the acquisition will further strengthen Redknee's operating model and market share, particularly among emerging market operators.

"I am delighted to be announcing our first acquisition," said Lucas Skoczkowski, CEO of Redknee. "This is a very exciting transaction for Redknee as the acquisition expands our operator footprint with 18 new operators in the emerging markets and five in North America, while increasing our product portfolio to include interconnect billing, and converged billing for IPTV and broadband operators. This transaction complements our core business objectives and is an excellent fit with our existing operations. I look forward to updating the market on the integration progress over the coming 12 months."

Argent has developed ArgentEclipse(TM) Interconnect, a revenue assurance, Interconnect and content settlement software solution and ArgentEclipse(TM), a real-time convergent billing and customer care CRM solution for fixed line, wireless, broadband and next generation operators. The Directors believe that Argent also has a strong reputation for its technologically advanced products in the voice interconnect, content management and wholesale verification categories, as well as next generation converged billing solutions.

The acquisition will be made through wholly-owned subsidiaries of Redknee and the transaction is conditional upon approval by the Argent Networks Ltd. shareholders, which is expected to occur on January 18, 2008. The transaction is expected to close on January 31, 2008.

For more information about Redknee please visit http://www.redknee.com.

About Redknee

Redknee is a leading global provider of innovative communication software products, solutions and services. Redknee's award-winning solutions enable operators to monetize the lifetime value of each subscriber transaction while personalizing the subscriber experience to meet mainstream, niche and individual market segment requirements. Redknee's revenue generating solutions provide advanced converged billing, rating, charging and policy for voice, messaging and new generation data services to over 50 network operators in over 40 countries. Established in 1999, Redknee Solutions Inc. (RKN: AIM) is the parent of the wholly-owned operating subsidiary Redknee Inc. and its various subsidiaries. References to Redknee refer to the combined operations of those entities. For more information, please visit www.redknee.com.

Media Relations Contact: Heidi Rosenberg NPI PR +1-831-440-2405 heidi@npipr.com Dalia Asterbadi +1-905-625-2636 dalia.asterbadi@redknee.com Nomad: Canaccord Adams Limited Ryan Gaffney/Andrew Chubb +44-(0)-207-050-6500 Investor Relations Contact: Jeremy Garcia Buchanan Communications +44-(0)-207-466-5000 jeremyg@buchanan.uk.com Colley Clarke +1-905-625-2604 colley.clarke@redknee.com

Web site: http://www.redknee.com

Media Relations, Heidi Rosenberg of NPI PR, +1-831-440-2405, heidi@npipr.com; or Dalia Asterbadi, +1-905-625-2636, dalia.asterbadi@redknee.com; or Nomad: Ryan Gaffney or Andrew Chubb, both of Canaccord Adams Limited, +44-(0)-207-050-6500; or Investor Relations, Jeremy Garcia of Buchanan Communications, +44-(0)-20-7-466-5000, jeremyg@buchanan.uk.com; or Colley Clarke, +1-905-625-2604, colley.clarke@redknee.com, all for Redknee