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ISS Reaffirms Recommendation in Favor of Docucorp/Skywire Merger

20 Feb, 2007

ISS Reaffirms Recommendation in Favor of Docucorp/Skywire Merger

DALLAS – Docucorp International, a leading provider of Customer Communication Management (CCM) solutions, announced that Institutional Shareholder Services, Inc. (ISS) has reaffirmed its prior recommendation in favor of Docucorp’s proposed merger with Skywire Software. ISS is the leading proxy and corporate governance advisory service for the institutional shareholder community.

ISS undertook a thorough review and analysis of the terms and process of the Skywire transaction and concluded in their February 9, 2007 report that shareholders should support the merger with Skywire. Further, in their most recent alert to its subscribers, ISS analyzed the Ebix proposal to acquire Docucorp for a combination of cash and Ebix stock and ISS again recommended that Docucorp stockholders support the Skywire transaction for a number of reasons, including the need to adjust the value of the Ebix proposal to reflect the relative illiquidity of Ebix stock and the time value of money.

The ISS report also notes the absence of any definitive competing offer to the Skywire transaction and the potential downside risk for Docucorp’s stock trading at its pre-merger announcement price of $7.50 in the event that Docucorp does not consummate the Skywire transaction.

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