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New Boss At Xevo

Xevo Corp., the Marlborough Mass.-based provider of service management software for service providers, today announced the appointment of Michael Dering as president and chief executive officer.

Dering, who has also been appointed to the company's board of directors, will take over from Hal Chapel, Xevo's founder and chairman, who stepped in as acting CEO in November, 2000, to replace Rick Hronicek, Xevo's previous CEO.

Drawing on more than 25 years of experience in the technology industry having served as CEO at both venture-funded and publicly held companies, Dering is expected to bring to Xevo his expertise in both expanding international operations as well as domain experience with software and infrastructure technologies.

"Michael brings the leadership and expertise necessary to help us expand our global presence. He will help Xevo continue to provide innovative software solutions that enable service providers to successfully and profitably adopt the software as services model," says Chapel who will remain in his previous role as Xevo's chairman.

Chapel says the search process for a new CEO began a year ago but that the company was selective in its search process: "We weren't in any rush, but I felt that the company would benefit from bringing in a more seasoned leader to help Xevo reach its goals in the software as a service market."

Dering, who was contact by the firm in the Spring of 2001, and prior to working at Xevo he served for two years as CEO of CrossAccess Corp., a software infrastructure company that helps corporations integrate business functions with new e-business applications.

Dering was responsible for spearheading several strategic partnerships at the firm in addition to its international and domestic expansion.

Before joining CrossAccess, Dering served as president and CEO of two Bell & Howell companies. At Bell & Howell Mail and Messaging Technologies (MMT), Dering was responsible for doubling profits and growing revenue to $500 million and building cultivating a broad customer base that included telecommunications carriers.

Previously, Dering had a 20-year career at TAB Products Company, a $170 million publicly traded manufacturer of information storage and retrieval solutions for office environments.

He initially worked in a variety of sales and marketing positions, but in his last five served as the firm's president and CEO.

"I was looking for an opportunity to join a company that had a leading technology in an emerging market that could actually help define the market instead of take market share, which Xevo does," explains Dering.

He says his move to Xevo is also helped by the firm's international customer support: "Xevo has software tested by customers around the world. And though the ASP market has had ups and downs in the last year, I believe the solution set itself is still a very strong," he argues.

According to Chapel, 2002 will be a 'back to business' year for Xevo, and he is projecting steady growth with better results in 2003.

"We anticipate seeing the real elbow in the market of delivering software as a service occurring in 2003. Everywhere we look people are jumping back on the idea, but now they have a better understanding of what it takes to make it successful model," he explains.

Dering agrees: "Xevo is poised to enter a high-growth period as market opportunity for software as services continues to grow. I am looking forward to working with this team to secure deeper global market share and expand our customer base to include more international telecommunications carriers and service providers," he says.

In addition to his responsibilities at Xevo, Dering will continue his work with several boards including serving as director of both the CrossAccess and ExpatEdge boards and as an advisory board member at North Carolina State University and the Washington Management Group.

Dering holds a B.S. in Business Administration and Computer Science from the University of Maryland.