SEP Announces Launch of Employee Stock Ownership Program

Carmel, IN, April 5, 2010 –Software Engineering Professionals™ (SEP) announced to its employees today that the owners have transferred 100% of SEP’s stock to an Employee Stock Ownership Plan (ESOP) established for the benefit of the employees.

Jeff Gilbert, President & CEO, said “This has been a long term goal for me. We searched for many years for a way to encourage employee-ownership. After researching ESOPs and what one could mean to SEP, we knew this was the right path for us.”

Gilbert is one of the original founders of SEP. He started the company with three other Rose-Hulman graduates in 1988 and has helped build the organization as one of the Largest Software Developers in Indianapolis.

State Treasurer Richard Mourdock approved SEP’s participation in the Indiana ESOP Initiative Linked-Deposit Program. “Employee-owned companies have a proven track record of creating additional wealth for its employees, promoting entrepreneurial spirits, and boosting companies’ productivities overall, said Treasurer Mourdock. “I am pleased to see another Indiana company become more innovative during these challenging economic conditions.”

“The ESOP is an additional retirement benefit that will allow our employees to share in the growth and success of the company,” said Gilbert. “Despite the economy, we have continued to grow into emerging markets while adding new staff and expanding our benefits package.”

SEP recently was named a “2010 Best Places to Work in Indiana” by the Indiana Chamber of Commerce and a “2009 Top Workplace” by the Indianapolis Star. “We have always had a strong culture,” said Gilbert.”Our employees come here largely because they want to be challenged and work on projects that make a difference. We are very proud of what they do. This move further strengthens the connection between SEP and its people. We are now all in the same boat together.”

About Software Engineering Professionals:
SEP is a privately held software engineering company located in Carmel, IN. SEP collaborates with many Fortune 500 companies to develop new software systems and products for business, data and safety critical applications. They offer full lifecycle software solutions to clients in many markets including: medical, aerospace, energy, healthcare, logistics and national defense. SEP currently employs 83 employees. For more information visit www.sep.com.

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