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Amdocs Completes Acquisition of OSS Solutions Provider Cramer

Amdocs is now uniquely able to support OSS transformation and the only company to offer an end-to-end OSS/BSS solution;
Guy Dubois will lead the new Division and has been appointed to Amdocs management

Amdocs (NYSE: DOX), the leading provider of software and services to enable integrated customer management and the intentional customer experience™, today announced that it completed the acquisition of Cramer Systems Group Ltd. (Cramer), a leading provider of operations support systems (OSS). Amdocs acquired all of Cramer's shares of capital stock for approximately $375 million in cash, net of cash on hand, subject to post-closing adjustments.

The acquisition propels Amdocs into leadership in the growing OSS space. Amdocs is now unique in its ability to support OSS transformation, and can help lower the risks and costs associated with these large-scale projects. The combined Amdocs-Cramer solution is also unique in its combination of OSS and business support systems (BSS), delivering complete visibility of the customer, the network and the service. This will help service providers transition from legacy to next generation networks and systems, and rapidly launch new converged services that quickly turn network investment into service revenue.

"Customer feedback to Amdocs and Cramer joining forces has been overwhelmingly positive," said Dov Baharav, chief executive officer of Amdocs Management Limited. "Service providers recognize that the combined Amdocs-Cramer solution of modular products, tailored consulting services and industry expertise will support providers seeking to reduce time to market for new services and lower the total cost of ownership of their OSS infrastructure as they take advantage of next generation networks."

Cramer will form a new division within Amdocs, which will be known as Cramer, Amdocs OSS Division. It will leverage and enhance Amdocs' current assets in BSS and OSS and will focus on helping service providers manage the transformation of their OSS and profit from BSS/ OSS convergence.

Guy Dubois, formerly Cramer's president and chief executive officer, will lead the new Division and has also been appointed to Amdocs management. Dubois has over 25 years of experience in helping large organizations derive value from IT. He joined Cramer in 2005 from PeopleSoft Corporation, where he was executive vice president since 2000, leading overall strategy, development and business execution for all company activities outside the U.S. and Canada. Prior to that, Dubois held senior positions with Vantive, Sybase and Digital Equipment Corporation.

"The Cramer management team and I personally are delighted to be joining Amdocs. Together, Amdocs and Cramer will be a power to be reckoned with for the competition, and a partner of choice for service providers," said Guy Dubois, president of Cramer, Amdocs OSS Division. "The combined Amdocs-Cramer offering provides the visibility and process automation that enables service providers to deliver new services faster at a lower unit cost, whilst ensuring a superior customer experience from day one. When services expertise and deep industry knowledge are combined with these innovative software products, the result is a dramatic reduction in the cost of OSS and a major acceleration of transformation initiatives."

Amdocs announced its agreement to acquire Cramer's shares of capital stock on July 18, 2006. The transaction is expected to be approximately $0.04 dilutive to non-GAAP earnings per share in fiscal 2007 and then accretive thereafter. The impact on GAAP results is also expected to be dilutive, but it will not be known until after Amdocs completes the purchase price accounting for the acquisition. Amdocs may incur a one-time acquisition-related charge in this quarter to account for certain costs related to the acquisition.

About Amdocs
Amdocs combines innovative software and services with deep business knowledge to accelerate implementation of integrated customer management by the world's leading service providers. By delivering a comprehensive portfolio of software and services that spans the customer lifecycle, Amdocs enables service companies to deliver an intentional customer experience TM, which results in stronger, more profitable customer relationships. Service providers also benefit from a rapid return on investment, lower total cost of ownership and improved operational efficiencies. A global company with revenue of more than $2 billion in fiscal 2005, Amdocs has over 14,000 employees and serves customers in more than 50 countries around the world. For more information, visit Amdocs at www.amdocs.com.

Forward-Looking Statement
This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs' growth and business results in future quarters. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general economic conditions, Amdocs' ability to grow in the business segments it serves, adverse effects of market competition, rapid technological shifts that may render the Company's products and services obsolete, potential loss of a major customer, our ability to develop long-term relationships with our customers, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future, however the Company specifically disclaims any obligation to do so. These and other risks are discussed at greater length in the Company's filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2005, filed on December 28, 2005 and our quarterly 6-K furnished on February 15 and May 15, 2006.

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