Emailvision: 2008 Full Year Results

PARIS - Revenues: + 35%

- EBIT: + 74%

- EBIT rate: 10.2% of Revenues

Emailvision, the global market and technology leader in
software as a service (SaaS) for email marketing announces its full year 2008
results.

In Millions of Euros 2008 2007 Growth

Backlog as of 31 December 25.40 14.50 + 75%
Revenues 21.76 16.20 + 35%
Gross margin Rate 71% 68%
EBIT 2.22 1.27 + 74%
EBIT rate 10.2% 7.9%
Earnings before tax 2.10 1.17 + 79%
Net income 0.93 0.46 + 102%

Sales growth and international expansion: 2008 revenues grew by 35%

Full year 2008 revenues reached EUR21.8 million, representing 35% growth
(41% at constant exchange rates).

Revenues were up throughout the entire financial year, with
the 4th quarter up by 24% at EUR6.2 million. During the 4th quarter,
Emailvision won 179 new clients.

In 2008, the group continued its international development,
opening four new subsidiaries in The United States (New York), Switzerland
(Geneva and Zurich), Spain (Barcelona) and the Netherlands (Amsterdam).

Investments in these four new subsidiaries during the second
half of 2008 represented a negative impact of about EUR600k on EBIT.

In the second half 2008, Emailvision also strengthened its
sales & support positions in historic markets including France, United
Kingdom, Germany and Belgium.

EBIT growth of 74%, increasing to 10.2% of revenue

The full year 2008 gross margin rate represented 71% of
revenues, an increase of 300 basis points over the 2007 financial year.

The effect of increased volume combined with good cost
management led to 74% growth in EBIT, up to EUR2.2 million. It should be
noted that this figure includes a EUR311k R&D tax credit accounted for as an
operating grant. In 2007, the R&D tax credit was EUR51k and was accounted for
as a reduction in tax expense.

Personnel expenses which make up over 50% of operating
expenses grew by only 32%, continuing to drop as a percentage of revenue
(46.6% in 2008 compared to 47.5% in 2007). The field sales force grew from 29
people at the end of 2007 to 39 at the end of 2008. The average total number
of employees grew from 78 in 2007 to 105 in 2008.

To support the growing global demand for advanced e-mail
marketing technology services, Emailvision continued to increase investments
in R&D (EUR1.0 million) and Marketing (EUR1.2 million).

Earnings before interest and tax and net attributable income
grew by 79% to EUR2.1 million and 102% to EUR0.9 million respectively.

A sound financial base to support a global expansion strategy

With a net cash position of EUR3.6 million, EUR12.8 million in
capital and no debt, Emailvision has a solid financial footing for continuing
to implement its international development strategy.

Business Outlook for 2009

The current economic situation constitutes a new growth
opportunity for Emailvision: companies are expected to make more use of
retention email marketing to increase revenues and profits from existing
customers and prospects.

Emailvision begins 2009 with confidence and will accelerate
investments in international market share growth, marketing, R&D, support and
training. The Group plans to open offices in Sweden in order to extend its
geographical coverage to Scandinavia.

As a result, the broadening of Emailvision’s customer base and
the increasing strength of its new international branches should drive strong
revenue growth in 2009.

In terms of results, Emailvision expects to be close to
break-even in the first half of 2009 due to the increased rate of its
business investments. The staffing plan for 2009 calls for the hiring of 100
net new employees, two thirds of which should arrive in the first half of
2009.

Nevertheless, on a full year basis, the Group is expecting
growth in profits over 2008.

Next financial announcement: 1st quarter 2009 Revenues on 20 April 2009
after market close

Emailvision is listed on Alternext - ISIN Code: FR0004168045 /
MNEMO: ALEMV

About Emailvision

Emailvision is the global market and technology leader for
email marketing software services (SaaS). The Emailvision flagship product,
Campaign Commander(TM), has become the benchmark software service for the
e-commerce and publishing industries. With a staff of over 170 and offices in
the major global markets, including the United States, the United Kingdom,
France, Germany (Hamburg and Munich), Switzerland (Geneva and Zurich),
Benelux (Brussels and Amsterdam), Spain and Scandinavia, Emailvision is
driving a market share growth strategy in a very fast-growing market.

Source: EmailVision

Contacts: Emailvision, Nick Heys, CEO, Olivier Candau, CFO, Tel: +33(0)1-41-27-27-17, investor-relations at emailvision.com; Global Equities, Listing Sponsor, Stéphane Lefèvre-Sauli, Tel.: +33(0)1-44-43-33-00, slefevre-sauli at global-equities.com; ACTIFIN, Financial Communication, Jean-Yves Barbara - Emilie Dèbes, Tel.: +33(0)1-56-88-11-11, jybarbara or edebes at actifin.fr