As Reported By PR Newswire - Kanbay CEO Raymond Spencer Named Ernst & Young Entrepreneur Of The Year(R) 2005 Illinois Region

ROSEMONT, Ill., June 28 /PRNewswire-FirstCall/ -- Raymond Spencer, Chairman and Chief Executive Officer of Chicago-based Kanbay International KBAY -- a global IT services firm focused on the financial services industry -- was named Ernst & Young Entrepreneur Of The Year 2005 for the Illinois Region. Mr. Spencer received this honor at an awards banquet at the Navy Pier Grand Ballroom in Chicago on June 24.

The Ernst & Young awards program currently takes place in more than 150 cities in over 35 nations. Awards are presented to the world's most successful entrepreneurs who demonstrate excellence in such areas as innovation, financial performance and personal commitment to their businesses and communities.

Raymond Spencer, winner of the award in the Business Services category, founded Kanbay in 1989 with his own personal funds to help meet the growing demand for skilled technology workers. The business initially centered around bringing skilled IT workers from India to the U.S. for work on a project basis. In all of 1989, Kanbay's first year in existence, a total of 12 IT professionals were brought over for a project with Kanbay's only client at the time.

Over the years, Raymond Spencer evolved Kanbay's business from traditional IT staffing to high-value, project-oriented IT consulting with a single industry focus -- financial services. Today, Kanbay is a fast growing, publicly traded company with more than 4,000 associates around the world delivering IT services for some of the world's largest financial services companies.

"I am honored to accept this recognition. Over the years Kanbay has transformed itself from the small IT services provider to a fast growing public company recognized for excellence in the financial services industry," said Raymond Spencer, Chairman and CEO of Kanbay. "Much of this growth and success over the past decade and a half has been the result of the exemplary work of our associates. They combine a cross-border, cross-culture, values- based approach to IT services that I'm proud to say differentiates us from large global consultancies and traditional India-based services firms. I am delighted to accept this award on their behalf."

"Raymond Spencer embraces the entrepreneurial spirit and determination necessary to achieve success in business," said Randy L. Tavierne, Ernst & Young Entrepreneur Of The Year Program Director. "He has created and leads a very successful company with a diverse employee base that understands how global business is done. Ernst & Young is proud of its history recognizing outstanding leaders like Mr. Spencer and their companies."

Mr. Spencer will now be considered for Ernst & Young's national Entrepreneur Of The Year program. Winners in several national categories, as well as the overall national Ernst & Young Entrepreneur Of The Year, will be announced in November 2005.