Thursday, 7th April 2005 - Diligence Inc., the corporate intelligence company headed by former U.S. Ambassador Richard Burt, has raised $15 million by selling a majority stake to the Argentine buyout firm Exxel Partners. Diligence plans to use the funds to grow aggressively, making strategic acquisitions and key hires to add to its existing operations.

‘We think there is a huge opportunity for the growth of the investigations and intelligence business worldwide,’ said Nicholas Day, a former member of MI-5 who co-founded Diligence in 2000 and brought Mr Burt in as Chairman and a fellow investor one year later. ‘We are very much looking forward to working with Exxel. This move marks an exciting turn in the company trajectory.’

The Washington, D.C. company, with offices in London, Miami, Moscow (and soon New York), specializes in obtaining information to aid corporations in their difficult decision making. Clients call on Diligence to investigate areas such as the background of potential acquisition targets, corruption in business and government, accounting and banking practices and predatory business practices by competitors.

In 2003 Diligence opened an office in Baghdad to provide security services and is now targeting Latin America. Mr Day said that Diligence, which has enjoyed a solid track record of success worldwide, hopes to receive business both from North American clients that have concerns about Latin America and Latin American companies that want advice on conducting business in North America.

William Webster, the former director of the Federal Bureau of Investigation and the Central Intelligence Agency, chairs Diligence's senior advisory group. Lord Charles Powell, former advisor to Prime Ministers Margaret Thatcher and John Major, also forms part of the group.

Mr Burt also has government experience, having served as the U.S. Ambassador to Germany during the Reagan Administration and chief negotiator at the Strategic Arms Reduction Talks with Russia. In the corporate arena, Burt was a partner at McKinsey & Co. between 1991 and 1994 and has also held seats on the boards of Weirton Steel Corp., IGT, and Archer Daniels Midland.

Exxel, founded by Argentine financier Juan Navarro in 1991, has invested more than $5 billion in approximately 85 companies, most of which are located in Latin America. The buyout fund makes its investments by raising capital from U.S. and European backers.

For further enquiries please contact Nick Day, COO Diligence Inc +1 202 659 6210 or Alex Blair, Managing Director, London +44 (0)207 935 3234.