Aladdin Knowledge Systems Ltd. Announces Pricing of Offering of 2,000,000 Ordinary Shares

    TEL AVIV, ISRAEL, March 24, 2005,– Aladdin
    Knowledge Systems (NASDAQ and TASE: ALDN) (the “Company”) today announced the
    pricing of a public offering by the Company of 2,000,000 ordinary
    shares at U.S.
    $21.45 per share. The closing of the offering is scheduled to take
    place on March 30,
    2005. The Company expects to receive net proceeds from the offering of
    approximately
    U.S. $39.2 million, after deducting the underwriting discount and
    estimated offering
    expenses. The underwriters have been granted an option to purchase at
    the public
    offering price up to 300,000 additional shares from certain selling
    shareholders
    to cover over-allotments, if any.

    UBS Securities LLC is acting as sole-book running manager and UBS
    Securities LLC,
    CIBC World Markets Corp., Friedman, Billings, Ramsey & Co., Inc., Piper
    Jaffray & Co.,
    C.E. Unterberg, Towbin, LLC, Dougherty & Company LLC, First Analysis
    Securities
    Corporation and Southwest Securities, Inc. are the representatives of
    the underwriters.
    Copies of the final prospectus relating to the offering may be obtained
    from UBS
    Securities LLC, Prospectus Department, 299 Park Avenue, New York, NY
    10171.

    A registration statement relating to these securities was filed and
    declared
    effective by the Securities and Exchange Commission. This press release
    shall not
    constitute an offer to sell or the solicitation of an offer to buy, nor
    shall there
    be any sales of these securities in any state or other jurisdiction in
    which such
    offer, solicitation or sale would be unlawful prior to registration or
    qualification
    under the securities law of any such state or other jurisdiction.

    About Aladdin Knowledge Systems

    Aladdin Knowledge Systems Ltd.
    is a global provider of security solutions that reduce software theft,
    authenticate
    network users and protect against unwanted Internet and e-mail content,
    including
    spam and viruses. Its security products are organized into two segments:
    So
    ftware
    Digital Rights Management (DRM)
    and Enterprise
    Security
    . Aladdin’s Software DRM
    products allow software publishers to limit revenue loss from software
    theft and
    piracy. Its Enterprise Security solutions enable organizations to secure
    their
    information technology assets by controlling who has access to their
    networks
    (authentication)
    and what content their users can utilize (content security).
    Visit the Aladdin Web site at http://www.Aladdin.com.

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