Quovadx Announces Settlement of United States Securities and Exchange Commission Investigation; No Penalty Assessed

  
    
  
  
    
      Quovadx, Inc. (Nasdaq: QVDX) today announced that it has reached a 
      settlement agreement with the Securities and Exchange Commission (SEC) 
      resolving an administrative cease-and-desist proceeding filed today 
      against the Company in connection with the SEC’s 
      investigation of the financial results of the Company for 2002 and 2003. 
      In April 2004, the Company announced that the SEC had begun a formal 
      investigation in connection with transactions entered into in 2002 and 
      2003. This settlement agreement concludes that investigation.
    
    
      There is no financial penalty associated with the settlement by the 
      Company. Under the terms of the settlement agreement, Quovadx has 
      agreed, without admitting or denying the Commission’s 
      findings (except as to the SEC’s 
      jurisdiction), to cease and desist from committing or causing any 
      violations and any future violations of certain provisions of the United 
      States securities laws. The SEC’s action 
      concerns events that allegedly occurred in 2002, 2003 and 2004, under 
      prior management. Quovadx previously disclosed that on September 29, 
      2006, Quovadx offered to enter into a settlement with the SEC to settle 
      the SEC’s investigation, and that the 
      settlement, if approved, would not involve any financial penalty.
    
    
      As the Company has previously announced, the Company has entered into an 
      agreement for a merger with affiliates of Battery Ventures VII, L.P. 
      Under the terms of the agreement, the Company’s 
      shareholders will be entitled to receive $3.20 per share for each share 
      of the Company’s stock. As the Company also 
      has previously announced, the stockholder vote on the proposed 
      transaction will take place at a special meeting of the Company’s 
      stockholders scheduled for 9 a.m., local time, on July 18, 2007, at 
      Harlequin Plaza, North Building First Floor Conference Room, Greenwood 
      Village, Colorado 80111.
    
    
      Additional Information about the Merger and Where to Find It
    
    
      This communication refers to the proposed merger transaction involving 
      Quovadx, Inc. and Battery Ventures. In connection with the transaction, 
      Quovadx, Inc. has filed a definitive proxy statement with the SEC. 
      Quovadx stockholders are urged to read the proxy statement carefully and 
      in its entirety because it contains important information about the 
      proposed transaction. The definitive proxy statement was mailed to 
      Quovadx stockholders on or about June 18, 2007. In addition, the proxy 
      statement and other documents are available free of charge from the SEC 
      Internet Web site, www.sec.gov. 
      The proxy statement and other pertinent documents also may be obtained 
      for free at Quovadx’s web site, www.investors.quovadx.com 
      or by contacting Rebecca Winning via email at [e-mail], 
      or by phone at 720-554-1346. Quovadx directors, officers, other members 
      of management and employees may be deemed to be participants in the 
      solicitation of proxies in respect to the proposed transactions. 
      Information regarding Quovadx’s directors and 
      executive officers is detailed in its annual reports on Forms 10-K, and 
      10-K/A previously filed with the SEC, and the definitive proxy statement 
      on Form 14A filed with the SEC on June 18, 2007.
    
    
      About Quovadx
    
    
      Quovadx (Nasdaq: QVDX) offers software and services for software system 
      development, extension, and integration to enterprise customers 
      worldwide. Quovadx has two divisions, including the Integration 
      Solutions division (ISD), which offers private and public healthcare and 
      healthcare IT organizations software infrastructure to facilitate system 
      interoperability and leverage existing technology, and, the Rogue Wave 
      Software division, which provides reusable software components and 
      services for enterprise-class application development and 
      high-performance SOA. On June 18, 2007, Quovadx, Inc. filed with the SEC 
      a definitive proxy related to a proposed merger with Quartzite Holdings, 
      Inc., a wholly owned subsidiary of Battery Ventures VII, L.P. Detailed 
      information about Quovadx and the proposed merger is available on the 
      Company’s website at www.Quovadx.com.