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Subject: OASIS MEMBER NEWS: Sequoia Software Raises $33 Million in Third-Round Financing
FOR IMMEDIATE RELEASE Contacts: David Schreiber Sequoia Software Corp. 410-715-0206 dschreiber@sequoiasoftware.com Kelby Troutman Schwartz Communications, Inc. 781-684-0770 kelbyt@schwartz-pr.com Sequoia Software Raises $33 Million in Third-Round Financing Led by The Baker Communications Fund Internet Visionary Andrew "Flip" Filipowski, and Technology Venture Investors Lawrence Bettino and Jonathan Grabel Join Board of Directors COLUMBIA, Md.-December 7, 1999-Sequoia Software Corporation, the leading provider of interactive enterprise portals powered by XML, today announced that it has secured $33 million in third-round financing. The Baker Communications Fund led the round, in which Sequoia received investments from divine interVentures, inc. and existing investors Anthem Capital, Mid Atlantic Venture Funds, and Flanders Language Valley Fund. Individual investors to the third round included Andrew "Flip" Filipowski, CEO, chairman and founder of divine interVentures, and Rick Faint, Sequoia's CEO. Filipowski has joined Sequoia's board of directors, as will Lawrence Bettino and Jonathan Grabel, both with the Baker Communications Fund. Sequoia will use the $33 million to bolster its national and international sales and marketing efforts and further the development of its XML-based application for deploying interactive enterprise portals, Sequoia XML Portal Server(TM). "We view this latest round of financing as validation of Sequoia's focus on XML-powered interactive portal solutions, and as a gateway to numerous business development opportunities," said Rick Faint, CEO of Sequoia Software. "As we position Sequoia for continued growth, we are very pleased to gain strategic institutional financing from the Baker Communications Fund and divine interVentures, as well as additional investments from Anthem Capital, Mid Atlantic Venture Partners and Flanders Language Valley Fund. Faint added, "Beyond substantial institutional investments secured this round, Sequoia gained one notable individual investor and three key board members. Flip Filipowski is a remarkably successful entrepreneur and high-tech visionary. His experience growing PLATINUM technology from start-up into a global powerhouse will be invaluable as we move forward. Similarly, with Lawrence Bettino and Jonathan Grabel, Sequoia gains the strategic insights of two savvy technology investors, each with a tremendously successful track record." "Sequoia has been especially adept at leveraging XML to meet the true business needs of its target Global 2000 customers," said Jonathan Grabel with the Baker Communications Fund. "Sequoia's technology leadership, innovation within the enterprise portal market space, and strong management team represented a solid investment opportunity-one we are very pleased to be part of." "I started divine interVentures to help build market leaders for the new economy," said Andrew "Flip" Filipowski. "Sequoia Software is poised to dominate the exploding market for XML-powered interactive portals, a critical requirement for Internet commerce and a product category Sequoia created. I am very excited about joining Rick and the rest of the Sequoia team to help make that happen." About The Baker Communications Fund The Baker Communications Fund is a private equity fund investing exclusively in communications and network-based applications companies. It targets growing companies that provide communications software, equipment, services and applications. Investors in the fund include prominent insurance companies, university endowments and foundations, public and private pension funds, financial institutions, and families. About divine interVentures, inc. Chicago-based divine interVentures, inc. is an Internet holding company engaged in business-to-business e-commerce through a network of partner companies. Known as the Internet Zaibatsu, divine's family of business-to-business companies collaborate to create success through a tightly linked network. divine acquires significant interests in, operates and provides services to its partner companies. divine's services include strategic guidance, incubation, marketing, web design and development, sales, IT hosting, legal, and administration. These services provide partner companies with an operating framework so they can focus on their core business, shorten time to market, and build Internet commerce leadership. More information is available at www.divineinterventures.com. About Sequoia Software Sequoia Software Corporation, headquartered in Columbia, Maryland, is the leading provider of Interactive Enterprise Portal solutions. Sequoia's XML Portal ServerTM integrates structured and unstructured data from disparate sources, creating a single point of access to relevant information, as well as a single point of interaction with that information. Users no longer have to spend valuable time learning and navigating multiple systems to access and act on the exact information they need to make quick, effective decisions. For more information, please visit Sequoia on the Web, www.sequoiasoftware.com or call (888) 820-7917. ###
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