FormScape Fuels Growth with Funding; Secures $5 Million in Venture Capital Investment

    RESEARCH TRIANGLE PARK, N.C. & LONDON--Sept. 10, 2002--FormScape(R), the enterprise information delivery company, today announced that it closed $5 million in venture capital funding.
    The funding underscores investor and customer confidence in the firm's market leadership - coming at a time when the Company has recorded a significant growth in annual revenues, has been profitable since January 2002 and is heading for it's third successive Quarter of profitability.
    "FormScape is uniquely positioned to lead the market in Multi Channel Content Delivery," stated Malcolm Peden, newly appointed CEO of FormScape. "We have industry leading products and a customer base of over 6,000 installs, growing at over 500 per quarter, that is the envy of our competition. This financing gives us the foundation to drive aggressively into the US market by building a substantial direct sales presence."
    Commenting on the deal, Dr. Paul Castle, Chief Executive of MTI said, "MTI's latest round of investment in FormScape illustrates our confidence in the company and its world-class products. Despite the difficult climate in the technology sector, companies such as FormScape with first class technology and a clearly demonstrable ROI will find a ready supply of funding from MTI and its peers. MTI first invested in FormScape in April 2000, and we expect to continue to support its continued rapid growth in revenues and product development through to becoming a major player in the emerging Multi Channel Content Delivery market. We believe that FormScape's enterprise wide solutions will make them one of the leading software vendors in this market."

    About FormScape

    With more than 6,000 customers worldwide, FormScape enables effective enterprise information delivery via eBusiness document presentation, access and exchange among customers, suppliers and employees. FormScape's solutions incorporate extensive XML capabilities, data transformation and process integration, extending an organization's business applications and enabling the delivery of business information anytime, anywhere and anyway it is required.
    Founded in 1991, FormScape has offices across North America and Europe and sells its products in over 22 countries. For the past two years, the company has been placed in the Deloitte & Touche North American Technology Fast 500 and Software 500.
    FormScape's North America/South America headquarters are located near Research Triangle Park, North Carolina and may be reached at 1-888-237-4350. FormScape's EMEA headquarters are located outside London in Fleet, Hampshire, United Kingdom and may be reached at (+44) (0) 1252 618600.
    For more information on FormScape visit them at http://www.formscape.com.

    About MTI Partners

    MTI is an independent venture capital fund manager with a remit to provide risk capital and management resources to British high technology companies that are at an early stage of their development or recovery. MTI's overriding criterion for investment is the potential of a company's current and future business for commercial success. MTI is now established as one of Europe's principal venture capital fund managers dedicated to the early stage high technology sector with funds managed aggregating over 157 million pounds.