SOURCE: Attenex Corp.

May 23, 2005 08:00 ET

Attenex Announces $5 Million Series B Financing Led by Voyager Capital

Electronic Discovery Software Pioneer Seeing Dramatic Growth

SEATTLE, WA -- (MARKET WIRE) -- May 23, 2005 -- Attenex® Corp., a leading software developer of document analysis and visualization tools for electronic discovery, today announced that it has secured $5 million in a Series B venture capital funding round led by Voyager Capital. In addition, Enrique Godreau III, managing director of Voyager Capital, will join the company's board. These resources will be used to accelerate the Attenex business plan and to expand sales, marketing and customer support operations bringing the proven benefits of Attenex Patterns® software to more customers more quickly.

Tremendous volumes and increasing varieties of electronic information create onerous burdens for corporations and their law firms dealing with discovery requests, investigations and responses to regulatory agencies. To help combat this technology burden, organizations are now employing document analysis technology like Attenex Patterns to accelerate the identification of relevant information. According to a recent survey by Socha Consulting LLC, the e-discovery market is expected to grow to $1.871 billion in 2006 -- nearly triple its 2004 market size.

"This investment, coming on the heels of our 550 percent top-line growth in 2004, validates our focus on building a strategic tool for managing and meeting our customers' electronic discovery obligations," said Brian Schlosser, chief executive officer of Attenex. "Attenex is proving its value proposition of dramatically reducing the total time and cost of discovery to law firms, corporations, resellers, investors and the industry-at-large."

Attenex's technology was developed in close collaboration with attorneys to simplify processing, managing and reviewing large collections of electronic documents for investigations, document discovery and regulatory response. This breakthrough and patented application of document analytics and data visualization enhances an attorney's understanding of the collection and is proven to dramatically increase productivity by up to 10 times that of traditional review approaches.

"Brian and team have done a terrific job of developing a revolutionary software platform for electronic document discovery. They have built a healthy, profitable company, and continue to grow the business at a phenomenal rate," said Enrique Godreau. "Electronic discovery activity is growing exponentially. Attenex customers include many of the world's premier law firms, and these firms are bringing dramatic results to their Fortune 500 client list."

About Voyager Capital

Voyager Capital is a leading Pacific Northwest information technology venture capital firm, providing entrepreneurs with the resources, experience, and connections to build successful companies. Voyager invests primarily in early stage business software and services, wireless and digital media companies, where go-to-market strategies, the firm's domain expertise and team-building track record help build market leaders. Voyager Capital has $265M under management with offices in Seattle, WA, and on Sand Hill Road in Menlo Park, CA. For more information, visit Voyager's web site at www.voyagercapital.com or telephone (206) 438-1800.

About Attenex

Founded in 2001 and headquartered in Seattle, Attenex is a business-to-business software company that provides tools that enable corporations, law firms and government agencies to improve the efficiency of processing and reviewing electronic documents, as well as managing e-discovery projects. These efficiencies dramatically reduce the total cost of discovery for clients while saving valuable review time. For more information about the company and its products, call (206) 373-6565 or visit www.attenex.com.

© 2005 Attenex Corporation. All rights reserved.

Contact Information