SOURCE: eXpresso Corporation

October 17, 2007 12:00 ET

eXpresso™ Closes Second Funding Round, Adding Individuals' Venture Fund as New Investor

IVF Joins Novus Ventures and Rocket Ventures in $2 Million Series B Round; Recent Sale of SmartDB Product Line Also Expected to Fund Corporate Initiatives

MENLO PARK, CA--(Marketwire - October 17, 2007) - eXpresso Corporation, a pioneering provider of online community solutions for businesses, today announced it has concluded its second round of investment financing led by noted venture capital company Individuals' Venture Fund (IVF). IVF, which has backed such well-known companies as Salesforce.com, NBCi (formerly Xoom) and NetLogic, joins current eXpresso investors Novus Ventures and Rocket Ventures in the latest round totaling $2 million.

Providing additional resources to eXpresso's growth initiatives is the recent sale of its SmartDB operating unit to Rocket Software (not affiliated with Rocket Ventures), a Newton, Massachusetts-based developer of enterprise infrastructure products.

"Having top-name investors like IVF, Rocket Ventures and Novus Ventures behind our company is a strong affirmation of the quality of our services, as well as our larger business model," said George Langan, chief executive officer of eXpresso Corporation. "Combined with the sale of SmartDB, our company is now ready to focus its future on the development of Web application frameworks that allow businesspeople to collaborate efficiently with co-workers, customers and partners via some of the world's commonly used business software."

In just two months, eXpresso (formerly known as SmartDB) has already attracted over 1,000 corporate customers to its hosted online service that lets subscribers upload, securely store, and organize common Microsoft Excel spreadsheets. The service not only supports password-protected access to the files from any Internet Explorer Web browser, but also allows co-workers and others to view or edit the files as needed.

eXpresso plans to use its newly acquired funds to aggressively expand its sales and marketing activities. In addition it will accelerate its development of other platforms that support other elements of the Microsoft Office suite including Microsoft Word and PowerPoint.

"eXpresso has experienced strong acceptance of its Web application framework because the service is keeping pace with the evolving nature of business over the Internet," noted Langan. "Since its inception, the Web 2.0 model has progressed from a simple hosting model where people individually interacted with online programs, to the software-as-a-service paradigm typified by Salesforce.com, to the introduction of Web application communities where people can collaborate through applications on a real time basis. We believe these frameworks are a major evolutionary step, which is why we look forward to exploiting the opportunities they present."

Concurrent with its sale of SmartDB, the company has officially renamed itself eXpresso Corporation. To schedule an online demo of the company's spreadsheet community solution, or for further information, log on to www.expressocorp.com.

About eXpresso™:

eXpresso is a pioneering provider of managed business community solutions. The company offers secure, hosted online workspaces suitable for business collaboration, beginning with the Excel spreadsheet environment. eXpresso's unique capabilities leverage multiple homegrown, patent-pending technologies, enabling users to access, share, compare and collaborate on business information from any location. The privately owned company is headquartered in Menlo Park, California. To learn more, visit www.expressocorp.com.

Contact Information

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