SOURCE: Firepond, Inc.

Firepond, Inc.

February 23, 2009 12:10 ET

Firepond Completes Sale -- FPX Now Positioned to Dominate CPQ Market

MANKATO, MN--(Marketwire - February 23, 2009) - Firepond, Inc. (OTCBB: FPND) today announced that FPX, LLC (an affiliate of Texas-based Acclaim Financial Group, LLC) has acquired all of Firepond's assets. Audrey Spangenberg, CEO of AFG, will assume the title of Chairman and CEO of FPX.

Addressing the employees, Audrey Spangenberg stated, "Welcome to a new day. Today our customers, prospects and partners can be assured that the enterprise class solutions powered by Firepond in the Configuration, Pricing and Quoting space will be backed up with the necessary assets and resources required to dominate this market. The world class Firepond technology will continue to be the leading CPQ solution and FPX will be our new company name. I want to state unequivocally to our customers, partners and competitors, FPX has the combined strength of balance sheet, technology and intellectual property that is unmatched in our market space:

--  Equity in excess of $50 million
--  No debt
--  A $10 million capital commitment to fund growth
--  A SaaS based subscription revenue stream
--  A foundation of technology that has evolved to become the leading
    "SaaS" Configuration, Pricing and Quoting solution operating in the "Cloud"
    

As FPX, we now have the ability to offer the marketplace a comprehensive set of Firepond solutions from a position of financial strength, which is a dream come true for all of the employees and a true benefit to our customers. The support and feedback we have received from our customers and active prospects regarding this announcement is extremely positive.

We will continue to distinguish FPX/Firepond from all competitors in the SaaS based, on-demand Configuration, Pricing and Quoting space as follows:

--  Financial Viability - Now backed by a large minority owned private
    fund founded in 1994, FPX has the capital and commitment to ensure that
    every Firepond product is a market leader
--  Business Viability - From the 25-year history of enterprise companies
    that have relied on Firepond to manage critical parts of their business, to
    the more recent SaaS based customers that depend on the configure, price,
    quote solutions for thousands of global users, FPX's customer list reads
    like a who's who of the Global 500
--  Technology Viability - FPX owns the rights for use of the core IP at
    the foundation of our Firepond products and solutions.  The historical R&D
    investments for the Firepond product are well in excess of $200 million
--  Employee Viability - Our employees proven product expertise, with an
    average tenure with the product and in the market space of over 12 years,
    is one of the top reason's our customers select the Firepond solution
    

These metrics simply cannot be matched by our competitors. Existing customers will not miss a beat -- the entire operational team remains the same plus additional senior account managers are being hired. New and existing customers will benefit from additional products, strengthened services and a renewed sense of achievement."

Craig Christiansen was introduced as President - Technology. Craig has been the conscience behind the Firepond product for more than 22 years and maintains responsibility for sustaining the Firepond product's technology lead.

FPX sales will be lead by Vince Evers who was introduced as President - FPX Sales Worldwide. Jim Scheper will continue in his role as Vice President - Sales US and Peter Molnar will continue as Vice President - Sales EMEA. Paul Kiss has assumed the position of Regional Director - Mid-Market Sales US. This sales team averages more than 25 years of tech sales experience and is responsible for expanding the FPX sales organization.

FPX business objectives will focus on customers, employees and the products:

--  Our existing customers remain our top priority as we execute plans to
    hire senior account managers to continue first rate services that are
    delivered to our strong customer base
--  FPX will soon announce exciting new product additions to our
    application suite -- enhancements enabled by our core technology that will
    further position FPX as the leader in this market space
--  FPX is actively seeking talented people to join the FPX team and help
    us grow our company
    

About FPX, LLC

FPX, a minority owned company, is the leading provider of multi-tenant, on-demand Configure-Price-Quote® applications that automate and simplify product pricing and configuration. FPX solutions provide a rapid ROI through improved order accuracy (100% of submitted orders have accurate specifications and pricing), improved proposal generation time and high user acceptance. For additional information about FPX, visit www.fpxllc.com or call 1-866-UCONFIG (826-6344).

Forward-Looking Statement

This press release may contain forward-looking statements that involve risks and uncertainties, including statements regarding business strategy and development plans, plans for entering into new businesses, anticipated sources and uses of funds and other statements regarding our plans, objectives, expectations and intentions that are not historical facts. Because these forward-looking statements involve risks and uncertainties, actual results, performance or achievements may vary materially from those expressed or implied in any forward-looking statements. All forward-looking statements reflect beliefs and expectations as of the date of this press release and should not be relied upon as representing views as of any subsequent date. While we may elect to update these forward-looking statements publicly at some point in the future, we specifically disclaim any obligation to do so, whether as a result of new information, future events or otherwise.

Contact Information

  • Contact

    Business Affairs Office
    FPX, LLC
    (903) 938-6420