SOURCE: Intelliworks, Inc.

October 10, 2006 09:00 ET

Intelliworks Raises $10 Million in Series B Funding

RedShift Ventures Leads New Investment in Intelliworks, Joined by Existing Investors Columbia Capital and Novak Biddle Venture Partners, as the Market for CRM in Higher Education Takes Off

ROCKVILLE, MD -- (MARKET WIRE) -- October 10, 2006 -- Intelliworks, Inc., the leader in insight-driven, actionable CRM for higher education, announced that RedShift Ventures (www.redshiftventures.com), and existing investors Columbia Capital (www.colcap.com), and Novak Biddle Venture Partners (www.novakbiddle.com) have completed a Series B funding deal totaling $10 million. The financing will help fuel the organic growth of Intelliworks, as the firm accelerates its software penetration in CRM for higher education, and makes strategic acquisitions to further integrate and automate the core functions of recruitment, admissions, student services, and alumni relations.

Intelliworks, Inc. is also pleased to announce that Mark Frantz, General Partner at RedShift Ventures, will join the Company's Board of Directors, as a result of the financing. Mr. Frantz was previously the Managing General Partner of In-Q-Tel, the strategic venture capital affiliate of the U.S. Intelligence Community. Prior to that, Mark was with Carlyle Venture Partners, where he worked with Blackboard ("BBBB").

Higher education is experiencing the most significant transformation of its age where new technologies, new education delivery channels, shift in competitive forces, and the revised needs, attitudes, and behaviors of prospects and students are changing the industry landscape. As such, CRM technology is becoming a quintessential requirement for managing a growing pool of constituent relationships.

"Our recent customer additions and momentum in the marketplace, coupled with this robust showing of investor confidence, validates both the opportunity and Intelliworks' strong leadership position in providing the best of breed CRM solution for higher education," said Dev Ganesan, President and CEO of Intelliworks, Inc.

As an industry pioneer, Intelliworks is providing its CRM software as a service (SaaS), where collaboration and user community based feedback is continuously building intellectual property and creating the optimal "network effect." As such, higher education institutions and their staff members at all levels not only have access to daily transactions like marketing campaigns, they also have unparalleled ability to perform trend analysis where interactive marketing dashboards help users optimize decisions and build better business processes. This 'insight-driven' actionable CRM model is part and parcel of why Intelliworks continues to be a chosen technology partner in higher education. "RedShift Ventures is very excited to be a part of the powerful growth story at Intelliworks. We believe the company will be the next category leader in higher education, providing cutting edge solutions for the industry on an international basis. Today, Intelliworks provides the best platform for recruitment, retention, and alumni relations and given the great job that Dev has done in assembling one of the best software management teams in higher education, we think they are well positioned to build on their success to date and execute on the phenomenal market opportunity," said Mark Frantz, General Partner at RedShift Ventures.

As a leading web 2.0 software company, Intelliworks continues to make research and development investments in the next generation of its software, to offer greater possibilities for worldwide community based collaboration where users will have rich content at their finger tips. "We are truly encouraged by the growth of CRM in Higher Education. The flow of private investment capital from leading venture capital firms further validates colleges and universities' needs for solutions in this exciting market space," said Adam Newman, Managing Vice President, Industry Solutions of Eduventures, LLC.

About Intelliworks

Intelliworks, Inc. provides CRM software solutions that help both small colleges & large universities personalize, extend, and strengthen their constituent relationships with prospects, applicants, students, alumni, companies, and all other constituents. With the Intelliworks Relationship Manager platform institutions can effectively communicate with constituents in a more personalized and relevant manner. Delivered as a 100% zero foot print web-based application, Intelliworks offers the ability to scale CRM solutions across departments, schools, and the enterprise university system.

Please visit www.intelliworks.com for more information.

About RedShift Ventures

RedShift Ventures is a proven venture capital firm managing approximately $270 million for global limited partners. For more than a decade, RedShift Ventures has been investing in companies that leverage a broad range of advanced technologies to provide compelling solutions for diverse, rapidly growing markets. The firm relies on its deep operational understanding to build lasting value and its comprehensive network within national research centers to gain unique access to ground breaking technologies. RedShift Ventures is a trusted partner of entrepreneurs and global limited partners and has developed strong co-investment relationships with other top venture capital firms and industry leaders. For more information, please visit www.redshiftventures.com.

About Columbia Capital

Columbia Capital is a venture capital firm specializing in the communications and information technology industries. We have an experienced investment team with diverse industry backgrounds in entrepreneurial ventures, management, finance, regulation and engineering. Our team has managed investments in approximately 100 companies in the communications and information technology sectors, ranging from small, early-stage investments to multibillion-dollar public companies. Our most recent private equity fund of $560 million closed in 2006 brings our total dollars under management to over $2.0 billion.

About Novak Biddle Venture Partners

Novak Biddle Venture Partners was established in 1997 to provide equity financing and assistance to the management of young, information technology companies. NBVP is backed by a number of the country's most prestigious limited partners, and has over $350 million under management. We seek investment opportunities where the combination of ideas, dollars, experience, and relationships can create long-term, sustainable value. While we believe that the vast majority of business plans we receive have many of the makings of viable companies, we are looking for additional key features in the businesses in which we invest.