Feb 8, 2000
FatWire Closes First Funding Round at $9.25 Million

Port Washington, NY - February 8, 2000 -- FatWire Corporation, developer of UpdateEngine, the most powerful content management software for the enterprise, today announced that the company has closed its first round of funding at $9.25 million. Founded in 1996, FatWire has been profitable and self-sufficient, succeeding on its strict philosophy of bootstrap financing with a 300% annual sales growth over the last three years.

Wheatley Partners leads the financing round. Wheatley Partners' previous investments include VerticalNet, CosmoCom, and Opus 360. The Long Island Venture Fund will also participate. The additional funding will be directed toward concentrated sales and marketing efforts for the company's UpdateEngine product.

FatWire's proprietary software UpdateEngine enables corporations to do more with the resources they have by allowing non-technical users to easily update Web site content in a completely safe and controlled environment. Internet publishing authority is restored from programmers to those that actually create content. To eliminate the "workflow chaos" that stems from publishing complex content with multiple contributors, UpdateEngine delivers flexible workflow capabilities and a Web browser interface that automates the entire content creation process. And to eliminate the "programmer gridlock" that stems from having to translate content into HTML, UpdateEngine abolishes the need to translate any content before publishing to a Web site.

"While we've been extraordinarily successful on our own, this financing validates both FatWire and our approach to content management. The additional funding will enable us to continue our successful efforts while also introducing UpdateEngine to new audiences," said Mark Fasciano, Ph.D., co-founder, president and CEO, FatWire Corporation. "We are particularly pleased to partner with strategic investors such as Barry Rubenstein and Seth Lieber who have proven track records in the software industry."

"Our confidence in FatWire is unqualified," said Seth Lieber, General Partner, Wheatley Partners. "The company's proven track record, experienced management team and successive years of substantial growth make it a solid investment. We are pleased to be involved."