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RenewData Raises Additional Corporate Financing to Fuel Growth and Development of Automation and Scalability Highly Integrated Delivery System Will Enable RenewData Clients to Successfully Establish Information Governance in their Organizations AUSTIN, TX - February 3, 2009 - RenewData, a leading provider of e-discovery and electronically stored information risk management (ESIRM™) services, today announced it has closed terms on additional corporate financing with ATEL Ventures and Comerica Bank. RenewData has now raised over $55 million in total capital. The financing will be used for company growth and the development of RenewData's next generation offering designed to solve critical market needs for Information Governance. The primary focus of the development investment will be a highly integrated delivery system that will connect information, no matter where found in an organization, to provide an overarching structure that will enable companies to more effectively manage, integrate, and process information. This financing comes at a time when capital market funding has decreased significantly. "The recent events in the market clearly indicate that a lack of transparency and accountability have far reaching consequences," said Steven Horan, CEO of RenewData. "This funding not only validates that we have and will continue to operate our business with real transparency and accountability but also that our strategy is on target. We are uniquely positioned to deliver on the promise of more effective information management. We have extensive experience dealing with large data volumes, a delivery team that is committed to superior client service, and practical insight on how to deliver effective Information Governance. The quality control, user flexibility, data access, data conversion, data processing, and reporting capabilities from this investment will not only incorporate great technology but will be rooted in solving real IT and legal challenges." To continue to be competitive in today's economy, organizations of every size and in every industry will need to establish and enforce an Information Governance strategy. "In 2009, electronic information inventories, e-discovery process definitions and information retention programs will be high priorities for companies in all industries and in government," predicts Gartner analyst, Debra Logan in a January 2009 Gartner research report titled, "What to Do About eDiscovery and Legacy Information Management in 2009". Further, "IT organizations that have an electronic information inventory, active policy management and archiving solutions, and a repeatable process in place for e-discovery will spend up to 50% less on e-discovery in 2009 than those that do not. By YE10, proactive information management tools or legacy content cleanup tools will become necessary components of enterprise content management and e-discovery suites." RenewData also recently experienced greater than 20 percent quarter over quarter revenue growth in Q4 of 2008, despite a struggling economy. "This is a noteworthy accomplishment since so many organizations have recently seen a decline in their revenue and growth," said Steven Rea, Executive Vice President of ATEL Ventures. "RenewData's continued growth in a slowing economy and their new development strategy were both a big part of our decision to partner with them. The outlook for RenewData is very positive and we look forward to being a part of their success." RenewData's strategy and focus is driven by the growing requirements for compliance, legal discovery, and data retention in today's organizations. In addition, the rate of litigation and the regulatory inquiries historically increases during economic downturns, which in turn raises the need for e-discovery and litigation preparedness services. "We are extremely pleased to continue working with RenewData, and look forward to expanding our relationship further as RenewData grows and its debt financing requirements expand," said Paul Gerling, Senior Vice President Technology and Life Science Division of Comerica Bank. About RenewData About ATEL Ventures Contact
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