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Press Release Archive Applied Discovery Announces Investment to Fuel Expansion of Sales and Marketing Efforts February 25, 2002, Bellevue, WA—Applied Discovery, Inc., the leading developer of electronic discovery services for law firms and corporations, announced that it raised $5 million in a Series B round of funding to fuel the company's planned expansion of its sales and marketing efforts. The lead investor in this round of funding was Westbury Equity Partners SBIC, L.P, a Long Island, NY-based private equity firm. Westbury joins previous investors Sciens Venture Partners, L.P. (formerly Zilkha Venture Partners) and Planet Zanett Asset Management. "The valuation of this $5 million round of financing reflects an increase from the previous round commensurate with the growth our company has experienced in the past year in terms of market share and profitability," said Michael Weaver, CEO, Applied Discovery. "With this round of funding behind us, Applied Discovery looks forward to focusing on the execution of its business plan." Applied Discovery leverages the most advanced technology available to provide superior electronic discovery products and services. As a result, the company continues to enjoy increased profitability and growth. In January, the company's East Coast Headquarters office was opened in Midtown Manhattan. The management team also implemented a plan for controlled growth that resulted in a doubling of the size of its sales force and formation of an Educational Programs Division devoted to educating legal professionals about electronic discovery through white papers, CLE courses, and other speaking engagements. "Westbury Partners is enthusiastic about our involvement with Applied Discovery, the innovative leader in a new and rapidly expanding market," stated Westbury Partners Chairman, Joseph G. Fogg, III. "We believe the mass proliferation of electronic documents in business today necessitates Applied Discovery's products and services, and the company is extremely well-positioned to capitalize on this growth and respond to the needs of a very sophisticated client base." James W. Schubauer II, President of Westbury Partners, will join Applied Discovery's Board of Directors, effective immediately. About Applied Discovery, Inc. Founded and managed by a team of highly experienced legal and technical professionals, Applied Discovery was formed in January 1999 to develop electronic discovery solutions for the legal industry. Its ASP offering gives attorneys a strategic advantage throughout the discovery process, while eliminating costs associated with traditional document review. Applied Discovery is headquartered in Bellevue, Washington. The company can be contacted through its website (www.applieddiscovery.com) or by phone at 877-613-3010. About Westbury Equity Partners SBIC, L.P. Westbury Equity Partners SBIC, L.P., is the latest initiative of Westbury Partners, a Long Island, NY-based investment firm which manages several private equity funds. Founded in 1994, Westbury's investment activities are managed by Joseph G. Fogg, III, Chairman; James W. Schubauer II, President; and Richard P. Sicoli, Partner and CFO. Westbury Partners can be reached through their website (www.westburypartners.com) or by phone at 516-333-0218. |
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