Pitango Venture Capital is the New Name for Polaris Venture Capital; New Name for Leading Israeli Venture Capital Firm Reflects Increased Global Focus

Business Wire, July 10, 2001

Business Editors

TEL-AVIV & NEW YORK--(BUSINESS WIRE)--July 10, 2001

Move Eliminates Potential for Confusion with

U.S.-based Polaris Venture Partners

Polaris Venture Capital, a leading venture capital firm in Israel and the U.S., today changed its name to Pitango Venture Capital, reflecting the firm's increasingly global focus and its expansion in the U.S and Europe.

The move also eliminates potential for confusion with U.S.-based Polaris Venture Partners, an unrelated early stage venture capital firm as both firms expand their investment networks at home and abroad.

Pitango, which currently manages several venture funds totaling over $700 million in committed capital, invests in seed to late-stage companies in communications, software and Internet infrastructure, medical and healthcare, and other dynamic, high-growth sectors.

The Pitango name comes from a semi-wild cherry that grows amid dense foliage, posing a challenge to find it. The name evokes the challenge of identifying the "hidden fruit" of high-potential start-up companies.

Rami Kalish, Managing Director and Founder of Pitango, said: "As a result of our growing success and expansion strategy in the U.S. and Europe, we decided to choose a new name that represents the unique way we do business and differentiates us from other firms. The support we extend to the companies in which we invest, the network of partnerships we nurture and the cohesiveness of our team will continue as we take our existing values and strengthen them under the new brand, Pitango."

The name change also dispels possible confusion between Polaris Venture Capital, now Pitango, and Polaris Venture Partners, a leading Massachusetts-based venture capital firm with over $1 billion under management that invests in early stage information and medical technology companies across the U.S. and in Europe. Like Pitango, Polaris Venture Partners is widely recognized for its partners' experience, its network and its history of backing extraordinarily successful entrepreneurs.

Jonathan A. Flint, General Partner, Polaris Venture Partners, said: "Given our complementary investment sectors and the parallel expansion of our networks across the globe, Polaris Venture Capital's decision to change its name to Pitango makes strategic sense for both firms. Polaris and Pitango have much in common, with similar values and a shared commitment to providing outstanding results for our investors. With this name change, Polaris and Pitango can each move forward pursuing the best opportunities, and we look forward to possible opportunities to collaborate on early-stage investments in the future."

Pitango has been investing in leading technology entrepreneurs since 1993. Pitango's founding partners, Rami Kalish and Chemi Peres, helped pioneer the venture capital industry in Israel. The firm's seven managing directors each have over fifteen years of venture capital and management experience. Pitango has invested in more than 80 companies in the U.S. and Israel, including AudioCodes (NASDAQ: AUDC), Chromatis (acquired by Lucent), CardGuard (SWX New Market: CARDG), ITXC (NASDAQ: ITXC) and Radware (NASDAQ: RDWR).

Polaris Venture Partners was founded in 1996 by Steve Arnold, Jon Flint and Terry McGuire. Today, Polaris has expanded its team of seasoned professionals to include four managing general partners, five general partners, and three venture partners across its offices in Boston, Seattle and Austin. Polaris manages over $1 billion in committed capital, investing in a highly select group of companies in both the information and medical technology sectors. Within the information technology sector, Polaris has invested in companies with expertise in Internet infrastructure, enterprise software, telephony, and network hardware and software. In the medical technology sector, the firm has invested in companies focused on medical devices, pharmaceuticals, genomics and drug delivery technologies. Polaris' more than 60 portfolio companies include Akamai (NASDAQ: AKAM), Allaire (NASDAQ: ALLR), Aspect Medical (NASDAQ:ASPM), Avici Systems, Centra Software (NASDAQ:CTRA), deCODE Genetics (NASDAQ: DCGN) and Paradigm Genetics (NASDAQ: PDGM).

About Pitango Venture Capital

Pitango, which manages the largest fund in Israel, is a leading venture capital firm, investing in Israel, the U.S. and Europe. It specializes in providing long-term support and value-added services to its portfolio companies. Pitango, with offices in Tel Aviv, Silicon Valley and London, currently manages several venture funds totaling over $700 million in committed capital invested in more than 80 companies. Pitango's focus is in seed to late-stage companies in communications, software and Internet infrastructure, semiconductors and medical technology and healthcare. More information about Pitango is available at www.pitango.com.

About Polaris Venture Partners

With more than $1.0 billion under management, Polaris Venture Partners is an early-stage venture capital firm with investments across information and medical technology. Polaris takes an active lead role in its portfolio companies and practices life-cycle investing. The Polaris team is committed to helping entrepreneurs grow strong businesses by offering early-stage operational and investment expertise as well as providing critical support services. The company has offices in Boston, Austin, Seattle and Washington, D.C. More information about Polaris Venture Partners is available at www.polarisventures.com.