Capital Infusion Positions Hire.com for Aggressive Expansion

Business Wire, June 14, 2004

Business Editors/High-Tech Writers

AUSTIN, Texas--(BUSINESS WIRE)--June 14, 2004

Spurred by New Product Offering, Experienced Leadership Team, Customer Portfolio And Improving Economic Conditions, Austin Ventures and Adams Street Partners Invest $10 Million

Hire.com, a leading provider of enterprise recruiting solutions, today announced further validation of its enterprise growth strategy with the infusion of $10 million in funding from Austin Ventures and Adams Street Partners LLC.

With the recent launch of HireEnterprise 8 and executive appointments that round out a seasoned executive team, the company expects to build on this year's momentum by using the infusion of new funding to accelerate growth in the large enterprise recruiting solutions market.

"Hire.com's thought leadership and product innovation, as affirmed by its customers and industry analysts, made this an easy investment decision for us. Coupled with an improving economy, rising employment data and a dynamic executive team, the case for investment in Hire is compelling," said George Spencer, partner at Adams Street Partners.

HireEnterprise 8 contains significant new enhancements and improvements based on detailed customer research and input that are key to the company's momentum to expand its global footprint and customer base. Currently, Hire.com serves customers in more than 40 countries around the world.

"Hire.com continues to be a promising investment for Austin Ventures, as the company aligns well with our philosophy of investing in exceptional leadership and companies that have great market opportunities," said Chris Pacitti, general partner at Austin Ventures. "The company's keen focus on customer service and satisfaction really distinguishes it from other service providers in this industry."

During the first half of this year, Hire.com reinvigorated its executive leadership with the addition of CEO Larry Orecklin, Vice President of Sales and Services Trip Ray, and Vice President of Marketing Doug Miller. Adding to Hire.com's depth of recruiting expertise, the expanded team brings 100 years worth of software business and company expansion experience in leading software and Fortune 500 companies.

"In addition to the new funding to fuel growth, we are very pleased to add the experience of George Spencer to our strong board of directors," Orecklin said. "It's very gratifying to have the support of the board and our investors as we expand our business goals."

HireEnterprise 8 is an enterprise recruiting solution designed specifically for today's dynamically evolving staffing organizations. This release provides a flexible solution that enables global organizations to recruit top talent while adhering to local hiring processes and maintaining a consistent local brand. It also introduces expanded multilingual and multilocale capabilities with the added benefit of career site- and user-specific settings. In addition, by leveraging Hire.com's workflow functionality and powerful branding tools, HireEnterprise can be configured easily to support varying processes based on global needs and may be adjusted to reflect designated language, locale and cultural differences.

The release also includes an inviting and intuitive user interface and built-in measurement tools to monitor and adjust recruiting activities, which helps staffing organizations make superior hiring decisions and significantly increase business productivity.

About Adams Street Partners

Adams Street Partners LLC is a leading private equity investment firm, providing both partnership and direct investment services to institutional clients. Adams Street Partners is one of the largest managers of private equity partnership investments in the world and has one of the longest histories. Together with its predecessor organizations, Adams Street Partners has been investing in private equity partnerships since 1979 and managing direct investments in private equity since 1972. Adams Street Partners has offices in Chicago and in London.

About Austin Ventures

Austin Ventures has been working with talented entrepreneurs to build valuable companies since 1979. With $2.4 billion under management, AV is the most active venture capital firm in Texas, and one of the most established in the nation. With a focus on business services, computer and communications hardware, and enterprise software, Austin Ventures invests at all stages of company development, from $100,000 "planned experiments" to $50 million investments in management buyouts.

About Hire.com

Hire.com is a leading provider of Enterprise Recruiting Solutions that enable businesses worldwide to hire and retain top-quality talent faster than any other solution in the market. Global 2000 companies, including BP, Roche Diagnostics, Prudential, Reuters, Kaiser and SITA, have invested in Hire.com's unique modular system to achieve competitive advantage today and to prepare for their future talent management needs. HireEnterprise is a two-time award-winning product as named by HR Executive Magazine's Top 10 HR products of the year. Customers named Hire.com "Best in Customer Service" in Electronic Recruiting Exchange's 2002 and 2003 Annual Industry Surveys. More information on Hire.com and its proven solutions can be found at the Hire.com Web site at http://www.hire.com/ or by calling 800-953-HIRE (953-4473).