Planitax Announces $5 Million Series B Funding; Mobius Venture Capital, Draper Fisher Jurvetson and Access Venture Partners Endorse the Company's Corporate Tax Solution Vision

Business Wire, June 16, 2005

EMERYVILLE, Calif. -- Planitax, Inc., a leading provider of software and services to corporate tax departments, today announced it has closed a series B financing of $5 million. Mobius Venture Capital led the round, with participation from existing investors Draper Fisher Jurvetson and Access Venture Partners. As a result of the financing, Rex Golding, managing director of Mobius Venture Capital and Rajeev Batra, principal with Mobius Venture Capital, will join Planitax's board. Planitax will use the financing to continue expanding product development and client services for its flagship Corporate Tax Horizons(TM) solution, released in late 2004.

In an environment where companies are facing increased regulatory and cost containment pressure, Planitax provides contemporary technology solutions that help corporate tax departments strengthen tax positions, operate more efficiently and improve internal controls.

"Planitax has a very compelling vision. They are applying contemporary technologies to a very real set of challenges that are taking center stage in today's heightened regulatory tax environment," said Mobius' Rex Golding. "They were extremely methodical and focused in developing the Horizons suite of products and have garnered significant interest from the tax community in a short period of time. We believe they are well-positioned to have a strong impact on the tax software market."

Planitax has also appointed Vinay Bhagat, founder and chief strategy officer at Convio, Inc., as a member to the board of directors. Prior to founding Convio, Bhagat served as Director of E-Commerce at Trilogy Software and as a consultant at Bain & Company. Bhagat will provide insight and value to Planitax through his extensive experience developing corporate strategies and selling web-based solutions to the Fortune 500.

"Our vision of empowering corporate tax with a new breed of information systems that uniquely addresses the need for greater transparency, efficiency and controls has been well received in the market. Having the financial backing of these leading venture firms is an endorsement of that vision and the value our Horizons solutions are delivering for clients," said Greg Prow, CEO of Planitax. "This additional funding will enable us to expand our Corporate Tax Horizons solution, deepen our client services, and continue building a world-class team."

About Planitax

Planitax, Inc. provides software and services that enable corporate tax departments to more efficiently and effectively manage the volume of data required to reduce operating costs, strengthen tax positions, and improve internal controls. The company's Corporate Tax Horizons(TM) solution targets a range of tax processes such as document management, entity management and audit management that represent the bulk of the cost, resource drain and risk that accompany the entire tax lifecycle. Thousands of employees in industries such as semiconductors, medical technology, software, telecommunications, and electronics access Planitax's patent-pending solutions. Current clients include Guidant Corporation, SBC Communications, and Hyperion Solutions. The Company is venture-funded and located in Emeryville, California. For more information, please call 800-606-3080 or visit www.planitax.com.

About Mobius Venture Capital

With offices in Palo Alto, California and Superior, Colorado, Mobius Venture Capital is a $2.25 billion U.S.-based private equity venture capital firm managed by an unparalleled team of former CEOs and entrepreneurs, technology pioneers, senior executives from major technology corporations, and leaders from the investment banking community. Mobius Venture Capital specializes primarily in early-stage investments in the areas of: communications systems software and services; infrastructure software and services; professional services; enterprise applications; healthcare informatics; consumer and small business applications; components; and emerging technologies. Mobius Venture Capital combines its technology expertise and broad financial assets with the industry's best entrepreneurs to create a powerhouse portfolio of over 100 of the world's leading high technology companies. For more information on the fund's investment team, technology vision and portfolio companies, please visit www.mobiusvc.com.

About Draper Fisher Jurvetson

Draper Fisher Jurvetson is the leader in early stage venture capital. With an eighteen-year track record successfully investing in over 200 companies, the firm currently manages its seventh Silicon Valley seed fund and an international multi-stage joint venture. Additionally, Draper Fisher Jurvetson has more than ten regional seed stage venture partnerships. Draper Fisher Jurvetson has proven expertise in identifying extraordinary entrepreneurs, analyzing growing markets, and exploiting catalytic technologies. Furthermore, it has vast experience in founding, staffing and assimilating teams in major technology centers for Draper Fisher Jurvetson's affiliated regional venture capital firms. Headquartered in Redwood City, California, Draper Fisher Jurvetson manages approximately $2 billion in capital. For more information about Draper Fisher Jurvetson visit www.dfj.com.