Merritt Lutz Joins iRise Board of Advisors; Technology Executive to Share Global Operation and Expansion Experience with Leading Application Definition Company

Business Wire, May 24, 2005

EL SEGUNDO, Calif. -- iRise(R), a leading application definition software and services company, today announced that Merritt Lutz has joined its board of advisors. In addition to valuable executive management, global operations and professional consulting knowledge, Mr. Lutz brings to the iRise advisory board eleven years of Morgan Stanley technology management experience. Now a Morgan Stanley Advisory Director and the Chairman of Morgan Stanley Technology Holdings, Inc., Mr. Lutz helps to oversee the firm's technology-related strategic investments, joint ventures and external relationships with entities such as major suppliers, other financial services firms and research organizations.

"I'm delighted to be associated with iRise at such an exciting time in the company's development," said Mr. Lutz. "iRise is making an important industry contribution by identifying and solving an endemic problem that I have witnessed throughout my career. iRise has developed a way to apply simulation to complex, mission-critical business systems, creating a new market for application definition platforms."

"Merritt has served as a valuable resource for us and we are excited to formally announce his addition to the company's board of advisors," said Emmet B. Keeffe, III, chief executive officer of iRise. "Merritt's technology expertise within the financial services sector will be a great asset as we continue our success in that industry. Additionally, as we extend our reach to new markets, we also look forward to tapping his experience in global software expansion and operations."

About iRise

iRise(R) is dedicated to bridging the communication gap between business and IT by improving the process of defining software. Global corporations use its market leading application definition platform to get requirements right -- the first time. iRise application simulations can cut rework costs, accelerate time to market and reduce the risks associated with global development on mission-critical business systems initiatives. Unlike text-based requirements, visual iRise simulations are unambiguous and enforceable specifications that ensure the needs of the business are clearly understood and met. iRise simulations can be built by business experts and used in a collaborative global model to quickly iterate on stakeholder requirements with business people, dramatically improving project success. Headquartered in El Segundo, Calif., iRise is backed by Morgan Stanley Venture Partners and has sales offices across North America.