iConclude Raises $9 Million in Series B Financing with Greylock Partners and Shasta Ventures; Tom Bogan, Greylock Partners, and Ravi Mohan, Shasta Ventures, Join iConclude's Board of Directors

Business Wire, April 10, 2006

BELLEVUE, Wash. -- iConclude, an innovator in problem management and incident resolution solutions, today announced a $9 million Series B round of funding led by Greylock Partners and Shasta Ventures, with investments from existing investor Madrona Venture Group. The funding will enable iConclude to expand the company's sales and marketing operations as well as product development teams. iConclude has raised a total of $12 million since the company's founding in January 2005.

Tom Bogan, partner at Greylock Partners and former president and COO of Rational Software (acquired by IBM in 2003), and Ravi Mohan, managing director at Shasta Ventures, have both joined iConclude's board of directors. With the addition of Bogan and Mohan, four of iConclude's six board of director members are independent, with diverse leadership experiences spanning companies like McKinsey & Co., Microsoft, IBM and Accenture.

iConclude's patent pending managed automation technology fundamentally changes the way IT organizations support mission critical applications. The company's flagship product, iConclude Repair System(TM) streamlines IT processes and empowers frontline operations staff to automate the diagnosis, triage and resolution of complex incidents and alerts in the data center. iConclude's solution significantly reduces the time required to diagnose, repair and maintain mission-critical applications, lowering support costs and helping to reinforce key ITIL processes.

iConclude's founder and CEO Sunny Gupta said, "Our business is showing significant traction across all fronts. Following a quarter where we doubled our customer count and successfully delivered version 2 of iConclude Repair System, this funding round will enable us to further accelerate our lead in this emerging space, and prime our sales and marketing engines for growth. I am especially pleased to welcome Tom and Ravi to our board of directors. Their backgrounds in building and running large enterprise software businesses will help take this company to the next level."

"Greylock Partners made this investment because iConclude stands out with a powerful and differentiated solution that addresses a universal IT need," said Bogan. "They have the right team and early market lead to capitalize on this amazing opportunity. I look forward to supporting the executive team to make iConclude the technology partner of choice for Global 1000 IT organizations seeking to improve their Data Center operations."

"iConclude is a compelling investment for Shasta Ventures because it is a company that is fundamentally changing how modern Data Centers triage and resolve incidents and alerts for business critical applications, delivering significant operational cost savings and improving service levels," said Mohan. "iConclude's innovative technology, impressive traction into enterprise accounts like Alaska Airlines and NYK Logistics, coupled with a proven management team, was very attractive for Shasta and positions the company for continued success."

About iConclude

iConclude provides problem management and incident resolution solutions that increase ITIL incident and problem management visibility, reduce escalations and false alerts, and streamline the resolution process. Our managed automation technology self-heals systems and enables frontline operations and support teams to diagnose, repair and maintain business-critical applications in a guided and repeatable way. By providing access to critical problem resolution information and leveraging investments in your existing service desk and system management products, our solutions reduce support costs, time to resolution and system downtime. Founded in 2005, iConclude is headquartered in Bellevue, Wash., and is privately held with funding from Madrona Ventures. For more information, go to www.iconclude.com

About Greylock Partners

Founded in 1965, Greylock Partners is one of the world's leading venture capital firms. Over the past 40 years, Greylock has funded and helped build several hundred successful companies. The Greylock approach uniquely puts the entrepreneur first, with Greylock working as an "invited guest" in a highly supportive yet consultative way to help entrepreneurs build market-leading companies. Companies Greylock has funded include Ascend Communications, Continental Cable, DoubleClick, Internet Security Systems, Legato, Millennium Pharmaceuticals, Openwave, Red Hat, Tellabs and Trilogy. Greylock's offices are located in the Boston area and in Silicon Valley.

About Shasta Ventures

Shasta Ventures is an early-stage venture capital firm that serves as a value-added partner to both entrepreneurs and investors. The principals have over 30 years of venture experience and have invested in over 45 companies. The team possesses a rare combination of core technology expertise and deep experience in marketing to consumers. By combining these skills in an integrated, collaborative approach, Shasta helps entrepreneurs build companies that address the growing demand among consumers and enterprises for new technology products and services. The fund pursues investment opportunities within the infrastructure, software and technology-enabled service sectors. For more information, visit www.shastaventures.com