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February 25, 2009

Egan-Managed Capital Leads $12 Million In Series C Funding for Apparent Networks

Wellesley Hills based IT management performance provider, Apparent Networks, announced that it has raised $12 million in series C funding lead by Egan-Managed Capital and other investors participating.� Apparent Networks is the only IT management performance provider that delivers end-to-end service insight, which is needed for today�s cloud applications.� What makes Apparent�s product unique is that its patented path solutions assess network readiness, monitor service levels, and diagnose potential hidden problems that may not be seen.� This works by the path solutions experiencing the network performance without effecting it.� Major companies depend on Apparent�s products.�

Along with the new venture capital funding, Apparent Networks also added key people to its management team.� These people are Jim Melvin and Matt Stevens, who are both veterans in the industry.�� Jim Melvin joins the company as its president and chief marketing officer.�� Mr. Melvin also has experience in running operations and marketing for hyper-growth companies, making him a great asset for Apparent Networks.� Matt Stevens joins the company as chief technological officer and will oversee the company�s advanced research, development, quality assurance, and customer support.�� Proceeds from the funding will go to accelerate the adoptions of the company�s path-based network solution for cloud applications.�� Other investors who joined in the funding are Bain Capital Ventures, JMI Equity, and Business Development Bank of Canada.�

According to Mark Shanahan, managing partner of Egan-Management Capital, networks are constantly changing today and there is a constant need for IT departments to have technologies, such as cloud computing, virtualization, and new IT services from outsourced companies to support business operations at low cost.� Apparent Networks end-to-end technology is the only product that provides the needs for today�s IT business environment.� Apparent�s technologies can be used for LANs, WANs, and service providers� cloud applications.�

As far as the managing director of Bain Capital Ventures, Benjamin Nye, is concerned, path-based management allows customer networks to improve the productivity of their end users.� For example, a network service provider uses Apparent�s path-based management solutions, the service for its clients will improve, making everybody who is connected to that network have a more reliable and productive connection.�

The lead investor of this funding for Apparent Networks, Egan-Managed Capital, is a vc firm founded by the Egan family to help future entrepreneurs build successful enterprises.� Egan seeks opportunities where the firm can provide more than just capital.�� Egan looks for situations, where their partners can provide strategic assistance in areas where the firm�s partners have a great deal of expertise.�� Other companies that Egan-Managed Capital has invested in include Envista Corporation, Genalytics, VXI, OnePin, Nexaweb, and others.

Bain Capital Ventures is a vc firm that helps outstanding management teams become long-term leaders in their industries.� Bain Capital Ventures has about $1 billion under its management and invests in all stages of a company�s development.� Companies that Bain Capital Ventures invested in, which are in the IT industry, are DDI Corporation, Integrated Circuit Systems, STATS chipPAC, Inc., and others.

JMI Equity is a multistage equity firm that invests in growing software and business service companies.� JMI was founded in 1992 and has partnered with over 90 leading software and business service companies and manages roughly $1.3 billion of capital.� Some of the companies that Bain Capital Ventures has invested in are Aptela, Arrowhead, ClickSquared, Inc., Jobing.com, and others.

Business Development Bank of Canada (BDC) is devoted to helping Canadian businesses through financing, venture capital, and consulting services.�� BCD mainly focuses on small and medium-sized enterprises and aims to accelerate entrepreneurs� success.