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AssetMetrix lands $3 million in growth financing from BEST Funds; Terry Hall and Ashley Fernandes join board of directors as company gears up for aggressive sales push.

OTTAWA, Feb. 2 /PRNewswire/ -- AssetMetrix(TM), the leading provider of on-demand decision support for IT management, today announced it has secured a $3 million round of venture financing from BEST Funds, a Toronto-based venture capital investment manager. The company also announced that Terry Hall, former Cognos COO, and Ashley Fernandes of BEST Funds are joining the firm's board of directors.

AssetMetrix will use the funding to invest in an aggressive expansion of its market share in North America and extend its AssetIntelligence(TM) decision support solution.

"AssetMetrix is poised to grow significantly with the assistance of this financing and the addition of these high caliber individuals to our Board," said Jeffrey Campbell, president and CEO, AssetMetrix. "The investment will enable us to recruit top sales and marketing talent to add to our team of technology professionals. Working with some of the world's top value added resellers and independent software vendors, AssetMetrix will guarantee its position as the leading provider of decision support solutions for IT managers."

AssetMetrix's on-demand AssetIntelligence solution is unique in its approach to providing customers with the ability to perform in-depth analysis of their IT environments, quantify levels of risk and manage compliance. AssetIntelligence allows customers to apply complex analysis tools to understand budget, productivity, security and legal risks within their environments. This is made possible through AssetMetrix's proprietary knowledge bases containing information necessary to effectively manage complex IT environments. For example, a customer can use AssetIntelligence to categorize and manage its inventory of software assets through an analysis tool that can classify over 300,000 different software titles.

"Investing in AssetMetrix is a great opportunity for BEST Funds to capitalize on the growing IT governance market," said new AssetMetrix board member, Ashley Fernandes, from BEST Funds. "As an established, revenue- generating player in this space, and with its unique software-as-a-service model, AssetMetrix was an immediately attractive option, and we are delighted to be involved with the company. BEST Funds has invested in several high- growth Ottawa-based companies in recent years, and is pleased to continue to support the region."

Also joining the board is Terry Hall, former chief operating officer with business intelligence software firm, Cognos, where he played an integral role in helping the company transition its business model from a consulting and application development tools business to the worldwide leader in the business intelligence software marketplace.

"It is very exciting to be involved with a successful, growing company like AssetMetrix," said Hall. "I hope that through my experience in the business intelligence space, I can bring some valuable insight to the company and help AssetMetrix achieve worldwide leadership in the asset intelligence market."

About AssetMetrix Inc.

Founded in 2000 and headquartered in Ottawa, Canada, AssetMetrix is the developer of the industry's first managed on-demand asset intelligence service. Through AssetIntelligence(TM), IT executives have the power to analyze their corporate environment, quantify their business and technology risks, and verify the effectiveness of their management tools and policies. AssetMetrix discovers 250+ hardware elements, identifies and categorizes 300,000+ software titles, and reports these findings in over 300 reports, making it the most comprehensive IT Decision Support solution available today. Visit http://www.assetmetrix.com/ .

About BEST Funds

BEST Funds is a labour-sponsored investment fund manager established in 1996. Through the BEST Discoveries Fund, BEST invests in small and medium- sized businesses with the objective of maximizing long-term capital appreciation. These venture investments are primarily in privately owned companies that are capitalizing on innovative uses of engineering, science and technology. The BEST Total Return Fund invests in traditional industries with the objective of generating interest income, dividend income and long-term capital appreciation. BEST is an important strategic investment for anyone building a well-diversified investment portfolio. For more information on BEST visit our website at http://www.bestfunds.ca/ or call 1-800-795-BEST.

CONTACT: Alana Andrews, inmedia Public Relations, (613) 234-7227 x226, aandrews@inmedia.com or Danny Sullivan, inmedia Public Relations, (613) 234-7227 x221, Mobile: (613) 276-1660, dsullivan@inmedia.com
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Publication:PR Newswire
Geographic Code:1CANA
Date:Feb 2, 2005
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