SiteScape Announces Series B Venture Capital; SAIC Venture Capital Corporation, Echelon Ventures invest.

Business/Technology Editors

MAYNARD, Mass.--(BUSINESS WIRE)--April 17, 2002

SiteScape Inc., a leading provider of Web-based business-to-business collaboration software and services, announced today an expected $5M second round of venture capital led by Echelon Ventures. SAIC Venture Capital Corporation (SAIC VCC), the investment arm of Science Applications International Corporation (SAIC), participated in this round with Echelon, as both an investor and strategic alliance partner in SiteScape. The money raised will be used to expand SiteScape's market leadership position and to strengthen sales and marketing initiatives.

SAIC is a multi-national $6 billion systems integrator, with strengths in the government, energy, health care and telecommunications industries. "The collaboration market is poised to undergo tremendous growth in the coming months and years," said Kevin Werner, senior vice president of SAIC Venture Capital Corporation. "We believe that our investment in SiteScape will support the current and future growth of technological advantages in collaboration."

According to Scott McCabe, managing director of Echelon Ventures, "Demand for collaboration products is poised to skyrocket, and SiteScape has consistently been a leader in this industry with an enviable customer base of Fortune 500 companies. We believe that by investing in SiteScape at this juncture, we give the company the necessary capital to take advantage of this burgeoning market. Having filtered through hundreds of business plans and met with dozens of management teams, Echelon is delighted to have found a company in which it can be confident."

"This infusion of capital increases the valuation of the company, and enhances our position in the marketplace," said Timothy P. Butler, President and CEO of SiteScape, Inc. Butler also noted that few, if any, other systems integrators have invested in web-based collaboration companies. "SAIC's financial commitment certainly represents an unusual investment, and it speaks volumes about their enthusiasm for the collaboration industry, as well as their belief in our business plan, products and mission."

SAIC also announced today that it has entered into a strategic alliance with SiteScape to offer customers solutions for their web-based collaboration problems.

"We think the ability to collaborate is of critical importance to our customers, and we are always looking for opportunities to offer them with innovative and powerful tools to meet their technology requirements," said Brian Hays, senior vice president and deputy group manager of SAIC's Technology Analysis and Applications Group. "Our customers have been impressed with the high functionality, the ease of customization, the utility for integration and the low cost for the value received, and we are examining a number of imaginative uses for SiteScape Forum as a fundamental component of our collaborative solutions."

SAIC has been working with SiteScape informally for more than two years. Joint projects include a supply chain collaboration system for Halliburton Energy Services, a U.S. Navy project, and a National Science Foundation-funded Nano-technology portal project. Butler noted that both partners are dedicating resources and personnel to make the partnership successful and bring their customers tightly integrated, enterprise collaborative solutions.

SiteScape, founded in 1995, offers SiteScape Enterprise Forum, its licensed software product, and WebWorkZone, the hosted service version. SiteScape collaboration solutions provide immediate return on investment by enabling users to create, share, and exchange information with colleagues, customers and business partners in a secure, Web-based environment. SiteScape products, which feature threaded discussions, shared documents, calendars, workflow, and an embedded search engine, are widely used for creating communities of practice, project management and knowledge management.

About SiteScape

SiteScape, Inc. produces Web-based collaboration software and services that provide immediate return on investment. SiteScape Enterprise Forum software and WebWorkZone, a hosted collaboration service, allow employees, customers, business partners and suppliers to easily communicate and share information in a secure, Web-based environment. SiteScape products facilitate business processes such as knowledge management, project management, communities of practice, workflow and elearning. The company has numerous Fortune 500 and Global 2000 customers, clustered in a wide variety of industries, including energy, construction, high tech, automotive, trade associations, education, health care, legal, and government. For more information about SiteScape, visit http://www.sitescape.com.

About Echelon Ventures

Echelon Ventures is a venture capital firm making investments in early stage technology-based companies, located in New England, that are seeking $1 million to $3 million in equity. The company must be beyond start-up with an initial management team in place and operations under way. The company has developed a proprietary, enabling technology for which it has demonstrated a proof-of-concept. Technologies that management will consider include, but are not limited to software and hardware technologies for: the Internet, communications, drug discovery, semi-conductor manufacturing, and technologies that improve manufacturing processes.

About SAIC Venture Capital Corporation

A company of SAIC based in Las Vegas, Nevada, SAIC Venture Capital Corporation holds equity investment interests in publicly traded and private emerging technology companies. The VCC technology portfolio includes select holdings in Internet, Information Security, Networking and Telecommunications, and Telecommunications Services companies.

About SAIC

SAIC is the nation's largest employee-owned research and engineering company, providing information technology, systems integration and eBusiness products and services to commercial and government customers. SAIC engineers and scientists work to solve complex technical problems in telecommunications, national security, health care, transportation, energy, the environment and financial services. With annual revenues of $6.1 billion, SAIC and its subsidiaries, including Telcordia Technologies, have more than 40,000 employees at offices in more than 150 cities worldwide. More information about SAIC can be found on the Internet at www.saic.com.

Statements in this announcement other than historical data and information constitute forward-looking statements that involve risks and uncertainties. A number of factors could cause our actual results, performance, achievements or industry results to be very different from the results, performance or achievements expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to, the risk factors set forth in the Company's Annual Report on Form 10-K for the period ended January 31, 2002, and such other filings that the Company makes with the SEC from time to time. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof.