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TeaLeaf Technology Raises $12 Million in Series C Financing; Bay Partners Leads Over-Subscribed Round, Takes Board Seat.

SAN FRANCISCO -- TeaLeaf Technology, Inc., a privately-held technology company, announced today that it has raised $12 million in Series C funding led by Bay Partners. Additional investors include Matrix Partners, Foundation Capital, and J.P. Morgan Investment. As part of this round, Bob Williams of Bay Partners has joined TeaLeaf's board of directors.

"This round of financing will enable us to capitalize on our strong market traction and achieve long-term financial success," said Frank Vaculin, TeaLeaf president and CEO. "The capital will be used to strategically expand TeaLeaf's sales and marketing organizations, as well as support the extended adoption of our Application Integrity management platform within our current customer base."

"I look forward to being part of TeaLeaf's board. The company is the emerging leader in Web application management software with its innovative solutions," said Williams. "We were very impressed with the market reception to TeaLeaf and the way it's products have been able to help leading businesses such as Bank One and Levinger increase the reliability of their Web applications, reduce application support costs, and protect vital revenue streams."

TeaLeaf IntegriTea manages the integrity of Web applications by bridging the gap between traditional application performance and system management tools. Application performance solutions only address the performance of user transactions and business processes. Systems management and availability products monitor and manage individual components of the Web infrastructure. TeaLeaf IntegriTea is the first and only solution that helps IT operations rapidly identify, recreate and diagnose application-level failures.

About TeaLeaf Technology

The technology infrastructure that supports today's businesses demands an unprecedented visibility into the application ecosystem. TeaLeaf Technology(R) delivers the only Web application management solution to manage the integrity of Web applications. Using patented technology, the award-winning TeaLeaf solution captures every user session, detects application failures in real time, alerts operations staff to these problems immediately, and correlates the problems to the end user instantly. The result to IT is increased application reliability, accelerated problem resolution, and lower overall cost of application ownership. TeaLeaf is headquartered in San Francisco, CA. For more information, email info@tealeaf.com or visit the Web site at http://www.tealeaf.com .

About Bay Partners

Bay Partners is a venture capital firm active in early-stage fundamental technology investing, funding over 200 companies since 1976. The firm's most important differentiator is its depth and breadth of operational expertise, spanning technology, sales, marketing, business development, and financial, legal, and general management. Recent Bay Partners portfolio success stories include Exodus Communications, Informatica, Digital Island, Brocade Communications, and SonicWALL.

NOTE: TeaLeaf products and services mentioned herein are the registered or unregistered trademarks and service marks of TeaLeaf Technology, Inc. All other trademarks or service marks are the property of their respective holders and are hereby acknowledged.

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CONTACT: Tim Smith of TeaLeaf, +1-415-932-5053, or tsmith@tealeaf.com; or, Cathy Wright of Evans Partners, +1-650-595-1871, or cathy@evanspartners.com, for TeaLeaf

Web site: http://www.tealeaf.com/
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Publication:PR Newswire
Geographic Code:1USA
Date:Sep 18, 2002
Words:497
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