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The Kernel Group Receives $3.75 Million Funding From Updata Venture Partners To Expand Products, Sales; Updata General Partners Burton, Meyers Join TKG Board.

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AUSTIN, Texas--(BUSINESS WIRE)--Oct. 17, 2000

The Kernel Group, a leader in enterprise software solutions, today announced that Reston, Va.-based Updata Venture Partners has invested $3.75 million in the Austin-based company.

The venture capital will be committed to expanding TKG's product development, marketing and sales efforts.

TKG also named Updata general partners John F. Burton and Tim H. Meyers to the company's board of directors. Burton and Meyers oversee Updata Venture Partners, the venture capital and private equity affiliate of Updata Capital Inc. Updata Capital is one of the top three U.S. investment banking firms specializing in the information technology industry.

"The rise of global e-business has increased the need for companies to carefully guard their mission-critical applications, data and infrastructures against power outages, natural and man-made disasters as well as outright technology and software failures," Burton said.

"What we see in TKG is a company not only equipped today with a portfolio of unique software solutions, but a company strategically positioned to serve the future needs of global enterprises."

TKG will use the first-round funding to expand and improve its current solutions portfolio. The company plans to make its flagship products, Bare Metal Restore and AutoTrace, capable of supporting a wider range of platforms and systems along with refining the products' customer-driven features and functionality.

Bare Metal Restore(tm) improves a company's data recovery capability by adding machine-recovery functionality to an existing enterprise storage management solution. AutoTrace provides a "black box" or "flight data recorder" for software products to identify and quickly resolve defects.

The funding also will be dedicated to developing additional products, such as an integrated change manager designed to provide a disciplined approach for planning, implementing, monitoring and managing change across the enterprise.

"This funding is extremely significant to our company's growth as we continue to expand and improve our product offerings and our global sales and marketing outreach," said Sol Suberi, chairman and chief executive officer of TKG. "Just as important, however, is Updata's powerful stamp of confidence in our company, our vision and our strategic positioning in this vast marketplace. The Updata funding truly validates our company's bright future."

About The Kernel Group

The Kernel Group is the premier provider of software solutions that enhance enterprise systems management, encompassing infrastructure through applications. TKG's innovative solutions give core confidence to customers engaged in the unpredictable world of e-business by guarding against costly losses in productivity, customer satisfaction and reputation.

About Updata Venture Partners

Updata Venture Partners is the venture capital and private equity affiliate of Updata Capital Inc., a leading investment bank specializing in mergers and acquisitions for the IT industry. The Updata Venture professionals have a highly successful history in industry operational roles and as investors in early stage technology companies. Updata Ventures seeks to achieve superior returns by leveraging the extensive network of its Partners, Updata Capital and other strategic relationships, benefiting from the operating experience of its management team. Updata Venture Partners' primary objective and mission is to provide entrepreneurs the tools and management experience of the partners in building their companies into leaders. The firm invests across the full technology life cycle with a primary emphasis on opportunities emanating from the convergence of information technology and telecommunications. For additional information visit www.updataventures.com and www.updata.com.

Statements made in this press release that state The Kernel Group's or management's intentions, plans, beliefs, expectations or predictions of future events are forward-looking statements. It is important to note that the company's actual results or performance could differ materially from those projected in such forward-looking statements. Factors that could cause such actual results or performance to differ materially include risks and uncertainties relating to manufacturing, market demand and acceptance, the dependence on strategic partners for development and distribution of products and potential shortages of components. The forward-looking statements contained herein represent the judgment of The Kernel Group as of the date of this release, and The Kernel Group disclaims any intent or obligation to update or revise such forward-looking statements to reflect any change in The Kernel Group's expectations with regard thereto or any change in events, conditions or circumstances on which such statements are based.

EDITOR'S NOTE: The Kernel Group's corporate headquarters are located at 1250 S. Capital of Texas Hwy., Building 111, Suite 601, Austin, Texas 78746. For more information, please contact TKG via telephone 512/433-3300 or 800/854-7381; fax 512/433-3200; e-mail info@tkg.com; Web site: www.tkg.com.

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Publication:Business Wire
Geographic Code:1USA
Date:Oct 17, 2000
Words:788
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