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April 30, 2003 Netupdate Inc. Secures $2.6 Million in Series E Funding Bellevue, WA, April 30, 2003 - Netupdate Inc., a premier mortgage software services company, today announced the close of $2.6 million in Series E funding. The round was led by Alexander Hutton Venture Partners and included a number of private investors. The company will use the new capital to accelerate product development, expand sales and marketing efforts, and fund ongoing business operations. Netupdate's flagship product, Originator ProSM, is an Integrated Point-of-Sale System that enables mortgage professionals to rapidly qualify, engage, and approve borrowers more efficiently through the Internet than competitors who use traditional loan origination software. Loan Officer-focused, this powerful data collection tool helps originators communicate with interested parties such as Realtors®, Builders, and Financial Planners, that ultimately work for a prospective borrower to help them find or build and finance their dream home. Originator Pro provides the tools needed to take application, obtain loan product eligibility and pricing information, pull credit and automated underwriting, and deliver disclosure documents. Data seamlessly integrates into a lender's back-office system, and communicates real-time loan status back to the borrower, Realtor, and other interested business partners throughout the lending process. "We're delighted to receive the continued confidence of our investors, and marketplace response reinforces our leadership in point-of-sale technology," said Diane Holmstrom, CEO of Netupdate. "Netupdate's team under Diane's leadership is delivering the right product for the right industry at the right time," said Jerry Keppler, Managing Director of Alexander Hutton Venture Partners. "Customers tell us that Netupdate provides loan originators with powerful data collection tools to support collaborative communication with all parties in the loan transaction. With the growing acceptance of Web-based mortgage origination systems, the company's sales are expected to continue accelerating."
About the Investors Alexander Hutton Venture Partners is a Seattle-based $95 million venture capital firm, focused on actively nurturing early-stage technology companies in the Pacific Northwest. The firm offers its portfolio companies hands-on financial, technology and management experience by a team of seasoned business professionals. About Netupdate Netupdate, Inc. (www.netupdate.com) is a software services company providing solutions that enable people to work together online, significantly reducing the time, cost, and complexity of mortgage industry transactions. Netupdate's tools extend mission-critical business applications onto the Internet, moving lenders from expensive, slow, paper-based transactions to efficient, integrated transactions. By allowing each person involved in the lending transaction to interactively share information and documents, and to communicate in a managed fashion, Netupdate solutions reduce transaction time, streamline back-office processes, and provide improved borrower satisfaction. Headquartered in Bellevue, Wash., Netupdate is funded by Alexander Hutton Venture Partners, Greenstone Venture Partners, Irwin Ventures, and Timberline Venture Partners. © 2003 Netupdate, Inc. All rights reserved. Netupdate, Originator Pro, Loanupdate and Netupdate.com are trademarks of Netupdate, Inc. All other marks are owned by their respective entities.
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