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ITM Software Raises $4 Million to Accelerate Adoption of it Business Management Software

ITM Software is planning to use the expansion capital to drive sales growth in key vertical markets of financial services, retail, and high technology, as well as to support its marketing initiatives for the company's leading solutions in vendor management, financial management, and IT governance and compliance.

"Today's announcement is an important milestone as we work to bring a greater range of IT Business Management Solutions to a broader set of customers," said Hank Leingang, ITM Software's CEO. "The ITM Business Suite leverages the best practices our executive team has developed during years of CIO and IT leadership across multiple industries, to address the strategic need to maximize IT efficiency and more closely align IT to the business."

"While the CIO runs a complicated business within a business, most rely on basic spreadsheets and manual tasks to pull together the data scattered across the enterprise to support key decisions and mission critical processes," said Steve O'Connor, ITM Software's Founder. "By deploying the ITM integrated application suite, forward-thinking IT organizations can now more effectively plan and prioritize projects, manage relationships with vendors, and meet compliance requirements."

About ITM Software

ITM Software provides CIOs and IT organizations with software products and services that advance the business management of Information Technology. The ITM Business Suite delivers the visibility and control required to make fact-based decisions regarding IT finance, vendors, people, assets, projects, and compliance. Comprised of former CIOs and IT leaders, the ITM team provides best practice expertise in IT Business Management, enabling clients to drive down costs, better align IT with business objectives, and deliver more business value. Founded in 2001, the company serves IT organizations within Fortune 2000 corporations, government agencies, and universities. ITM Software is privately held and is headquartered in Santa Clara, California. For more information visit www.itm-software.com.

About Red Rock Ventures

Red Rock Ventures is a Palo Alto, California-based venture capital investment partnership specializing in seed and early-stage information technology investments. Their record in successfully founding and/or financing high-technology companies has created substantial market value and investor returns for the past 20 years. Red Rock currently manages $220 million in committed capital.

About InnoCal Venture Capital

InnoCal is a private venture capital firm, based in Costa Mesa, California, with a successful 30 year record of diversified technology investing.

About Ascend Venture Group

Ascend Venture Group is a private investment firm based in New York City. The Firm has historically focused a significant portion of its investments on the undermined opportunities presented by women and minority entrepreneurial networks, where Ascend maintains a unique and unmatched ability to access sought after opportunities.

About Technology Partners

Founded in 1980 as a private venture capital firm, Technology Partners manages a total of more than $400 million of investment capital. Investments are being made currently from Technology Partners Fund VII, L.P., formed in 2000 with approximately $250 million of capital.

About RBC Technology Ventures

RBC Technology Ventures is the venture capital affiliate of Royal Bank of Canada. Formed in 1997, the firm's activities include early stage venture capital fund commitments and direct investments in software technology companies throughout North America.

About Square 1 Bank

Square 1 Bank is a full service commercial bank providing financial services to venture capital firms and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide solid support for its clients' needs. The bank offers tailored products and solutions aided by the latest technological innovations. To serve its relationships, Square 1 has offices coast to coast in Austin, Boston, New York metro, McLean, San Diego, Seattle, and the Silicon Valley. The bank is headquartered in Durham, North Carolina.

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