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Press release:

ExpertPlan Closes Second Round Funding

Issued by: ExpertPlan

Date: Feb. 21, 2001

Cranbury, NJ, February 21, 2001 -- ExpertPlan announced closing a second round funding of $1.7 million, led by Paddington Venture Capital, New York, NY, a venture capital fund that targets high growth financial services companies. Existing investor Bridge Partners, LLC and several individuals in the financial services industry joined Paddington in this financing.

Already selected as a partner by a number of leading brokerage firms, ExpertPlan will utilize this investment to accelerate its growth as the leading provider of web-enabled retirement plan services to financial professionals. ExpertPlan solutions enable financial services professionals to profitability address the previously untapped small to midsize retirement plan market.

“ExpertPlan targets an underserved, very large market. We think they’ve used their experience in retirement services and cutting edge technology at Smith Barney, CitiStreet, Merrill Lynch, and Alliance Capital very effectively. While ExpertPlan’s business is built to scale very large, they’ve kept costs low, so we think that the business is going to be profitable soon,” said Bruce Bedford, principal, Paddington Venture Capital. Bedford was a founder of Flagship Financial and its group of funds, and an executive vice president at John Nuveen & Co. after it acquired Flagship. He will join ExpertPlan’s advisory board.

Win Cody, founder and CEO of ExpertPlan said, “Paddington’s knowledge of the mutual funds industry adds tremendous value to ExpertPlan. We are gratified by their endorsement and the confidence shown by all our investors, most of which know this market as financial services professionals.”

ExpertPlan is a Business Service Provider (“BSP''), providing full service, robust, scalable on-line set-up, record keeping and transaction management services to financial institutions, such as broker dealers, fund companies, banks and insurance companies. Its web-based “self service'' model empowers plan participants to manage their own accounts, which eliminates third-party errors, and reduces costs and the administrative burdens on the financial professional and the plan sponsor.

About ExpertPlan:
ExpertPlan (www.expertplan.com) is the first Internet-based provider of retirement plan solutions, which enables financial professionals to offer high-quality, low-cost retirement plans to meet the needs of their clients. The company has alliances with over 30 fund families, and provides services to leading financial companies across the US. ExpertPlan was founded in 1999 by core members of the information systems management team from one of the world’s largest financial services corporations, and is located at 50 Millstone Road, Building 400, Suite 100, Cranbury, NJ 08512, 609/918-2500.

For more information: http://www.expertplan.com

View More Press Releases by ExpertPlan


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