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View More Press Releases by ExpertPlan

Press release:

ExpertPlan Closes $4.35 Million Funding Round

Issued by: ExpertPlan

Date: Oct. 28, 2002


East Windsor, NJ, October 28, 2002 – ExpertPlan, a leading provider of online retirement plan administration to financial institutions, today announced closing its Series B Preferred stock funding of $4.35 million, led by Liberty Venture Partners, Philadelphia, PA, a venture capital management firm that targets Internet and technology and health care companies who have already demonstrated the potential to become large and valuable entities. This latest funding brings ExpertPlan to the capitalization needed to reach projected profitability in early 2003.

Existing investors including Meridian Venture Partners and Gamma Investors, and two new firms, Milestone Venture Partners, and NextLevel Venture Partners, joined Liberty Venture Partners in this financing.

“We believe ExpertPlan’s stellar, three year track record in signing partners who are the indisputable leaders in the financial services industry and assembling a leadership team with management and technology experience at the top retirement services companies, coupled with the potential of the online retirement plan market, indicate ExpertPlan will continue on its growth track and become the dominant player in this underserved, large market,” said David J. Robkin, co-founder and principal, Liberty Venture Partners. “In fact, recent successes, such as being selected to provide online retirement plan administration by U.S. Bancorp, John Hancock Funds, and Putnam Investments, signing the 20th Third Party Administrator firm, and partnering with over 50 fund families, are providing momentum for accelerated growth,” said Robkin.

Robkin, who will join the ExpertPlan board of directors, previously served as a partner at Grant Thornton, an international accounting and consulting firm prior to establishing Liberty Venture Partners.

A March 2001 TowerGroup study cites the e401(k) market as having the potential of attaining $2 trillion in assets by 2005.

“Coupled with the high caliber partners that have selected ExpertPlan to provide their private label e401(k), this vote of confidence by Liberty Venture Partners and our current investors, will take us to profitability in early 2003, ahead of our projections,” said Timothy J. O’Brien, CEO of ExpertPlan. O’Brien, who joined the firm seven months ago, is a veteran executive with more than 20 years of sales, marketing, operations and management experience at companies such as Prudential and Deloitte & Touche. O’Brien also assumes a seat on the ExpertPlan board of directors.

ExpertPlan utilizes the Internet and proprietary technology to offer turnkey retirement plan solutions that incorporate scalable, online set-up, record keeping, IRS compliance and transaction management services. This enables financial professionals to offer plans to their small- and mid-size clients that have all the features and benefits traditionally available only to large corporations. ExpertPlan provides financial professionals a variety of tools to profitably address the e401(k) sector, including online proposal generation, marketing support, flexible products and a wide selection of fund families.


ABOUT EXPERT PLAN:
ExpertPlan www.expertplan.com is a leading 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. ExpertPlan's web-based model empowers plan participants to conveniently manage their own accounts, which eliminates third-party errors, and reduces costs and administrative burdens on financial professionals and employers. The company has alliances with over 50 fund families, and provides services to leading financial companies across the U.S. 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, East Windsor, NJ 08520, (609)-918-2500.

ABOUT LIBERTY VENTURE PARTNERS:

Liberty Venture Partners (www.LibertyVP.com ), located in Philadelphia, PA, is a privately held venture capital management firm that specializes in early and growth-stage investments in emerging companies. Liberty’s investment focus is on companies in the areas of information technology, health care, and Internet technologies and services. It invests in entrepreneurs whose vision of a market opportunity is large and whose product or service will significantly affect its target customers. The company’s philosophy is long term and seeks to partner with companies to create the value inherent in the building of a strong, growing company.


Press Contact:
Lisa Rhodes
203/341-9801
203/803-9610 – cell
Rhodes@optonline.net

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

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