CorasWorks Raises $4mm in Series B to Drive Workplace Software Business

Edison Ventures Investment Fuels Collaborative Workplace Growth on SharePoint platform

Reston, VA - January 24, 2007 - CorasWorks Corporation, the leading worldwide provider of workplace application software on the Microsoft SharePoint collaboration platform, today announced that it has completed a $4 million Series B investment. Edison Ventures, based in Lawrenceville, NJ, was the sole investor in this second round for financing. Novak Biddle, Bonsal Capital, and Isis Capital were investors in the prior Series A $3 million financing in 2004. The proceeds will be used to expand development, marketing and sales, as well as the purchase of secondary stock.

Founded in 2003, CorasWorks has rapidly grown to more than 800 customers with 600,000 deployed users in more than 20 countries. The company’s industry leading modular software products includes packaged enterprise applications, as well as an application suite for creating a collaborative workplace of inter-connected applications on the Microsoft SharePoint collaboration platform.

Gary Golding, General Partner of Edison, will serve on the Board of Directors. “The proven management team has expertly implemented a unique strategy that has made CorasWorks an industry leader in the rapidly growing collaborative application space,” observed Gary Golding. “CorasWorks growth rate exceeds 50% annually, serving a broad range of brand-name customers across more than 20 industries,”

Edison has financed and guided 42 enterprise business solution businesses. Active investments include Cybershift, JGI, Lognet, Longview Solutions, Satori and Tangoe. Successful exits include Axent, Marcam, MAPICS, MDY and QSS. Edison’s 15 investments in Virginia companies include Best Software, BTG, Innovectra, Liberty Tax POMS, Relay and Telarix.

“We are very pleased to have an investor of the caliber of Edison,” explained William Rogers, CEO and Founder of CorasWorks. “Their investment capital and value-added services will help us to accelerate our product line expansion and global market development over the next few years.”

About Edison Venture Fund

Established in 1986, Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Edison provides capital and value-added services to expansion stage ($5 to 20 million revenue), information technology businesses. Initial investments range from $4 to 7 million. Edison typically serves as a sole or lead investor in financings up to $10 million. In addition to providing expansion capital, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases.

Edison’s 15 investment professionals are based in Lawrenceville, NJ, West Chester, PA, and McLean, VA. Industry specialties include application software, communications, education, financial services, healthcare & pharmaceutical IT and electronics. Edison’s successes include Dendrite, E-Transport, Gain Capital, Insoft, Netegrity, Princeton Financial, Tetradata, Visual Networks, Virtual Edge, Vocus and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison currently has $500 million under management and is actively making new investments. www.edisonventure.com