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Investment Follows Consistent Profitability and Impressive Revenue Growth in 2004

LONDON, UK and RALEIGH, NC – January 12, 2005 – Accipiter Solutions, Inc., an online advertising technology leader since 1996, today announced that it has secured a $2 million round of funding from Frontier Capital, a Charlotte, North Carolina-based private equity investment firm that specializes in providing expansion capital to high growth companies. This is the first round of venture capital for Accipiter since the management team regained control of the company from Engage Inc. in November 2002. As part of this investment, Frontier will accept two seats on Accipiter’s board of directors.

Accipiter plans to use the funding to hire additional personnel in sales, marketing, development and technical support, with 30% employee growth expected in 2005. Five positions are already open, with descriptions posted at http://www.accipiter.com/about/careers.php. Accipiter will also use the working capital to accelerate the development of new technologies and increase industry awareness throughout the year.

“Accipiter possesses four key criteria that we look for in every investment – consistent growth and profitability, solid competitive differentiators, promising market dynamics and a strong management team,” explained Michael Ramich, principal, Frontier Capital. “We have been extremely impressed with what the company has accomplished with its available resources and are excited about working with the team to make strategic hires, deliver new technologies and create new market opportunities.”

Ramich also commented on the fact that Frontier has watched the online advertising industry evolve and mature, with “real companies (no longer just dot.coms) investing real money and experiencing real ROI using tools like those offered by Accipiter.”

The funding from Frontier follows on the heels of a strong year for Accipiter, with continued profitability and 40% revenue growth over 2003. With customers in more than 28 countries, over 49 billion ads are served each month using Accipiter innovations, including site-side (AdManager) and hosted (AdBureau) ad management solutions, as well as VIBE, Accipiter’s behavioral targeting solution.

Accipiter also had a number of notable customer wins in 2004 including BoltBlue, ClickHype, E! Online, Associated New Media, iMedia, Motricity, NineMSN, PostNewsweek Tech Media, SBC SMARTpages, Tiscali, UpMyStreet, and a number of other leading online publishers around the globe. A number of new partners also joined Accipiter’s growing family of global online ad technology resellers including Argentina-based ClickExperts, Italy-based Market Solutions and Nordic-based Omnit AB.

In addition, Accipiter further solidified its position as the industry leader by introducing a series of white papers studying the evolution and future of online advertising management. Three white papers focusing on behavioral targeting, inventory management, and real-time advertising management are currently available in the Accipiter digital press kit at http://www.accipiter.com/news/digital_press_kit.php.

“2004 was a tremendous year for Accipiter as we continued to experience growth and success on all fronts,” explained Brian Handly, Accipiter CEO. “We are excited about putting this investment to use in our effort to meet the growing demand for our products and services and to continue to expand our offerings.

About Frontier Capital

Frontier Capital is a private equity investment firm that provides expansion capital to high growth service companies. Many of these companies utilize technology as a differentiator. They have a proven solution in the marketplace and need capital to accelerate growth. The firm is based in Charlotte, NC and invests throughout the Southeast and Mid-Atlantic regions. For additional information visit the Frontier Capital website at www.frontierfunds.com.

About Accipiter

Based in Raleigh, North Carolina and London, UK, Accipiter has been a pioneer and leading developer of online advertising solutions and services since 1996. With more than 350 customers worldwide, over 49 billion ads are served each month using Accipiter’s technology. Accipiter executives strive to be industry thought leaders through work with the Internet Advertising Bureau and Online Publisher’s Association. Accipiter offers a site-side ad management software solution, AdManager V7, and a hosted solution, AdBureau. Accipiter leads the industry with over six years of experience in implementing behavioral targeting technology, and recently introduced the new Visitor Information Behavioral Engine (VIBE). For more information, please visit www.accipiter.com.


AdManager, AdBureau, and VIBE are registered trademarks of Accipiter Solutions, Inc. All other company and product names may be trademarks or service marks of the company with which they are associated.

Published on: 12:00AM on 12th January 2005