Formatta Closes $3 Million in Funding

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Software Industry Veteran Grant Wagner Named CEO.

Up to 70% of the data needed to run an organization is trapped on paper forms and paper equivalents such as Word documents and .pdf files

Formatta, a leading provider of E-Forms data capture and integration software solutions, today announced it has closed $3 million in financing from existing investor Edison Venture Fund and Silicon Valley Bank. The company has now raised over $7 million over the course of the past year. Formatta will use the funding to grow and execute its channel strategy, increase its market visibility and position through new messaging, and further product development. Concurrent with its new funding, Formatta also announced that software industry veteran Grant Wagner has joined the company as President and CEO.

"Up to 70% of the data needed to run an organization is trapped on paper forms and paper equivalents such as Word documents and .pdf files," said Grant Wagner, President and CEO, Formatta, Inc. "Formatta is the perfect solution for enterprises and government organizations that need to quickly and efficiently free trapped data, integrate it into business applications, and put it to work. I look forward to working with the Formatta team as we dramatically expand the company's market footprint."

CEO Grant Wagner brings over 15 years of executive experience gained at global software companies including Computer Associates and OTG Software. Wagner has established and dramatically grown successful sales teams for organizations offering a wide array of software solutions including enterprise systems management, business applications, enterprise storage, security, wireless communications and business process management technologies.

Formatta software quickly and efficiently extends the reach of applications to all users and captures information at point of entry, so organizations have the information they need to operate more efficiently and effectively. While other solutions solve document/record management and business process management problems, they do not efficiently capture data from users and move it to the applications that need it most. A core component of paperless and other green initiatives, Formatta provides the most affordable, scalable, and easiest to implement, use, and maintain e-forms data capture and integration solution on the market today.

"Grant is a proven leader who knows how to grow companies and bring enterprise-grade software products to market," said Gary Golding, General Partner, Edison Venture Fund. "We look forward to continuing to support Formatta and Grant as they pursue an untapped market opportunity."

About Formatta:
Formatta software quickly and efficiently extends the reach of applications to all users so organizations have the information they need to operate more efficiently and effectively. While other solutions solve document/record management and business process management problems, they do not efficiently capture data from paper and move it to the applications that need it most. More than just an electronic version of a paper form, Formatta is specifically designed to quickly capture, verify, and move data to mission-critical applications.

Formatta provides the most affordable, scalable, and easiest to implement, use, and maintain e-forms data capture and integration solution. Enterprises and government agencies alike rely on Formatta to improve service to customers, employees and partners and make better business decisions, while improving operational efficiency. Formatta is headquartered in the greater Washington, DC area. More information about Formatta is located online at http://www.formatta.com.

Contact:    
Scott Byrnes
The Walker Group
202.997.5255
sbyrnes (at) walkerlimited (dot) com

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