Oasis Technology Completes Financing Round For U.S. $5 Million

Oasis Technology today announced that it has completed a round of private equity funding worth U.S. $5 million. The funding demonstrates the continued confidence of Oasis’ existing group of investors, and provides the company with sufficient operating capital to reach its profitability targets. Participants in the current investment round include existing investors VenGrowth Capital Management, Inc., HarbourVest Partners LLC and ABN AMRO Private Equity.

“Since my appointment as president and chief executive officer in June, Oasis has focused on the operational and product strategies that are vital for us to maintain our position as a leading developer of payment software products,” said David Pasieka, president and CEO of Oasis. “Our investors continue to show confidence in our leadership. They are fully endorsing our growth strategy, and are confident in our proven ability to attract and sign significant new customers in all regions of the world. All of these factors will help to drive the company toward anticipated profitability in early 2003.”

“As a repeat investor and participant in the latest funding round, I am confident that Oasis continues to be well positioned to reach its financial targets,” said Michael Cohen, managing director of VenGrowth Capital Management, Inc. “Though recent market downturns have affected the entire technology sector including Oasis, the company’s financial performance continues to strengthen quarter over quarter. We believe this additional investment will provide the remaining operating capital required to sustain this trend toward near-term profitability.”

“In the present market, we’re even more selective about the companies in which we invest,” said Robert Wadsworth, managing director of HarbourVest Partners LLC. “Oasis has demonstrated that its products are in high demand in the market place and that its customer pipeline continues to strengthen. We are pleased to be part of this latest funding round, and have confidence in the company’s plan for continued viability and market leadership.”

“ABN AMRO Private Equity is encouraged by Oasis’ ongoing ability to build on its reputation in the payments industry and win high profile new customers,” said Keith Walz, managing director of ABN AMRO Private Equity. “Our participation in the current funding round demonstrates our continued confidence in the company’s leadership and the sustained high level of industry demand for its products.”