IRVINE, CA—March 12, 2004 – Mavent Inc. announced that FTVentures has exercised its options for investing an additional $4 million in a second-round financing. To date, FTVentures has invested a total of $10 million in Mavent, developer of the patentpending Mavent Expert System, a comprehensive automated compliance solution for the residential mortgage industry. “We are pleased with the continued success of Mavent in attracting top tier mortgage originators,” said Bob Huret, partner of FTVentures. “Mavent has continued to enhance their existing solutions and are leaders in developing new solutions to meet the growing demands for automated compliance in other market segments.” “At Mavent, we are committed to best practices for our customers and strategic partners,” said Tim Green, president and chief executive officer. “Our partnership with FTVentures has afforded us the opportunity to provide enhancements to our existing customers and to invest in the expertise and technology necessary to develop superior automated compliance solutions.” Mavent’s Expert System collects and processes electronic loan data against an extensive legal knowledgebase containing federal, state and local lending laws, rules, and regulations and is the cornerstone of three compliance solutions: 2comply™, Intercept™ and Inspect™.
About Mavent Inc.
Mavent Inc. (www.mavent.com) developer of the 2comply Expert System (patent pending), Intercept and Inspect, was founded in 1999. The Mavent Expert Systems are automated compliance solutions that provide the residential mortgage industry with a proven technology solution for complying with applicable federal, state and local lending laws, rules and regulations. The Company is headquartered in Irvine, CA, and has an office in New York and is SAS 70 certified by Ernst and Young LLP. Mavent is financially back by Financial Technology Ventures. For additional information please contact Michelle Nachreiner at 888.MAVENT1 or email marketing@mavent.com.
About FTVentures
Founded in 1998, FTVentures (www.ftventures.com) was the first venture capital firm in the U.S. to focus on technologies that benefit the global financial services industry. FTVentures now has over $623 million in total capital under management and invests primarily in private software and business services companies, with a particular emphasis on companies that enable financial institutions worldwide to expand and to operate more efficiently. FTVentures’ investors are 38 of the world’s leading financial institutions and include AIG, Bank of America, BNP Paribas, Charles Schwab, Citigroup, Credit Suisse Group, Deutsche Bank, DBS Bank, GE Capital, HSBC Holdings, Key Principal Partners, National City, Skandinaviska Enskilda Banken (SEB), Standard Chartered Bank, US Bancorp and Wells Fargo. FTVentures-backed companies include Financial Engines, Exlservice, Mavent, Integrated Decision Systems, KVS, Actimize, Corillian, 7-24 Solutions, Managed Objects, Verus Financial Management, Caplin Systems, CapitalStream, e-Security, E-LOAN. For more information please contact Kim Kellogg, PR Manager at (415) 229-3000.
Contacts
Michelle Nachreiner
MAVENT
949-474-4713
michelle.nachreiner@mavent.com