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JMI Equity, Inc and Kennet Venture Partners acquire a majority stake in NetPro

August 19, 2004,
by volcanic

Investment endorses strong sales execution and new product momentum

Kennet Venture Partners LLC ("Kennet"), a leading international venture capital firm focused on the technology sector, and JMI Equity, Inc, ("JMI"), a leading private equity firm based in the US focused on investing in companies in the enterprise software and information service markets, have acquired a majority stake in NetPro Computing, Inc., ("NetPro" or "the Company") a leading global provider of distributed services management software. Kennet and JMI have bought the majority of shares outstanding in NetPro in a secondary share purchase from existing investors for an undisclosed amount. The share purchase does yield a change of control of the company, as well as a new Board of Directors.

NetPro, founded in 1991 and based in Phoenix, Arizona in the US, will leverage the segment expertise and global reach of its new investor base and board of directors to continue driving sales growth and business development initiatives.

NetPro has approximately 3,500 customers which range from Fortune One to Fortune 1000 companies and include federal, state and local governments, universities and businesses in over 54 countries. The Company's customers include: Hewlett-Packard, KPMG, Cadbury Schweppes PLC, Paramount Pictures, Bank of England, Citigroup Inc, Mellon Financial Corporation, House of Commons, Swedish Parliament, JPMorganChase, EAD Airbus GmbH, United Nations and Swiss Re.

"This investment heralds NetPro's past financial results and future growth potential and introduces critical industry expertise", said Kevin Hickey, president & CEO of NetPro.
"In the first six months of this year, we have already well exceeded our 2003 annual revenue. This validates NetPro's positive growth trajectory and adds outstanding, industry-specific leadership to our board. The additional expertise brought in by our investors and the product development schedule will continue to bolster our market offerings".

NetPro has appointed Peter C. Arrowsmith, General Partner at JMI Equity Fund, Javier Rojas, Managing Director of Kennet Venture Partners, and Steve Whiteman, president & CEO of Intesource, to its board of directors.

"Arrowsmith, Rojas and Whiteman are highly regarded in the venture capital community, and are valuable additions to our board of directors", said Hickey. Hickey, who will maintain his board status, worked with Whiteman for nearly a decade during his tenure at publicly held software firm, Viasoft.

This is a typical investment for both Kennet and JMI as both funds invest in high-growth companies providing information technology products and business services that leverage information technology. Kennet and JMI provide expansion capital to firms who want to accelerate growth and build shareholder value in partnership with an experienced investor and will provide seasoned input as NetPro continues to ramp its business development and sales acceleration plans globally.

"NetPro has tremendous potential", said Peter Arrowsmith, General Partner at JMI Equity Fund, Inc. The company's quarter-over-quarter revenue growth, coupled with its exceptional product vision and go-to-market strategy, positions it for accelerated growth over the next 18 months. We look forward to working with the NetPro management team to drive the company to the next level of growth and market expansion.

Javier Rojas, Managing Director of Kennet Venture Partners said: "NetPro has delivered the best-of-breed network services diagnostics solutions for years however with its new product roadmap and senior management team the Company is executing at another level. Their products are delivering tremendous return on investment for customers and they have an impressive sales pipeline that clearly demonstrates that the message is resonating with new and existing customers. We're eager to lend our expertise on the board and play a key role in the new NetPro".

"We are very excited not only with the transaction but to continue with a significant investment in NetPro", said board member and investor, John C. Bentley, a partner with Grayhawk Venture Partners that were investors in the Series A funding in 1998.

About Kennet Venture Partners LLC

Kennet Venture Partners is a leading transatlantic venture capital firm that invests in growth companies providing IT products and business services that leverage IT. Kennet provides expansion capital to firms that want to accelerate growth and build exceptional shareholder value in partnership with an experienced investor. The firm has approximately $300m in capital under management. Kennet Venture Partners acts as an advisor to Kennet I LP, a Jersey limited partnership and to Kennet II LP, a Guernsey limited partnership. Kennet Venture Partners is authorised and regulated by the Financial Services Authority.

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About JMI Equity Fund, Inc.

JMI Equity Fund is a leading private equity firm focused on investing in high-growth companies in the enterprise software and information service markets. JMI invests in companies at all stages of development from start-up and expansion situations to management buyouts and recapitalizations. The firm has invested in over 50 companies and has approximately $400 million in capital under management. A number of portfolio companies have completed successful initial public offerings including BindView Development, eBenX, META Group, Mission Critical Software, NEON Systems, Peregrine Systems and Transaction Systems Architects. JMI has offices in Baltimore, Maryland and San Diego, California.

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About NetPro

NetPro delivers business-critical solutions to drive the availability, performance, security, and control of distributed network services. NetPro builds decades of experience into every enterprise solution to help customers minimize network downtime, leverage resources, drive down costs, and maximize ROI for such vital services as Active Directory, eDirectory, DNS, and MIIS. NetPro's partners include Microsoft Corp., Novell, Inc., and Hewlett-Packard, and its customer list features such respected organizations as Bank One, the U.S Army and General Motors.
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For more information about NetPro and its full range of products and solutions, please visit or call 602.346.3600.