New York, NY—February 16, 2005—ComVest Investment Partners (“ComVest”), a private equity firm, today invested $6.5 million in CorVu Corporation (“CorVu”, OTC BB: CRVU), the innovative thought leader in performance management software.
“ComVest will add significant strategic value to CorVu as we work to expand our customer base and market presence in the performance management software market,” said Justin MacIntosh, President and CEO of CorVu Corporation. “The investment will not only strengthen our balance sheet, but will bring the added benefit of ComVest’s broad industry connections and financial expertise that will solidify CorVu’s path to profitable growth.”
The $6.5 million investment consisted of a $3.3 million investment in common stock, a $1.7 million investment in preferred stock and a $1.5 million secured three-year term loan. ComVest received five-year warrants to purchase up to 3.4 million shares of common stock at a price of $0.50 per share. As part of the investment terms, ComVest will also designate two representatives for election to CorVu’s Board of Directors.
“CorVu has a unique product offering and through 14 years of operations has established a large number of referenceable customers globally,” said Michael S. Falk, Managing Partner of ComVest. “ComVest is committed to working closely with CorVu’s management team to further expand their operating potential through a healthy balance sheet and additional growth capital opportunities.”
About CorVu Corporation
CorVu is the innovative thought leader in performance management software. The unique CorVu solution is a purpose-built application for tying performance metrics and key business processes to business strategy. Founded in 1990, CorVu enables strategy-focused companies and government agencies to drive breakthrough performance. For more information, please visit www.corvu.com.
About ComVest Investment Partners
ComVest Investment Partners is a private equity firm focused on Investing and Managing Growth Businesses in the Information Technology, Healthcare, and Telecommunication Industries. Since our founding in 1988, ComVest has raised and invested over $1.4 billion in capital. We currently manage three investment portfolios totaling over $850 million in assets. Our offices are located in New York City, New York, and West Palm Beach, Florida.