CombineNet Closes $6 Million In Additional Funding

Advanced Solution Sciences Technology Provider Garners Top Tier Venture Support.

PITTSBURGH, PA—May 28, 2002

CombineNet, Inc., a developer of advanced combinatorial optimization software that solves complex business allocation problems, has closed on a $6.0 million second round of financing. Apex Venture Partners of Chicago and ECentury Capital Partners of the Washington DC Metro Area are the principal investors. Oak Hill Capital Partners acted as financial advisors and assisted in arranging the financing. Proceeds of the round will be used to scale the Company's operations.

CombineNet has pioneered the commercial use of combinatorial optimization software, a technology uniquely suited to solving the complex decisions businesses face in industries such as consumer products, manufacturing, transportation, energy and communications. Through its solution science program, CombineNet has helped its clients save over $100 million dollars in the first quarter of 2002 alone. The company's customers include PPG Industries, Raytheon, H.J. Heinz, Unilever, Bausch & Lomb, Procter & Gamble and Bayer.

Said George Middlemas of Apex Ventures,

Apex is very excited about this investment, because we see the technology as having a broad impact on corporate purchasing and supply chain management. Furthermore, it creates a win-win situation for clients and vendors that solidifies relationships rather than making them antagonistic."

CombineNet was founded in April 2000 by Dr. Tuomas Sandholm, a computer science professor at Carnegie Mellon University. The company recently hired Tony Bonidy as its President & CEO, who brings to CombineNet almost thirty years of experience in strategic sales, marketing, and product development from major corporations such as IBM, NeXT Computer and Legent Corporation. Bonidy stated:

We earned a powerful position in the venture financing process. The Company's early and large client successes clearly speak for themselves. Our financing round was significantly oversubscribed, allowing us to choose the best possible investors."

In connection with the round, George Middlemas, Managing Partner at Apex, and Marsh Marshall, Managing Director at Ecentury will join the Board of Directors.

About Apex Venture Partners

Apex Venture Partners, established in 1987, has more than $450 million under management with five funds. The firm has invested in over 100 technology companies, such as RSA Security, Exodus and Tradex. Apex focuses on early stage technology investments in software, enterprise/network infrastructure and telecommunications. Additional information about Apex can be found at www.apexvc.com.

About ECentury Capital Partners

ECentury is a $90 million early-stage technology venture fund sponsored by the Rothschild Group in partnership with Allied Capital, Hitachi and Mitsubishi. ECentury invests principally in the Mid-Atlantic region in new companies with outstanding potential and global growth prospects. ECentury's primary focus is to add value to early stage companies whose technology solutions address critical commercial needs in global markets. Its strategic partners are poised to explore licensing, distribution, co-investment and other growth opportunities with ECentury's portfolio companies. Additional information about ECentury can be found at www.ecenturycapital.com.

Media Contacts:

Greg Holt
CombineNet Inc.
Director of Marketing
Phone: 412.471.8200
gholt@combinenet.com