US software veteran invests in Mapflow

Dublin, 28 February, 2007 - Mapflow, leading provider of location intelligent solutions to the insurance, transport and location services markets, has announced the successful completion of a new investment round. The new investment totals $5.1 million with a further $6.6 million of investment being triggered as the company achieves future milestones. The new investment will primarily be used to fund additional R&D by the company.

The investment is being led by SOSventures Investments Ltd., a $100M venture fund, whose principal is US software veteran, Sean O'Sullivan. O'Sullivan is a former founder, president and chairman of MapInfo Corporation (Nasdaq: MAPS), the US based pioneering corporation in the GIS (geographical information systems) market segment. O'Sullivan has also founded or been an early stage investor in over 20 other high tech enterprises.

Commenting on the deal, Mapflow CEO Richard Bryce said "One of the biggest challenges facing software companies is how to achieve scale on a global basis. By tapping into Sean's experience as a successful entrepreneur who has created multiple organizations that have employed hundreds to thousands of employees, we are accessing unparalleled global growth experience in our sector. This, combined with a significant uplift in our R&D activity, positions us excellently to meet the scale challenge."

The deal sees founder Simon Dick, investors Trinity Venture Capital and Chairman Stephen Cloonan sell shares and step down from the Board. "This deal brings one phase of Mapflow's development to a successful conclusion" said exiting Chairman Stephen Cloonan. "I look forward to seeing the company's continued development and growth over the coming years".

Richard Bryce added "The current board has made a huge contribution to the company since it was founded. I would like to thank Stephen, Simon and the other outgoing board members for their energy, insights and very positive influence on the company."

Sean O'Sullivan has joined the Board as Executive Chairman. Commenting on the deal he said "When investing in software companies I am always concerned with the quality of the management team, the relationship it has with its customer base, and the company's track record of innovation. As I looked at Mapflow, I saw all three of these enablers in place. It is truly a gem of the Irish software industry, and the challenge is now to make it a global leader, #1 or #2, in its markets worldwide".

Founded in 1997 by Simon Dick and Harvey Appelbe, who remains as Chief Technology Officer and Director, Mapflow has built up a leading position in the European location technology and GIS markets. The firm, which has offices in London and Dublin, has won various awards for revenue growth and technology innovation.

About Mapflow
Mapflow is a leading provider of enterprise location software and services. Our Enterprise Location Server (ELS) product provides organisations with a way to embed rich location information and functionality within their business processes. Our industry specific business applications add location intelligence to organisations such as general insurance (risk assessment) and transportation (road pricing) organisations.

About SOSventures Investments Ltd
SOSventures Investment Ltd is the Irish subsidiary of SOSventures SA, an investment company managed by Sean O'Sullivan which manages over $100 million in investments, primarily in the high tech industry. The rate of return has averaged 27%, compounded annually since its founding in 1994. SOSventures also manages the investments for the O'Sullivan Foundation, a charitable organisation that gives between $1-$2 million annually to various humanitarian and developmental activities, primarily in the third world.

About Trinity Venture Capital
Trinity Venture Capital (www.tvc.com) provides venture capital and proven commercial expertise to early- and growth-stage companies. To date it has made 23 investments, backing companies in sectors such as wireless/communications, enterprise software and computer animation. Trinity Venture Capital is part of the Reihill Venture Capital Group, which has over €250m under management.