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Traxian Hires Software Executive to Make Paperless Transactions Easy

Company Secures Seed Financing From Notable Industry Investors; Seeks Second Closing for Seed Round

SAN FRANCISCO, Ca — May 16, 2003 — Traxian, Inc. (http://www.traxian.com), a San Francisco-based company dedicated to creating software that makes end-to-end paperless transactions easy for both enterprises and their small and medium business partners, today announced the appointment of David West as Chief Executive Officer. A seasoned software veteran, West brings over 20 years experience in from such diverse companies as IBM, Amdahl, Burroughs and Tarantella, a web services software company spin-out from Santa Cruz Operation.

Traxian’s founder, Roger Bass, said: “Traxian’s success requires leadership with experience of selling solutions to large enterprises, both direct and through partners, but also an understanding of the unique needs of small to mid-sized businesses. David brings to Traxian a unique mix of these skills.”

Most recently West set up and ran Worldwide Enterprise Account Sales for Tarantella, a web services company emerging from Santa Cruz Operation. Under his leadership, revenues at Tarantella doubled to reach $14MM in 2001, with the US Government, Oracle Corporation, Verizon and Citibank featuring among major accounts. Prior to Tarantella, West spent a total of 15 years at Amdahl including General Manager Amdahl South Africa where he built a 100 person company and generated $40MM in sales as well as General Manager of the Amdahl subsidiary Objectstar (Enterprise application software) where he increased profitability by more than $20MM in the period of one year.

David West holds an MA in Natural Sciences from Cambridge University (UK).

The Company has also secured seed financing from distinguished individual investors including Elaine Lennox, IBM Global Director SMB Marketing, Leslie Murdock, Principal and Founder Horn, Murdock and Cole and John Grant, former VP Strategy Ford Corporation and now Chairman of the British Motor Sports Association. The company is using the funds to bring its first set of products to market and seeks additional funds to fuel its sales and business development efforts. The company’s management team has over forty years combined experience in designing, building and growing some of the largest software and services businesses in the industry at companies like Intuit, Amdahl and Lotus, as well as solid experience in starting and building successful entrepreneurial businesses.

Traxian’s first product, Traxian Tmail, integrates popular SMB financial applications with enterprise solution provider offerings, enabling one-click sending, receiving and reconciliation of transactions.

About Traxian, Inc.
Traxian, Inc. is a privately held company headquartered in San Francisco, California dedicated to creating software that makes paperless transactions easy through “last mile” integration with small business accounting systems. For more information, visit the company's website at http://www.traxian.com, send email to info@traxian.com or call (415) 503-3933

Intuit is a registered trademark of Intuit, Inc. IBM is a registered trademark of IBM Corporation. Amdahl is a registered trademark of Amdahl Corporation. Santa Cruz Operation is a registered trademark of Santa Cruz Operation. All other product and company names herein may be trademarks of their respective owners