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Profit Management and Optimization Software Company Acorn Systems Raises $9 Million in Expansion RoundCompany will use Funding to Quickly Gain Share in Financial Services, Distribution, Consumer Packaged Goods and Energy IndustriesHouston, Texas — May 9, 2003 — Acorn Systems, a leader in the fast growing Profit Management and Optimization market, today announced it has raised $9 million in funding from new investors in an expansion round. This funding comes at a time when venture funding of software companies is at a five year low and follows the company's most successful quarter, in which it won a Customer Profitability implementation at a Fortune 500 account in a head-to-head competition with some of the largest software companies in the world. Led by Austin Ventures, one of the largest and most established venture capital firms in the United States, the round also included the company's previous investor Insight Venture Partners. The funds will be used to aggressively expand Acorn System's presence in the Distribution, Financial Services, Consumer Packaged Goods and Energy industries. Acorn Systems provides accurate, real-time Customer, Product, Supplier, Facility and Order Profitability data that enables companies to analyze and improve the net profit or cost of any element of their business. Companies seeking a competitive advantage are using this new visibility into their profits to identify sustainable opportunities to grow their business profitably. "In today's economy, there is renewed importance placed on reducing costs to drive profitable growth," said John Thornton, General Partner of Austin Ventures. "Acorn Systems has increased the profitability of over 100 companies, and we are excited to be investing in a company that has already delivered so much value." "Our greatest success is that of our customers who last year were recognized for their exceptional profitability and in outperforming their peers. Our customers include one of Forbes 500's top 10 turnarounds in 2002, ID Magazine's Innovator of 2002 in the Food Distribution Industry and Metal Center News' Executive of 2002," said Leland Putterman, CEO of Acorn Systems. "We will use this new funding to expand our successful partnerships to a worldwide level and to grow our presence in industries for which our value proposition is most compelling." About Acorn Systems, Inc.
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