FirstBest Systems Closes $6 Million in Series B Funding Led by Flybridge Capital Partners

BEDFORD, MA, Mar 24 (MARKET WIRE) --
FirstBest(R) Systems, Inc., developer of advanced insurance Underwriting
Management Systems(TM) (UMS) that enable property and casualty insurance
carriers to profit from better underwriting, today announced it has
secured $6 million in Series B funding. Flybridge Capital Partners and
Brookstone Partners led the round with participation from existing
investors. The new funds will be used to expand sales and internal
staffing, fuel marketing to new lines and increase development of UMS --
a next-generation automated underwriting workstation combined with a rich
agent portal.

"Enthusiasm from the Property & Casualty sector tells us that the
FirstBest UMS is a compelling system for carriers to capture new revenue
streams and improve underwriting profit while strengthening their agency
relationships," said FirstBest CEO and founder, John Belizaire. "Today's
financial climate is straining those carriers that were more dependent on
profits from investments vs. profits from underwriting. When P&C
insurance carriers look to grow their business, they can write a new line
of business or expand an existing line into new markets -- requiring
substantial changes to the insurer's underwriting workflow, methodologies
and pricing strategies."

After what is usually a six-month implementation period for the FirstBest
UMS(TM), carriers can eliminate inefficiencies, provide visibility and
real-time collaboration, and establish best practices in the underwriting
process, while making it easier for agents to do business with them. The
UMS gets to the heart of profitability today -- the underwriting process.

"FirstBest is an exceptional company, managed by a proven team," commented
Chip Hazard, general partner at Flybridge Capital Partners and member of
FirstBest Board of Directors. "Before considering a Series B investment,
Flybridge requires that its portfolio companies demonstrate true
innovation, market demand and adoption, fiscally conservative management,
and aggressive goals. FirstBest has met all these demands, and in just two
years, defined a new market segment and built an award-winning product
that has delivered tangible benefits to its customer base."

Industry analysts have recognized FirstBest as a new, innovative
technology provider. Independent research firm Financial Insights, an IDC
company, recently named FirstBest one of six outstanding "Up and Coming
Technology Firms, Class of 2008," and noted it as the only provider of
"disruptive technology," widely defined as an innovation that overturns
the status quo and brings significant change to an industry.

To learn more about the FirstBest UMS, view our two-minute tour and see
how it can help commercial lines carriers write more business and write
better business.

FirstBest also announced an addition to its Board of Directors. Michael A.
Roe joins the FirstBest Board of Directors, leveraging his insurance and
technology expertise to help guide FirstBest's business expansion
strategy. Michael has a 23-year record of success in high-growth software
and IT consulting industries, with a focus on the insurance and annuity
vertical markets. He is the former founder, chairman and CEO of NaviSys,
a leading insurance software and consulting firm acquired by Accenture in
2006. Mr. Roe led NaviSys for fifteen years, where he focused on
providing innovative solutions that increase business performance through
all phases of the business cycle, including the previous market downturn
in 2001. Michael speaks at insurance conferences and has been published
in Best's Review and LOMA Resource.

About Flybridge Capital Partners

Flybridge Capital Partners is an early-stage venture capital firm whose
mission is to assist talented entrepreneurs in growing innovative, global
companies. With $560 million under management, the firm is focused on
investing in consumer, healthcare and information technology markets and
is led by a team with domain expertise and more than half a century of
combined experience in venture capital.

About Brookstone Partners

Brookstone Partners is a private equity firm that seeks to acquire
companies or invest in growth equity situations in the middle market.
They are transformational investors who seek to invest in and partner
with talented management teams to create long-term value for all
stakeholders. Their principals have created significant value in a wide
variety of both private and public enterprises and have returned in
excess of $1.25 billion to our partners and investors since 1996.

About FirstBest Systems

FirstBest(R) Systems, Inc. delivers advanced Underwriting Management
Systems(TM) (UMS) that enable insurance companies to write more business
and write better business. The FirstBest UMS(TM) combines a
next-generation insurance underwriting workstation with a rich agent
portal for commercial lines carriers. Insurers can achieve greater speed
and business agility, provide real-time collaboration to make it easy for
agents to do business with them, promote enhanced underwriting discipline
and best practices, scale their book of business profitably, and empower
underwriters and agents with greater visibility into the business.

For more information, visit www.firstbest.com or call 1.888.863.6095.

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Press contacts:
Meira Primes
VP, Marketing
FirstBest Systems, Inc.
781.863.6005
Email Contact

Kate Castle
VP, Marketing
Flybridge Capital Partners
Email Contact

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