AuditSolutions Is Now Lavante, Closes $5M in Series B Financing

SAN JOSE, CA, Apr 20 (MARKET WIRE) --
Lavante, formerly AuditSolutions, today announced a Series B funding
round, two key new management hires, and a new name. These developments
come as Lavante continues to experience rapid company growth. This growth
is occurring as a result of expanding services and software offerings
that go well beyond traditional profit recovery (see "Lavante Delivers
On-Demand Vendor Information Management for AP Departments"). New and
prestigious account wins provide solid validation of the company's
compelling value proposition.

In today's economy, companies cannot afford to miss opportunities to
recover cash. In a market dominated by traditional and labor-intensive AP
auditing processes that only deal with a sample of vendors, AP departments
are challenged to cope with the inefficiencies of a large and constantly
changing vendor population. With Lavante's software and innovative
approach, Fortune 1000 companies are finding they can recover up to three
times the amount of cash typical of more traditional approaches. In
addition, Lavante's Vendor Information Management system provides an
accurate, up-to-date view of a company's entire vendor population,
creating new opportunities for negotiating better pricing and terms.
Lavante's solutions are empowering people in the procurement-to-payables
process to make a more strategic contribution to their corporation.

News Highlights

-- Growth -- Lavante is the fastest growing firm in the industry,
recovering millions of dollars that its clients would otherwise have
lost. Lavante has generated an average of over 50% revenue growth each
year since 2006. The most recent quarter ending March 31, posted growth
of more than 90% compared to the year-ago quarter. The upward revenue
trend is projected to continue in 2009 as more companies discover the
benefits of the Lavante solution.

-- Funding -- Lavante and its investment partners Venrock and ATA
Ventures closed the company's Series B financing on April 8, 2009. The
incremental $5 million of capital will allow the company to accelerate
its business operations through additional management, sales, and
operational hires.

-- CFO and Vice President of Operations -- Bob Habig joined Lavante in
January. Habig brings a background of building organizational
capabilities in both early-stage and larger, complex corporations.
Immediately prior to joining Lavante, Habig served as the CFO of Avistar
Communications, Inc., a company providing collaboration technology.
Previously, he held CFO positions at two early-stage, VC-backed
technology companies and senior financial management positions at First
Data Corporation and AlliedSignal Corporation. Habig began his career at
PepsiCo, where he held 10 positions over his 15-year tenure in the
Pepsi-Cola Company.

-- Vice President of Sales -- Ryan Harmon, who joined Lavante April 13,
has more than 10 years of sales management experience, most recently as
the vice president of sales, Western Americas for Coremetrics, a provider
of online marketing and business optimization solutions. Prior to
Coremetrics, Harmon held a variety of enterprise sales leadership
positions at WebEx Communications, where he helped grow WebEx from a
start-up SaaS provider to an industry leader with more than $350 million
in revenue, and Jasper Wireless, a global GSM carrier, where as the
senior director of North American sales he established the initial sales
team.

-- Name Change -- "Lavante," derived from "uprise" and "forward" in
Italian, reflects the company's vision of delivering innovative products
and services that go well beyond traditional recovery audits, including
world-class vendor management services, real-time audit transparency,
in-depth instead of just sampled recovery reviews, on-demand access to
results and more. The company's goal is to empower procure-to-pay
professionals to work strategically, not just tactically.

Quotes

Joe Flynn, Founder and CEO, Lavante

"The recession has compelled a cash-is-king revolution in AP departments.
Our name change from AuditSolutions to Lavante reflects our recognition
that the only way this revolution can succeed is through pioneering
technology such as our industry-leading recovery automation and vendor
information management tools. I'm pleased our investors agree with us and
are supporting our vision."

Bob Habig, CFO and VP Operations, Lavante

"Having experience as a CFO of public and private companies large and
small, I can really appreciate the transformational benefits that
Lavante's technology is delivering to the procure-to-pay process. In this
economy, any approach that generates significant cash and productivities
for a finance and accounting team, without reliance on a
reduction-in-force, is magic. Lavante is experiencing significant growth,
bringing on-board great clients and setting the stage for continued
success. It's wonderful to be part of this team and this culture."

Pete Thomas, Managing Director, ATA Ventures

"Joe Flynn is assembling a great team and building a brand that promises
to drive continued expansion. Customers of Lavante are thrilled with the
ease of setup, and see benefits not only in the amount of cash they
recover, but also in how easy it is to manage the daily tracking through
the Lavante real time dashboard. We've enjoyed being a participant in
this journey, and look for continuing success at Lavante."

Tony Sun, Partner, Venrock

"Lavante represents a classic case of technology and innovation applied to
a fairly arcane, but cash-rich industry. The Lavante value proposition of
generating cash and profits has proven to be compelling for companies --
especially in this economy."

About Lavante

Lavante, formerly AuditSolutions, is a leading provider of on-demand
profit recovery and vendor information management. Lavante helps Fortune
1000 companies to enhance productivity and cash flow by automating
communication with vendors and by creating an automated method to reclaim
and prevent profit loss due to typical transaction errors. For more
information, visit www.lavante.com. Follow us on twitter at
twitter.com/lavanteinc.

About Venrock

Venrock is a premier venture capital firm with offices in Palo Alto, New
York, Cambridge, MA, and Israel. Originally established as the venture
capital arm of the Rockefeller family, Venrock continues a seven-decade
tradition of partnering with entrepreneurs to establish successful,
enduring companies. Having invested $2.2 billion in 417 companies
resulting in 124 IPOs over the past 39 years, Venrock's investment returns
place it among the top tier venture capital firms that have achieved
consistently superior performance. For more information, please visit
Venrock's website at www.venrock.com.

About ATA Ventures

ATA Ventures ("a team approach") is a venture capital firm focused on
seeking out early stage private companies which appear to offer above
average prospects for capital growth. With over $350 Million of capital
under management, ATA Ventures focuses on Information Technology (IT) and
provides seed capital and early stages of financing. For more information,
please visit www.ataventures.com.

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Contact Information

Brigit Valencia
Eastwick Communications
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