Press Release

CollabNet named one of 200 Finalists for Red Herring

Annual Red Herring 100 to be Awarded at the Red Herring Spring Conference

BRISBANE, Calif., May 02, 2005 — CollabNet, the leading provider of on-demand distributed software development solutions, today announced that it has been named one of the two hundred Finalists for the Red Herring 100 Private Companies of North America award program. Over nine hundred nominations were submitted for consideration. The Red Herring 100 Winners will be unveiled at the Red Herring Spring 2005 conference in Monterey, CA.

"There were many strong candidates for the Red Herring 100 list this year, so making it onto the list is quite an achievement," said Joel Dreyfuss, editor-in-chief of Red Herring. "In the post-bubble era, North American technology companies have focused on making sure management is strong and that the business model makes sense."

“It is an honor to be acknowledged by Red Herring as one of the continent’s top 200 private companies and I am extremely proud of the entire CollabNet team for getting us here,” said Bill Portelli, president and CEO of CollabNet. "Not only does this award validate the company’s success and business plan, but it also serves as recognition of the rapid growth of the distributed software development market and the software as a service business model CollabNet employs."

The two hundred Finalists will be evaluated to determine the Red Herring 100 that embody innovation, technology, and strategy. The Red Herring editorial team has completed a thorough analysis of business model, competitive advantage, alliances, customers, and technology for each company.