SafeHarbor attracts $7.5 million funding from returning investors
Funding in challenging venture capital market validates self-service provider's business model

SATSOP, Wash. (March 28, 2002) — SafeHarbor Technology Corporation, a leading provider of web-based customer support services, has secured its fourth round of venture financing raising $7.5 million and bringing its total financing to date to $40.5 million.

All of the major investors from SafeHarbor's last fund event participated in the round that closed this week. Kirkland-based OVP Venture Partners led the funding. Other investors included Wheatley Partners (based in New York), Covestco (based in London) and Washington Mutual Bank (based in Seattle).

Founded in 1998, SafeHarbor creates and continuously optimizes online customer support environments, building user preference for web self-service. SafeHarbor's service improves site or application usability and customer satisfaction, and dramatically lowers support costs.

"In this market, early stage technology companies face some real challenges growing revenues, closing new accounts and attracting investment," said Larry Wagenberg, of Wheatley Partners. "Despite tough market conditions over the last 12 months, SafeHarbor has decreased monthly cash burn by two-thirds while doubling revenues. On the financial front, SafeHarbor is a real success story. From a marketing and sales perspective, SafeHarbor has established a referenceable blue chip customer base."

According to Brian Sterling, CEO of SafeHarbor, the company has successfully transitioned its focus to large enterprises beginning in mid-2000. SafeHarbor clients include American Airlines, the world's largest airline; Adobe Systems, the second-largest PC software company in the United States; Washington Mutual, the country's eighth largest banking company; and eight digital government initiatives and four state agencies under a master contract with the State of Washington.

"Most large enterprises spend a significant percentage of their revenues on supporting their customers and employees," Sterling said. "As experts at transitioning support telephone calls to web self-service, SafeHarbor provides its corporate clients with significant cost savings in a short period of time."

SafeHarbor is headquartered in Satsop, in Grays Harbor County on Washington state's coast. The company's founders grew up in the region, and located there in order to bring technology jobs to the economically hard-hit region. The company currently employs 173 people in Satsop.

About SafeHarbor Technology Corp.
SafeHarbor Technology Corp. is the world leader in delivering support as a service for companies who want to interact with customers online. SafeHarbor provides web self-service customer and technical support as a smarter alternative to traditional one-to-one customer service.

The company creates and continuously optimizes online support environments, building user preference for web self-service. This service improves site or application usability, support efficiencies and customer satisfaction for its clients. On average, 80% of its clients' end-users get immediate answers through web self-service. The remaining 20% are answered by live, one-to-one support--including web case, e-mail and phone--provided by SafeHarbor, by our client or by an outsourced call center. This success rate helps clients significantly reduce support costs.

SafeHarbor's corporate headquarters are in Satsop, Wash.--90 miles southwest of Seattle. The company also has offices in Seattle and New York. To learn more, please visit www.safeharbor.com.

Press Contact:
Susan Cummings
SafeHarbor Technology Corporation
(206) 922-5000
sue@safeharbor.com

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