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iSphere Software Completes Financing with IDG Ventures Vietnam

Ho Chi Minh city, Vietnam – March 25, 2004

iSphere Software Ltd., a premium software solutions provider, today announced the company has closed a round of Series A funding from IDG Ventures Vietnam. The funds will be used to continue infrastructure build-out, create brand recognition, and research and development of new business areas, services, and products, as well as to support the company’s continued business expansion in the Korean and Vietnamese markets.

The company also announced that IDG Ventures Vietnam Managing General Partner, Hoang Nguyen, has joined the iSphere Software board of directors. ‘This is a great opportunity for iSphere Software to benefit from Hoang’s experience in investment, technology, and operations. The team from IDG Ventures Vietnam brings a new and unique perspective to the table, and we look forward to working very closely with them. Their understanding and experience in both the local and global markets makes them the ideal partner for a fast-growing business such as ours,’ said Jin Wook Lim, CEO of iSphere Software.

iSphere Software provides both customized development services and enterprise application solutions. Through a dedicated team of software engineers and proven methodology for software development, iSphere Software ensures the quality, delivery, and cost effective projects. iSphere software’s enterprise solutions are highly customizable sets of integrated business modules designed to meet the complex needs of manufacturing business.

About IDG Ventures

IDG Ventures is a global venture capital firm with approximately $700 million under management and a portfolio of over 125 companies built over the last 12 years.

The fund pursue investment opportunities across a broad array of technology industry sectors including enterprise software, communications software, Internet enabling software, wireless technologies and services, IT-related technologies and services, and biotechnology. With offices in Boston, London, San Francisco, Seattle, and throughout China and Vietnam, the firm invests in early-stage companies, partnering with entrepreneurs to build category leaders.

The firm’s limited partner, International Data Group (IDG), is the world’s largest IT media, research, and event company. Through this partnership, IDG Ventures can uniquely add value to its portfolio companies by facilitating revenue acceleration and global expansion and establishing relationships with key strategic partners. For more information, visit http://www.idgventures.com or http://www.idgvv.com.vn.

About iSphere Software Ltd.

iSphere Software is a Hanoi-based software solutions company providing IT solutions and software development services to both local and international customers. Founded in June 2004, iSphere Software is a fast growing business focusing on the Korean and Vietnamese markets. With its state-of-the-art development center and best-in-class software engineers, iSphere Software is committed to help customers achieve high-performance through its high-quality services and development of intelligent software products that guarantee higher return on investment for stake holders.

Customers such as VITC Telecommunications, LLC. Machino Auto Parts Company Limited, Victory Technologies, and Enterprise Goldennet Ltd. have partnered with iSphere Software to develop customized software solutions to meet their business needs. For more information on iSphere Software, visit the company’s Web site at http://www.ispheresoftware.com.

For further information about iSphere Software, please contact:

Mr. Jin Wook Lim
jin@ispheresoftware.com
Tel: +84.4.943.9085
Fax: +84.4.943.9305
Tien Phong Tower
15 Ho Xuan Huong Street, 8th Floor
Hai Ba Trung District
Hanoi, Vietnam