May 5, 2004
Autotask Receives $2.5M Investment From FA Technology Ventures
Team, Technology and Market Opportunity Drives Investment

Rensselaer, NY - Autotask, one of the leading web-based solutions for real-time project tracking and process automation, today announced they have closed on a $2,500,000 equity investment from FA Technology Ventures (FATV).

Autotask provides solutions to professional services companies where on-time and on-budget project delivery are critical to success. Target industries include IT services firms, consulting practices, design engineering/architectural firms, and marketing/advertising companies. The product includes CRM, Sales Automation, Project Management, Time & Billing as well as Service Desk functionality, all in one integrated application. Customers can choose Autotask as a hosted service with low monthly user fees or purchase a license to run the software on their own server.

Bob Godgart, Autotask CEO, said "Our sales were increasing to the point where we could no longer fund the business growth internally. This investment came at just the right time."

Godgart continued, "FATV was very thorough in their due diligence process, and we are excited to get an investment from a premier nationwide fund We plan to use the investment to expand sales, marketing and increase our infrastructure to service our rapidly growing customer base".

George McNamee, Managing Partner of FA Technology Ventures, stated "We've been observing Autotask's progress for the last two years and are very impressed with the progress they've made. The Company has assembled a strong team, solid technology, built a loyal customer base and has a well thought out business plan that focuses on vertical markets where Autotask can take a leadership role. Their software-as-a-service model has the potential for explosive growth"

"The United States has become a service economy and it is currently managed by pencil and paper," added Giri Sekhar, Principal at FA Technology Ventures, "Autotask provides the first full suite solution that enables a professional services firm to completely manage its business. We are very excited about the market potential." Both George McNamee and Giri Sekhar will be joining the Autotask Board of Directors.

"Autotask is positioned to grow", said Dick Frederick, Autotask President & COO, "We added 5 to our staff in April and expect to add 10 more in May and June." Frederick added, " In 2003, Autotask increased revenue over 100% from the previous year and built a strong recurring revenue stream that is steadily increasing each month. More importantly, our existing customers are adopting and expanding the use of Autotask within their organizations."

About Autotask Corporation
Autotask (www.autotask.com) provides business management and project tracking solutions delivered as a web service on-demand. Autotask makes it easy to manage and track people, projects, time and costs by connecting project teams to business teams for better business decisions.

Founded in March 2001, Autotask now has about 100 customers with several thousand users across 28 states and Canada including leading software developers, consulting organizations and technology based services companies using Autotask products. Autotask was recently named the 2004 Rising Star by TechConnex.

For product information or a web-based demonstration of Autotask, please contact Jack Miller, VP of Sales, at (518) 720-3500 x223.