SilkRoad Equity Announces Acquisition of OpenHire; Purchase of Leading Recruiting Management Solution from Outtask, Inc.

WINSTON-SALEM, N.C.--()--May 6, 2004--SilkRoad Equity, LLC today announced the acquisition of OpenHire, a leading provider of recruiting management solutions, from privately held Outtask, Inc. The terms of the agreement were not disclosed.

The acquisition extends SilkRoad Equity's portfolio of companies delivering Software-as-a-Service applications, infrastructure and services that leverage recognized content management and collaborative software applications. OpenHire further expands these offerings to the human resources and recruiting management space with an award-winning and easy-to-use technology that greatly simplifies the employee recruiting process. OpenHire is a leading brand with a strong reputation and a large, loyal customer base, many of whom are Fortune 500 organizations.

"Customers have two main goals when it comes to recruiting management: reducing recruitment and agency costs and being able to manage massive amounts of data by ensuring that specific needs are matched to the most appropriate and qualified talent available," said Brian Platz, executive vice president and general manager for OpenHire, Inc. "OpenHire's unique solutions enable our customers to fulfill these goals, allowing them to streamline their recruitment process, accelerate their time-to-benefit for hiring the best talent, and eliminate inefficient manual tasks."

The product offerings within the SilkRoad family of companies include a broad range of products and services for the human resources industry, including solutions for survey management, collaboration management, and content management for intranets and employee portals, and employee security and emergency notification.

"I would like to first welcome the OpenHire customers to the SilkRoad family. OpenHire is an incredible 'software-as-a-service' product, embodying industry-leading capabilities with a team of dedicated professionals committed to making it the best application of its kind in the market," said Andrew Filipowski, chairman and CEO of SilkRoad Equity, LLC. "OpenHire is a strategic component in our growth strategy, and significantly expands our portfolio of easy to use software, delivered as a service over the Web," Filipowski added.

"I would like to thank all OpenHire customers for their loyalty and support over the past five years," said Tom DePasquale, CEO of Outtask, Inc. "SilkRoad is a company with an incredible plan to expand OpenHire. I am extremely confident that OpenHire and its users have a bright future with SilkRoad. Behind SilkRoad's vision, the same dedicated OpenHire resources will continue to service and support the technology," DePasquale added.

About SilkRoad Equity, LLC

SilkRoad Equity, LLC is a private investment firm that acquires businesses in a broad range of industries and manages them for growth and profitability. SilkRoad Equity is located at 111 Chestnut Street, Winston-Salem, NC 27101. More information on SilkRoad Equity can be found at http://www.silkroadequity.com or by contacting Andrew "Flip" Filipowski (336-201-5050) or Matthew G. Roszak (336-201-5046).

About OpenHire, Inc.

OpenHire, Inc. is a leading, hosted recruiting management solution that enables the automation of administrative tasks allowing recruiters to focus on attracting top candidates. OpenHire, Inc. is located at 111 Chestnut Street, Winston-Salem, NC 27101. More information on OpenHire Inc. can be found at http://www.openhire.com or by calling toll free at 866.329.3363 or internationally at 336.201.5100.

Contacts

SilkRoad technology
Chauncey Kupferschmid, 773-294-6843
chauncey.kupferschmid@silkroadtech.com

Contacts

SilkRoad technology
Chauncey Kupferschmid, 773-294-6843
chauncey.kupferschmid@silkroadtech.com