Comply Serve Ltd Secures First Round Funding to Drive Expansion

Midven provide first round venture capital funding to drive the company's growth strategy

United Kingdom - July 5th 2007 Comply Serve is a leading software company providing unique compliance solutions for complex, capital projects in highly regulated industries ranging from transport and construction to pharmaceutical and utilities. Comply Serve delivers project compliance solutions via the internet using the Software as a Service (SaaS) delivery model underpinned by an effective subscription based pricing structure. This, often for the first time, provides large and complex project teams with significantly improved visibility of key project data and real-time compliance information across the supply chain. This allows the project team to make more confident decisions ensuring stakeholders are on track to meet client objectives, resulting in significant project cost savings and improved delivery timescales.

The first round funding from Midven Limited comes from the Advantage Growth Fund which was launched in February 2003 by Advantage West Midlands to invest venture capital in small and medium-sized companies in the West Midlands region of the UK. The fund is typically invested in young, well managed businesses with high growth potential. Managed by Midven, its investors include Barclays Bank, the Royal Bank of Scotland, HSBC, the European Investment Fund, local universities and the Department of Trade and Industry.

Roger Wood Roger, Investment Director of the Advantage Growth Fund said, "The Comply Serve management team and their unique web based project compliance solutions really impressed our investment committee. Comply Serve have already secured some early sales wins with leading clients, including two of the largest civil engineering projects currently underway in the UK, which is a great start to their business." Wood concluded, "What makes Comply Serve such an attractive investment is their market and client focus as well as their track record in delivering hosted compliance solutions to major projects. We look forward to working with them".

Chris Rolison, Comply Serve's CEO said, "This is a very significant endorsement of our business strategy and will help drive the company's expansion and growth plans for the next 12 months. With the background of well publicized impaired projects in the UK over recent years, Midven understood the potential of our hosted compliance solutions to deliver significant cost savings and improved quality and delivery timescales for complex projects They also demonstrated to us that they understood our business model which is leading the way in the markets we are tackling. They also provided invaluable support and guidance". Rolison went on to say, "It's clear that we will have a great working relationship and we look forward to working with them over the months and years to come."

About Midven
Midven Limited is a privately-owned company with a successful track record of investing in small and medium-sized enterprises in the Midlands. It manages a variety of funds and has invested in a wide variety of sectors, including software, biotechnology, healthcare, engineering, manufacturing and distribution. The £20 million Advantage Growth Fund was launched in February 2003 by Advantage West Midlands to invest venture capital in small and medium-sized companies in the West Midlands. Managed by Midven Limited, its investors include Barclays Bank, the Royal Bank of Scotland, HSBC, the European Investment Fund, local universities and the Department of Trade and Industry. For further information contact Roger Wood, Midven, Tel +44 (0)121 710 1990 or see www.midven.co.uk

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