Milestone Venture Partners’ Investee Receives $20 Million Commitment

New York, NY, July 19, 2004 – Milestone Venture Partners, a premier early-stage venture capital firm, today announced that one of its portfolio companies, Medidata Solutions, Inc. (New York, NY), recently received an agreement for a $20-million equity investment from Insight Venture Partners, another New York City venture capital firm. This represents a healthy valuation increase over Milestone’s cost.

Medidata provides software applications and services for pharmaceutical clinical research trials. (www.medidatasolutions.com).

Medidata will use the cash to fuel its growth through further software development, expansion of marketing and sales, and for working capital.  Medidata’s CEO, Tarek Sherif, commented, “This financing underscores our vision and success in addressing the clinical data needs of the industry.  It allows us to further our goal of providing the best enterprise solutions to our customers and enhances our ability to deliver world-class professional services at a time when customer adoption is at an inflection point.”

Milestone’s co-founder and general partner Edwin A. Goodman will continue to serve on Medidata’s board, along with two directors from Insight, three management members and an industry outsider. 

Ed Goodman said, “In part because Medidata continues to win large contracts, we believe that it has considerable potential for further profitable growth, and it should be greatly enhanced by this capital infusion. Obviously, Insight agrees.”

Milestone invests in software and technology-based business service companies in the Northeast and Mid-Atlantic. Milestone’s management team -- Richard Dumler, Edwin Goodman, Carl Oppenheimer and Todd Pietri -- has more than 70 years of experience in venture investing and raising capital.  Mr. Goodman and Mr. Pietri co-founded Milestone in 1999.

For more information, call Richard Dumler, Edwin Goodman or Todd Pietri at 212-223-7400, or write Milestone Venture Partners, 551 Madison Avenue, 7th Floor, New York, NY 10022.

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