Allegis Capital Generates More Than 500% Rate of Return on Ribbit Investment; Outcome Illustrates Great VC Returns in a Weak-IPO Environment

PALO ALTO, CA–(EMWNews – July 29, 2008) – Allegis Capital, LLC (Allegis) confirmed

today that its portfolio company Ribbit, a Silicon Valley-based “Telco 2.0”

platform company, was acquired by BT in an all cash deal, for approximately

$105 Million (£55 Million).

Allegis Capital was the largest capital investor in the company, having

invested in Ribbit just 9 months ago. As the lead investor in Ribbit’s

Series B round, Allegis had a strong ownership position. The outcome gives

Allegis a more than 500% return on this investment in an otherwise weak-IPO

environment.

“This is a phenomenal outcome. We are very happy for the Ribbit team and

are so impressed with their market traction. The Ribbit team envisioned the

future of telecommunications and BT clearly saw the opportunity. Ribbit is

truly the next wave of communications. Since Ribbit’s launch just ten

months ago, they have attracted more than five thousand developers and are

going to be an even greater success in the future,” said Pete Bodine,

Managing Director of Allegis.

“This investment exemplifies how value-add VCs can generate great venture

returns through M&A, in an otherwise weak IPO market — it’s a combination

of the right fund size, capital discipline and understanding the value a

young company is creating. We have had incredible success in the last

three years with more than $ 2.2 billion of acquisitions of some of our

portfolio companies, in what many view as the worst venture and investment

environment since the Depression,” said Bob Ackerman, founder of Allegis.

“We see this time as a very attractive environment to build valuable

companies like Ribbit,” Ackerman added.

“The Allegis team truly provided the strategic support we expect from our

venture partners,” said Ted Griggs, CEO of Ribbit. “They understood the

enterprise business model and allowed us to leverage their corporate

partners to our advantage,” Griggs added.

Ribbit was founded in February 2006 and will maintain its management and

identity, but will expand its global footprint by becoming part of BT,

British Telecommunications plc. BT is one of the world’s leading providers

of communications solutions and services operating in 170 countries.

About Allegis Capital

Allegis (www.allegiscapital.com) is a seed and early stage venture capital

firm focused on the digital economy. The venture firm has five funds and

invested in more than 70 companies including Ironport Systems, Ribbit, LGC

Wireless, SandPiper — Digital Island, Rent.com, Shopzilla, Comparnet and

StepUp Commerce. Based in Palo Alto, California, Allegis has assets under

management of $500M.