Foster City, Calif. - 22 January 2007

Recognized Leader in Equity Research Brings Expertise to Growing Research Technology Firm

firstRain®, the leading provider of search-based applications for investment professionals, today announced that Charles Frumberg has joined its board of directors. Frumberg, who is the founder and managing partner of Emancipation Capital, an activist hedge fund focused on publicly traded enterprise IT companies, brings more than 28 years of well-recognized experience with capital markets and research to the firstRain board.

“Charlie has a very deep, first-hand understanding of what money managers need from research and how those needs have changed with evolving market and regulatory environments,” said Penny Herscher, president and CEO of firstRain. “We are delighted to have the benefit of his expertise and experience on the firstRain board.”

firstRain provides a powerful information advantage to investment professionals. Through the use of search-based applications, firstRain uncovers information that its customers wouldn’t see otherwise that helps them see their investments in market context. Clients receive information tailored to their particular investment strategy and view of the market. As a result, firstRain enables clients to ask better questions, generate ideas and identify trends to make better investment decisions faster.

Before founding Emancipation Capital, Frumberg was the co-head of equities for SG Cowen Securities Corp., a leading investment bank specializing in technology and health care. Prior to joining SG Cowen, Frumberg was the director of United States equity research and co-head of global research at UBS Securities. Under Frumberg's leadership, Institutional Investor magazine selected UBS as a top-four global research firm. Frumberg started his career at Mabon, Nugent and Co.

In addition to the firstRain board, Frumberg also sits on the boards of Trilogy Software and nSight Software.

“Investment professionals are looking for differentiated information to keep ahead of their competition,” said Frumberg. “I was drawn to firstRain because their approach delivers a distinct advantage over traditional research solutions. I look forward to helping the firstRain solution gain broad adoption by the market.”

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