Nuxeo secures 2 million Euros and strengthens its board of directors and corporate governance

Paris, November 20th 2008 - Nuxeo, open source software vendor, creator of the popular Enterprise Content Management software suite Nuxeo Galaxy, announces the completion of a € 2 million Series A round of financing led by OTC Asset Management.

In addition Nuxeo is strengthening its management and corporate governance: Eric Barroca takes over chief executive officer and Stefane Fermigier, founder of the company, joins the supervisory board as chairman.

The round led by OTC Asset Management confirms the vision and the strategy of Nuxeo on its market. After a successfully self-financed launch, and consecutive balanced accounts since its inception, Nuxeo has built a strong company with an innovative business model (open source software, zero-cost license, support through subscription and professional services) which is economically efficient for its customers.

Nuxeo will use the investment to fund growth into the ECM market, focusing on product development and the acceleration of its international expansion plans.

Nuxeo is the pioneer of open source ECM and one of the largest open source vendors in Europe.. Relying on a highly-skilled team of 40+ people, the company has recently been added by industry analyst CMSWatch to the list of major vendors of global ECM platforms. Main users are global Fortune 1000 companies, especially in press, defense, industry and government sectors.

By investing in Nuxeo, OTC Asset Management endorses its strategy and direction, as well as the suitability of the open source model for value creation and innovation in the enterprise software market.

Patrick de Roquemaurel, Director of Investments at OTC Asset Management and Fund representative at the supervisory board, said:

"The capacity for innovation and the strategic choices of Nuxeo, makes it a very serious candidate for defining the ECM market at an international level."

To support its growth, Nuxeo has structured its governance with and reinforced management board and a new supervisory board.

Eric Barroca, previously Executive VP operations, becomes CEO (and director of the management board) and Arnaud Lefevre, Executive VP sales, also joins the management board.

Stéfane Fermigier, founder and previously CEO of Nuxeo, joins the supervisory board as chairman.

Biographies and photos of each one are available on http://www.nuxeo.com/en/press/

Eric Barroca said :

"In a troubled economy, Nuxeo focuses more than ever on the fundamentals of its identity to deliver value, a highly-motivated team, innovative products,excellence in customer care and an efficient pricing model. The confidence of our customers, our partners and our team have enabled Nuxeo to become a key-player in its market, I thank them deeply for that. It is with their support that we begin this new chapter in the history of Nuxeo."

Stefane Fermigier said:

"Our innovative open source approach has allowed Nuxeo to rise, with very limited financial resources, among the leaders of a both mature and still rapidly growing market. With the additional resources we have at present, and the experience of our operational team, we have all the strengths to realize our ambition to build a world leader. "

Nuxeo is a software vendor dedicated to developing and supporting the Nuxeo Platform, enterprise content management software based on Java EE 5 technologies and the vision of an "ERP for documents". The company develops and implements its software according to the open source model, with zero-cost licenses and a subscription model based on the number of deployments and not on the number of users. Active in this market since 2000, Nuxeo has provided complete ECM solutions for many large companies, making it a pioneer and leader in the Open Source ECM revolution. Nuxeo is headquartered in Paris and has a subsidiary in the UK. Nuxeo works in collaboration with a network of integration partners such as Atos Origin, Business & Decision, Capgemini, Eurocis, Logica and many others, providing users with a broad range of professional services including support, consultancy, development, training and certification.

OTC Asset Management is an independent company managing FCPR, FCPI and FIP (French collective investment funds dedicated to the investment in innovative SMEs). Through its funds representing more than €3000m, OTC Asset Management invests in the capital of companies, essentially unquoted ones that present a very high growth potential. OTC Asset Management is frequently referenced as one the ten most active venture capital companies in France. In 2007, OTC Asset Management was honoured as the best venture capital company in France among 46 companies.

Investor's legal advisors :

• Financial and legal due diligences: Fiteco (Pierre Casse)
• Legal: Gide Loyrette Nouel (Pierre Karpik)

Company's legal advisors:

• Fundraising: Wintec Partners (Paul Bernard)
• Legal: Cabinet KBRC & Associés (Denis Raynal, Eric Blumental)