Allegis Capital Portfolio Company -- Ribbit -- Acquired by BT for $105 Million

PALO ALTO, CA--(Marketwire - 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.

Contact Information: For more information contact Pete Bodine Managing Director Allegis Capital 406-646-5182 or Jennifer Jones 650-529-1416