Archive Systems Completes $11.5 Million Series B Funding Led by The Carlyle Group Balance of funding provided by Edison Venture Fund and NJTC Venture Fund

Fairfield, NJ - Archive Systems, Inc., a premier provider of document process automation solutions, today announced that it has completed a Series B round of funding led by The Carlyle Group, with the balance coming from Edison Venture Fund and NJTC Venture Fund. The $11.5 million in new funds increases the company’s total capital raised to $20 million. This new capital will be used to expand sales and marketing activities and continue product development as well as infrastructure build-up. The company will add Brian Hayhurst, Managing Director, U.S. Venture for The Carlyle Group, to its Board of Directors.

"This investment, led by The Carlyle Group, along with the continued support of our Series A round investors, represents a tremendous vote of confidence in Archive Systems and our solution," said Rick Kushel, CEO of Archive Systems.

Archive Systems provides services that automate and streamline complex processes to manage the flow of document-based work. The company enables organizations to eliminate paper and electronically bridge the gaps between partially-automated business processes. The company provides a wide range of solutions including highly specialized feature sets targeting specific industries and functional areas including: Accounts Payable, Mortgage Lending and Broker/Dealer.

"Business applications require data, but in many cases the source for this data is unstructured – paper documents, faxes, emails, etc – which must be manually processed. The big breakthrough comes from eliminating the paper and virtualizing the processes," added Kushel. "We provide our clients with a strategic, breakthrough solution that bridges the gap from the unstructured sources to their business applications."

"The business trend is favoring Software-as-a-Service (SaaS) rather than purchasing an ‘on premise’ solution that requires additional hardware and software," stated Hayhurst. "Archive Systems’ innovative solutions and SaaS delivery model makes them a compelling choice for prospects and an appealing investment for The Carlyle Group."

About Archive Systems, Inc.
Archive Systems’ flagship solution, ASPEN 360, bridges the gaps in partially automated business processes. The offering provides companies with an outsourced service that captures stores, routes, and archives documents online. The electronic content can be viewed on-demand with this fully integrated service and is available throughout the entire document lifecycle. Services span Web-based image access and process automation to document capture services, online content storage and business records storage. For more information, please visit www.archivesystems.com.