Authoria appoints new President and CEO

Authoria, Inc., the market leader in comprehensive talent management software solutions, today announced the appointment of James J. McDevitt as President and Chief Executive Officer. Mr. McDevitt will continue to serve as a member of Authoriaís Board. Mr. McDevitt brings 27 years of management and technology industry experience to the post. He joins Authoria after a proven track record of developing corporate strategies that have significantly enhanced efficiency, profitability and market penetration for several international public software companies. Founder and previous CEO, Tod Loofbourrow, will serve as Chairman for Authoria.

ìIt is with great pleasure that I welcome Jim into the Chief Executive role at Authoria. I am deeply proud of the company that I and my strong team have created over the past eleven years, and I am equally excited to think of the many ways in which we will build upon our strengths with Jim at the helm,î said Mr. Loofbourrow. ìJimís proven expertise in identifying and capturing market opportunities, enhancing operational efficiencies and building successful customer-focused strategies will bring Authoria and its 300 strong customer base to a new level. While I have decided to transition the CEO role to a lifelong operational management executive, I maintain a long-term vision for this incredible company and fully intend to continue making a strong contribution to Authoria from my role as Chairman. I am delighted to have been able to attract someone of Jimís experience and caliber to the company and look forward to supporting him by sharing my product and market knowledge, focusing on the strategic challenges of the business and transitioning key industry relationships. With the infusion of capital brought in by Bedford Funding and the appointment of an experienced growth-driven executive as President and CEO, I am as enthusiastic as I have ever been about Authoriaís opportunity and market trajectory.î

As previously announced, Bedford Funding, a $400 million private-equity firm (with an additional $400 million available in co-investment capital) specializing in investments in the software and IT services sector, acquired Authoria in September of 2008 for $63.1 million and committed to making additional investments in working capital to enhance marketing and sales initiatives and to accelerate overall corporate growth of the company (see Bedford Funding Acquires Authoria, Inc. announcement of September 29, 2008).

Prior to joining Authoria, Mr. McDevitt was most recently Chief Operating Officer of CDC Software, a $360 million division of CDC Corporation and a global provider of enterprise software solutions and services to medium and large enterprises. During his tenure with CDC, Mr. McDevitt was focused on streamlining the CDC Software business, building accountability throughout the organization, and integrating acquisitions. Within 18 months, the company reported record quarterly revenues for the nine months ending September 30, 2008; generated positive operating cash flows for three consecutive quarters; and improved Adjusted EBITDA for the most recent quarter by 190 percent as compared to the same quarter a year prior.

Before his appointment as Chief Operating Officer of CDC Software, Mr. McDevitt was Senior Vice President of Geac and General Manager of the companyís Performance Management Business – a business which was strategically developed through acquisition and the organic growth of existing product lines to become the driving growth engine of Geac. Mr. McDevitt was invited to head up the Performance Management Division within Geac after a series of successes running vertically focused operating units within the business. Of particular note during his tenure at Geac was Mr. McDevittís turnaround of the companyís faltering Interealty business, which provided software solutions within the real estate market. He inherited a business with revenue declines of 28 percent and EBITDA losses, and was able to execute performance improvements, product launches and a revitalized sales approach. His efforts resulted in significant new customer acquisitions, the retention and expansion of existing customer relationships and the improvement of overall financial performance with revenue growth of 14 percent and EBITDA margins of 30 percent. After the execution of an impressive business turnaround, Mr. McDevitt negotiated the divestiture of the business to First American Corporation in 2005 for $36.3 million.

ìI have known Jim for nearly a decade and admire his intellect, tenacity and drive as much as I do his professionalism, dynamic nature and character. He is a strategic thinker with the highest ability to execute throughout the organization, a proven executive who has a notable track record of defining opportunity and building businesses,î said Charles S. Jones, Managing Partner of Bedford Funding and previous President and CEO of Geac. ìThe Talent Management sector, which is currently estimated at $2.3 billion, has a projected annual growth rate of approximately 20 percent per year over the next five years. Jim is the right person to lead Authoria at the right time as the company sits squarely in a dynamic yet fragmented marketplace that presents significant opportunities for growth, consolidation and partnership. His first-hand experience in leading vertically focused technology businesses and his significant acquisition and integration expertise will play important roles going forward. As Jim transitions into the CEO position, I am delighted that Tod will serve as Chairman and continue to contribute to the future success of the company.î

Commenting on his appointment, Mr. McDevitt said, ìThis is a very exciting time to be joining Authoria. The company has an excellent product line – one that secured its third HR Technology Shootout victory last month and one that continues to improve with the recent introduction of its newest version with significantly enhanced features and configurability. A great product combined with tangible market opportunity and ongoing investment from Bedford Funding paves the path for long-term success. I look forward to working with the executive team, with the strong leadership team at Bedford Funding and with an impressive installed base of customers to identify ongoing market opportunity and growth for Authoria – for its customers, for its employees and for its investors.î

Before working on Mr. Jonesí team at Geac, Mr. McDevitt was the CFO of Clarus Corporation, an Internet based business-to-business procurement solutions provider. Prior to joining Clarus, he was the CFO of Geac Americas. He began his career in a range of financial posts within Fortune 500 companies. Mr. McDevitt earned a BS in accounting and an MBA in finance from Bentley College. He has also participated in the Wharton Executive MBA program and in the Kellogg School of Management program at Northwestern University. Mr. McDevittís transition into the President and CEO position at Authoria is effective immediately.