Red Herring 100

San Francisco, CA, April 29, 2008—Red Herring today announced that GroundWork Open Source is a finalist for the Red Herring 100 Award, a selection of the 100 most innovative private technology companies based in North America.

The Red Herring editorial board diligently surveyed the entrepreneurial scene throughout the North American region and identified the top 200 out of more than 800 closely evaluated companies that are leading the next wave of innovation.

“We can see the exciting evolution of the technology sector reflected in the quality and variety of exceptional companies that we had to choose from in putting our list together," said Joel Dreyfuss, editor-in-chief of Red Herring." It was tough to choose just 200 finalists from such a large list of excellent contenders, and we are very happy with the quality of the companies we selected as finalists."

“We are delighted to be considered for prestigious Red Herring award because it recognizes the hard work and dedication that GroundWork people have devoted to serving our growing list of Global 2000 customers,” said Dave Lilly, co-founder and CEO of GroundWork. “Thanks to our people and the vision and expertise of our many customers and partners throughout the world, GroundWork is making a real difference in the cost and usefulness of IT Service Management software. As this year's only recognized open source network and systems management company, we are delighted that Red Herring recognizes these accomplishments.”

The 100 winning companies will be announced at the Red Herring North America event. The CEOs of the winning startups will present their innovative ideas and technologies to an audience of leading entrepreneurs, financiers, and corporate strategists at the event in San Jose, California, on May 12-14 at the Fairmont. This year’s Red Herring 100 North America event marks the 11th anniversary of the Red Herring 100 Awards. In celebration, the event will feature keynote addresses from legendary VC investors and CEOs of leading Internet, information, and communications companies. Register online at: http://herringevents.com/northamerica08/index.html.

About Red Herring

Red Herring is a global media company which unites the world’s best high technology innovators, venture investors and business decision makers in a variety of forums: a leading innovation magazine, an online daily technology news service, technology newsletters and major events for technology leaders around the globe. Red Herring provides an insider’s access to the global innovation economy, featuring unparalleled insights on the emerging technologies driving the economy. More information about Red Herring is available on the Internet at www.redherring.com.

About GroundWork

San Francisco-based GroundWork Open Source, Inc. (http://www.groundworkopensource.com) is the market leader in open source network and systems management software, delivering enterprise-class network, system and application management solutions at a fraction of the cost of proprietary solutions.

GroundWork's best of breed approach gives customers the flexibility to use diverse open source and proprietary technologies together under a unified interface, allowing users to leverage the advantages of open source while simultaneously preserving existing investments in legacy management tools. GroundWork’s solutions are in use at organizations like Academy of Motion Pictures and Sciences, SAIC, Seton Hall University, Siemens, and World Bank. GroundWork’s solutions are available from GroundWork, its partners including Red Hat, Unisys, Fujitsu, and a worldwide network of channel partners. The company is privately held, with investments from Canaan Partners, Mayfield Fund, JAFCO Ventures and SAP Ventures.

GroundWork Contact:
Melody Callaway
Page One PR
Phone: 720-939-0476
Email: [email protected]

Red Herring Contact:
Anam Alpenia
Red Herring, Inc.
Phone: 650-428-2900
Email: [email protected]