FirstRain Directors

Marc L. Dulude
Chairman
Marc joined FirstRain investor Ampersand Ventures in 2002 from Moldflow Corporation, where he was President and CEO. Marc brings more than eleven years experience as a senior information technology executive, including serving as Senior VP of Marketing at Parametric Technology and in various positions at Nortel. Marc also serves as Chairman Proficiency. He holds an M.S. in Mechanical Engineering from Carleton University.

Penny Herscher
President and CEO
Penny joined FirstRain in late 2004 with the mission to solve the qualitative information overload problem of the institutional investor. She has developed FirstRain from a technology provider to the leading search-driven application provider to the financial services market.

Prior to FirstRain, Penny was Chairman and CEO of Simplex Solutions, an electronic design automation company serving the global semiconductor industry. As CEO, she grew Simplex from a few engineers in 1996 to a high-growth, profitable software company. She led the company to an IPO in 2001 and through the sale of the company to Cadence Design Systems in 2002. Penny then worked at Cadence as Chief Marketing Officer and General Manager of a major division of the company. From 1988 to 1996, Penny was an early employee and executive at Synopsys. She started her career in 1982 as an R&D engineer with Texas Instruments and then Daisy Systems.

Penny serves on the boards of FirstRain, Rambus, the Anita Borg Institute, Planned Parenthood Mar Monte and CCPY (California Community Partners for Youth). Penny speaks on entrepreneurship, career management and technology challenges and has given talks at Berkeley, Stanford, BU and Santa Clara business schools as well as for numerous industry organizations and women's career development organizations. She holds a B.A. with honors in mathematics from Cambridge University in England.

Bandel L. Carano
Director
Bandel Carano joined Oak Investment Partners as a General Partner in 1985. Bandel has invested in companies with emphasis on design automation (Centric Software, Interconnectix, Parametric, Synopsys and Tensilica); telecommunications (2Wire, Airspan, Avici, CommVerge, CoreTek, FiberTower, General Bandwidth, Metawave, NeoPhotonics, Netopia, PictureTel, Polycom, PulsePoint, Qtera, ReliOn, Sentient Networks, Tegic, Trapeze, Wellfleet, White Rock Networks and WFI); software (Entropic, Illustra/Informix, Sybase, Tele Atlas and Visto); and advanced semiconductors (Actel, Airgo, CommQuest, Kenet, Level 5, NemeriX, Newport Media, nLight, Plastic Logic, Resonext, SMIC, Solarflare, Stretch, Synaptics and Virata). Prior to Oak, Bandel worked with Morgan Stanley's Venture Capital Group. He was responsible for advising Morgan Stanley on high-tech new business development, as well as sponsoring venture investments. Bandel received BS and MS degrees in Electrical Engineering from Stanford University. He currently serves on the Investment Advisory Board of the Stanford Engineering Venture Fund.

Steven C. Walske
Director
Steve Walske led Parametric Technology Corporation (NASDAQ: PMTC) as the Chief Executive Officer from 1986 to 2000. Under his guidance, Parametric-a supplier of mechanical design and manufacturing software-established itself as one of the largest software-only companies in the world with revenues in excess of $1 billion. He guided the company from its start-up phase through its initial public offering in December 1989 to its position as market leader in mechanical design automation software. He holds an undergraduate degree from Princeton University and an MBA from Harvard Business School.

Charles Frumberg
Director
Charles Frumberg is the founder and managing partner of Emancipation Capital, an activist hedge fund focused on publicly traded enterprise IT companies. He brings more than 28 years of well-recognized experience with capital markets and research to the FirstRain board.

Before founding Emancipation Capital, Charles was the co-head of equities for SG Cowen Securities Corp., a leading investment bank specializing in technology and health care. Prior to joining SG Cowen, Charles was the director of United States equity research and co-head of global research at UBS Securities. Under Charles' leadership, Institutional Investor magazine selected UBS as a top-four global research firm. Charles started his career at Mabon, Nugent and Co.

In addition to the FirstRain board, Frumberg also sits on the boards of Trilogy Software and nSight Software.

Mary Henry
Director
Mary Henry was a partner and managing director of Goldman Sachs for over 18 years. Over the course of her tenure, primarily in the firm's Investment Research Division, Henry became one of the top ranked analysts on Wall Street and was named an Institutional Investor All-Star analyst. She was personally involved in financings that totaled tens of billions of dollars and spanned a variety of technologies, initial public offerings and strategic advisory work. Henry started her career at Centel Corporation and Washington National Corporation before joining Goldman Sachs, and received a BA in Economics and an MS in Journalism from Northwestern University.