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Pasporte, a pureplay ASP, is embarking on a new phase of corporate expansion after attracting £2m of funding from Lloyds TSB Development Capital (LDC), the equity investment arm of Lloyds TSB Group. The money will be used to fund recruitment, partner programmes and the development of Pasporte's internal infrastructure, as the company prepares to manage a substantial increase in new business during 2001.

"This investment will help to drive Pasporte's development in 2001, allowing us to fund our sales objectives and recruit more personnel in key areas," said Gary Woodward, CEO of Pasporte. "We anticipate a significant growth in our partner community and a consequential increase in the number of end users."

As a pureplay ASP, Pasporte's business proposition is to deliver and support a comprehensive range of hosted applications to a remote user group, replacing traditional, inefficient and less cost-effective methods of using IT. Pasporte offers high-speed access to a variety of applications with advanced security and 24/7 support, all managed from a remote data centre.

Stuart Veale, director at LDC in Reading, led the investment proposals with the Bagshot based ASP. "I am delighted to have secured funding for Pasporte," said Veale. "As a recently incorporated company in a growing industry, I'm positive that our investment will assist greatly in expansion plans over the medium term."

About Pasporte

Pasporte Ltd is a UK based 'pureplay' Application Service Provider, offering its services in the European market. The company has been launched to cater for the rapidly expanding demand for ASP solutions. Pasporte provides a fully managed ASP service that facilitates high speed access to the best available software and technology without the risk, cost and complexity of in-house system implementation and maintenance.

Pasporte's business philosophy centres around maximising cost advantage and business efficiency for its customers who access and use applications delivered as a service from its remote data centre. The Pasporte service offers 24 hour availability, management and support with unbeatable security.

As a 'pureplay' ASP, Pasporte is creating a community of Alliance partners, enabling it to offer the widest possible range of solution. Through these partnerships with software authors, VARs, consultancies and specialist implementers - Pasporte delivers a portfolio of business software applications directly to clients which are rented as a fully managed service and typically charged on a per user, per-month basis.

About LDC

LDC is the UK's second most active venture capital company. Last year, it
completed 27 investments totalling more than £100 million.

For more information contact:

Multimedia PRM

David Rowlands/David Evans

Tel: 01291 626200

(For Lloyds TSB Development Capital)

Stuart Veale


Tel: 0118 925 3246

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