Model N Announces Hiring of a Chief Operating Officer to Drive Next Phase of Growth

Model N Announces Hiring of a Chief Operating Officer to Drive Next Phase of Growth

Veteran Software Executive Kirk Bowman Joins Model N to Scale All Customer-Facing Functions on a Global Basis

SOUTH SAN FRANCISCO, Calif., Jan. 25 /PRNewswire/ -- Model N, Inc., the pioneer in Revenue Management applications for Life Science companies, today announced that Kirk Bowman has joined the company in the role of chief operating officer. Bowman, who has more than 17 years of experience in the software industry, will lead all customer-facing functions, including sales, marketing, business development and professional services on a global basis. Model N achieved record financial performance in 2004, making it the most successful in its five-year history, marked by revenues that have grown by nearly 200 percent since 2002 and more than doubled since 2003.

Contributing to this success were the Company's entry into the Pharmaceutical market, the release and customer deployment of its industry-leading Government Pricing application and the successful launch of its Revenue Management Express solutions specifically developed and packaged for mid-market Life Science companies. The Company also successfully completed major multi-divisional deployments of its Revenue Management Suite with several leading medical technology companies.

"I am very pleased that Kirk has agreed to join the Model N management team," said Zack Rinat, founder and CEO of Model N. "Kirk has the leadership skills, the character, drive, experience and a proven track record in scaling companies on a global basis to help drive Model N to the next level of growth both domestically and internationally."

Most recently, Bowman was executive vice president of worldwide field operations at VMWare, Inc., which was purchased in 2004 by EMC, where he built and led an international, world-class organization that acquired over 90 percent of the Fortune 500 as customers and grew quarterly bookings in excess of 400 percent in less than two years. Previously, he served as senior vice president and general manager of worldwide field operations at Inktomi Corp., where he grew company revenue from $73.5 million in fiscal year 1999 to $223.5 million in fiscal year 2000, while building the field organization globally.

At Object Design, Inc., of Burlington, Mass., Bowman served as senior vice president and general manager of the ObjectStore division, responsible for sales, marketing, development, support, consulting and administration. Prior to Object Design, Bowman spent seven years at Parametric Technology Corp., headquartered in Waltham, Mass., rising from sales representative to senior vice president of business development. During that time, he headed overseas operations as vice president of Asia Pacific operations and vice president of European operations, where he was responsible for significant growth in revenue and headcount.

"Model N has been very successful in Life Sciences, delivering exceptional customer value and strong financial results," said Bowman. "Model N's robust technology and industry expertise have made the Company the leader in the new application category of Revenue Management. I am looking forward to working with Model N's seasoned and proven leadership team to leverage this enormous market opportunity to build a world-class, global company."

About Model N

Model N is the leader in Revenue Management, offering an integrated suite of applications for pricing, contracts, compliance, rebates, fees and chargebacks optimized for the industry practices of Life Science companies. Enabling the creation of a seamless, end-to-end process from pricing through settlements payment, Model N's uniquely integrated approach eliminates revenue leakage and delivers the visibility and controls needed to avoid the risks of non-compliance to government pricing and Sarbanes-Oxley regulations. Model N customers include Medtronic, Inc., Ortho-Clinical Diagnostics, a Johnson & Johnson company; C.R. Bard, Inc.; Pfizer, Inc.; and Reliant Pharmaceuticals, Inc. Model N is located in South San Francisco, CA. For additional information, visit www.modeln.com.

NOTE: Model N is a mark of Model N, Inc. All other company names mentioned are the property of their respective owners and are mentioned for identification purposes only.


Source: Model N, Inc.

CONTACT: Laurie Gibson of B3 Communications, Inc., +1-650-969-0764, or
lgibson@b3communications.com, for Model N, Inc.

Web site: http://www.modeln.com/


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