BC-PA-EVOLVE-IP

Associated Press

( BW)(PA-EVOLVE-IP) Evolve IP Completes Financing of $8.7 Million in

Growth Capital

Capital funds continuing growth of leading Managed Technology Provider

Business Editors/Technology Writers

PHILADELPHIA--(BUSINESS WIRE)--Sep. 14, 2010--Evolve IP , a leading

Managed Technology Provider, today announced it has completed a

financing of $8.7 million of growth capital. The capital is intended

to further scale the Company's operations in response to strong

customer and market demand.

Since entering the marketplace in January 2008, Evolve IP has secured

more than $48 million in contracted revenue. Over its first 30 months

of offering managed technology services, Evolve IP has added more than

300 customers and now has more than 15,000 total users. The customer

base includes businesses in 27 states and six countries, and

represents a broad variety of industries, including the Legal,

Banking, Travel, Commercial Real Estate, Healthcare, Retail,

Government and Professional Services sectors.

"This financing is a testament to the hard work and dedication of our

employees, who have been instrumental in the growth of our business,"

says Thomas Gravina, Chairman, CEO and Co-Founder of Evolve IP. "The

additional growth capital will allow us to continue to drive

the industry forward with our managed voice, data, and security

solutions. Our products allow clients to enjoy the latest technologies

and services, without spending any upfront capital and at a lower

total cost of ownership. We're seeing increasing market demand for

hosted IP-PBX, unified communications applications, and information

security and compliance solutions, which positions us very well for

the future."

Evolve IP's managed technology services help businesses unify and

simplify the technologies their employees use to communicate,

including Managed Telephony, Managed Networks, Security & Compliance

and Hosted Applications. Evolve IP's suite of services can function as

a complete outsourced solution, or be tailored to enhance a company's

existing communications system. Evolve IP's services enable customers

to replace multiple vendors with a single provider and reduce the

operational and energy costs associated with on-premise solutions.

Customers can also take advantage of Evolve IP's network security,

reliability and 24x7 professional network management. Evolve IP's

platform was engineered, and is supported by veterans from the

telephony, data communications, Internet access and security

industries.

Evolve IP has achieved several significant corporate milestones since

closing its initial equity capital raise of $15.6 million in September

2007. In addition to its organic growth, Evolve IP has made important

strategic acquisitions. In June 2008, the Company acquired Lyrio IP

Technology Solutions, a provider of IP technology products and

services; in March 2010, Evolve IP acquired certain assets of TeleQ

Network Services, a provider of IT, communications and desktop

integration services to small and mid-sized businesses.

ABOUT EVOLVE IP

Evolve IP is a Managed Technology Provider that is changing the way

that organizations buy, manage, and secure their vital communications

technologies. With a broad range of expertise and a suite of services

that includes Managed Telephony, Hosted Applications, Managed

Networks, and Security & Compliance, Evolve IP partners with

businesses of all sizes to help them turn their vital communications

technologies into a competitive advantage. Evolve IP enables

organizations to simplify their cumbersome legacy infrastructure,

improve network security and reliability, and increase employee

productivity through feature-rich service offerings and significantly

improved security and stability. More information about Evolve IP is

available on the Web at http://www.EvolveIP.net.

This release contains forward-looking statements related to the

financial performance Evolve IP. We have based these forward-looking

statements on the Company's current expectations and projections about

future events. These forward-looking statements are subject to known

and unknown risks, uncertainties and assumptions about us that may

cause our actual results, levels of activity, performance or

achievements to be materially different from any future levels of

activity, performance or achievements expressed or implied by such

forward-looking statements. In some cases, you can identify

forward-looking statements by terminology such as "may," will,"

"should," "could," "would," "expect," "plan," "anticipate," "believe,"

"estimate," "continue," or the negative of such terms or other similar

expressions. In light of the risks and uncertainties inherent in the

forward- looking statements, such statements should not be regarded as

a representation by Evolve IP or any other person that the projected

results, objectives or plans will be achieved. Evolve IP undertakes no

obligation to revise or update the forward-looking statements to

reflect events or circumstances after the date hereof.

--30--RB/ph…

CONTACT: Evolve IP

Press contact:

Gregory FCA

Denise DiMeglio

Account Executive

610-642-8253, ext. 143

Denise@GregoryFCA.com

KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA

INDUSTRY KEYWORD: TECHNOLOGY INTERNET NETWORKS SOFTWARE TELECOMMUNICATIONS VOIP PROFESSIONAL SERVICES FINANCE

SOURCE: Evolve IP

Copyright Business Wire 2010

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