Shattan.com - Case Study

Case Studies

(f/k/a Raymond Karsan Associates)

Situation Analysis: June 1999

	Company provides Outsourced Human Resources and Information Technology Services
	Soft IPO market forced them to postpone their IPO
	Required equity capital to fund growth and liquidity for a departing Co-Founder
	"Pitched" by several large Investment Banks as well as The Shattan Group ("TSG")
	Selected TSG as lead Agent due to: (i) track record; (ii) depth of expertise; (iii) independence and (iv) efficient offering process

Outcome: Successfully Obtained Growth Capital and Shareholder Liquidity Privately

	28 meetings with potential institutional investors over seven days
	Secured initially $22 million in equity capital led by a major Private Equity Fund and a $10 million Acquisition Credit Facility
	$7 million went to a departing Co-Founder
	Rapidly expanded its Internet-based products and services
	Renamed TalentPoint, Inc.
	In mid-June 2000, the lead Investor provided an additional $10 million
	Filed for IPO in late-June 2000 with CS First Boston.

This announcement appears as a matter of record only.

$32,000,000*

RAYMOND KARSAN
ASSOCIATES

Common Stock and Warrants
$22,000,000

Parthenon Investors, L.P.
Shad Run Investments, L.P.
TSG Co-Investors, LLC

Acquisition Credit Facility
$10,000,000

Fleet National Bank

The undersigned privately placed the
Common Stock and Warrants in this transaction
and arranged the Acquisition Credit Facility.

Robert W.
Baird & Co.
Incorporated

December 1999

The Shattan Group LLC
730 Fifth Avenue - Suite 933 - New York, NY 10019
Copyright 2003 The Shattan Group LLC

Tel: (212) 659-7723
Fax: (212) 659-7736