Baird Venture Partners: Closes New Investment in Salis, Inc.

For additional information, contact:

William Filip, Partner
Baird Venture Partners
610-975-0929
[email protected]

Angela Pittman, Public Relations Coordinator
Robert W. Baird & Co., Incorporated
[email protected]

CHICAGO, July 26, 2005 — Baird Venture Partners (BVP), the U.S.-based venture capital affiliate of investment firm Robert W. Baird & Co. (Baird), has completed an investment in Salis, Inc. (Salis), a leading provider of state and local tax management services. BVP invested in Salis alongside existing investor Austin Ventures and management.

Based in Atlanta, GA, Salis provides a comprehensive set of tax services that helps clients achieve compliance and efficient process management for critical areas of state and local tax management including sales tax, use tax and exemption certificates. Through its managed service offerings, Salis takes on key state and local tax compliance functions for its customers, providing accurate rates and rules interpretations, effective exemption certificate management, and efficient returns preparation, filing and remittance. Salis managed services are provided through a fully-integrated service delivery model, which brings together the company’s experienced team of tax process experts, its best practices-based tax management processes, and industry-leading technology.

“This investment is an endorsement of our unique service platform and will help us continue to build Salis into the leading provider of state and local tax services,” said David Fromal, CEO of Salis. “We look forward to working with BVP and leveraging their experience and industry expertise as we continue to grow our business and expand into new markets.”

In connection with the investment, Bill Filip, a Partner at BVP, will join the company’s board of directors.

“We are excited to partner with David Fromal and his management team in the tax services sector,” said Filip. “Tax compliance is a complex, burdensome and non-strategic function that lends itself well to outsourcing. Salis has developed an automated and scalable service platform that delivers measurable results to its clients and ensures consistent tax compliance in real-time.”

About Salis, Inc.
Salis is a leading services firm for state and local tax management that specializes in sales tax, use tax, and exemption certificate management. Salis services provide visibility and control through the entire tax value chain. The firm’s automated service platform delivers fully-integrated state and local tax solutions that minimize risk and improve cash flow – at a lower total cost of operation. Through its combination of people, process and technology, Salis has partnered with over 200 companies to ensure they are in compliance with the 8,000 taxing jurisdictions throughout the U.S. For more information, please visit www.salisinc.com.

About Baird Global Private Equity
With more than 40 investment professionals in the United States and Europe, Baird’s global private equity business has raised and managed over $1.2 billion in capital. Baird Venture Partners makes venture capital investments in early- to growth-stage companies in the Business Services & Software and Healthcare/Life Sciences sectors. Baird Capital Partners provides late-stage growth capital or change-of-control capital to U.S.-based, middle-market companies in the Business Services and Manufactured Products sectors. Granville Baird Capital Partners is a long-established private equity manager targeting mid-market growth companies in the UK and Germany with a focus on the Business Services, Healthcare and Industrial Products sectors. The group’s investments are supported by Baird’s full range of financial advice, operating expertise and industry research, providing a unique full-service approach to the entire private equity investment process. For more information, please visit www.bairdventurepartners.com.