Novak Biddle Portfolio Companies Named 2005 Codie Award Finalists

February 28, 2005, Bethesda, MD - Today Novak Biddle Venture Partners announced that two of its portfolio companies, Blackboard Inc. (Nasdaq: BBBB), a leading enterprise software company for e-Education and 4GL School Solutions, a premier provider of K-12 management solutions, have been nominated as finalists for the 2005 Codie Awards.

The Codie Awards, presented by the Software & Informational Industry Association (SIIA) and considered one of the highest honors for the software and information industry's finest products and services, celebrate achievement and vision in software, education technology and digital content.

Blackboard Inc. and 4GL School Solutions are funding recipients of Novak Biddle Venture Partners, an equity financing firm assisting the management of young, information technology companies including those in the educational software, homeland security, and information security sectors. Novak Biddle is backed by a number of the country's most prestigious limited partners and has more than $350 million under management.

"Both Blackboard and 4GL School Solutions have performed well for their clients and for their investors and we are very pleased to have them recognized in such a prestigious manner," said Phil Bronner, Novak Biddle partner and 4GL board observer.

"Our investment in these companies speaks to our confidence in their business models, product offerings, and management teams," said Roger Novak, general partner Novak Biddle Venture Partners and Blackboard board member. "We look forward to helping further grow these companies others like them."

4GL School Solutions is a finalist in the Best Business Administration System: Education Enterprises for its Web-based ENCORE!™ suite of products. Blackboard's flagship product, Blackboard Learning System™ is a finalist in the Best Postsecondary Education Learning Management Solutions category.

"Novak Biddle's investment of financing and expertise has led to a successful partnership we value considerably," said Michael Chasen, Blackboard CEO. "Their thorough knowledge of our industry is invaluable and we are pleased they are key members of our team."

"We are honored to be recognized by SIIA," said Allison Duquette, president and CEO of 4GL School Solutions. "Novak Biddle has played a significant role in growing 4GL and they share our commitment to providing excellent products to our clients," Duquette added.

The winners will be announced on May 25, 2005, at the Annual Codie Awards Gala, which will be held at Universal Studio's Globe Theater in Universal City, CA.