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News and Events > Press Releases > 06-2008

FIRSTRAIN PRESIDENT AND CEO, PENNY HERSCHER, APPOINTED TO INVESTORSIDE RESEARCH ASSOCIATION BOARD OF DIRECTORS

Foster City, Calif., June 30, 2008 - FirstRain® president and CEO, Penny Herscher, has been appointed to the board of directors for Investorside Research Association, a non-profit trade association of investment research providers.

With the accelerating growth in independent and alternative research, Investorside provides a forum where institutional investors, trading firms, research and technology providers and other industry professionals can discuss key issues shaping the research and buy-side industries. Members of this organization constitute the world's leading investment research firms covering the entire spectrum of research methodologies, markets, and instruments.

"Penny's track record for delivering innovative and disruptive technologies to market, as well as her experience serving on public, private and nonprofit boards, will serve as a tremendous asset for our Board," said Richard Leggett, incoming chairman of Investorside. "As Investorside plans for the next several years, the caliber of our board members is integral in driving our progress to consistently deliver on our strong commitments to stakeholders in this industry."

"I'm delighted to work with one of the most progressive, committed organizations in this industry, Penny said. "I have every confidence that Investorside will continue to set the standards for a high quality, sustainable independent research market."

Penny joins Investorside's board with more than 20 years in the technology industry as CEO of both public and private companies. Prior to FirstRain, Penny was CEO of Simplex Solutions, an electronic design automation company serving the global semiconductor industry. She grew Simplex from a few engineers in 1996 to a high-growth, profitable software company. She then led the company to an IPO in 2001 and through the sale of the company to Cadence Design Systems in 2002. Penny worked at Cadence as Chief Marketing Officer and General Manager of a major division of the company. From 1988 to 1996, Penny was an early employee, GM and marketing executive at Synopsys. She started her career in 1982 as an R&D engineer with Texas Instruments and then Daisy Systems.

In addition to her appointment to Investorside's board of directors, Penny currently serves as a director on the boards of FirstRain, Rambus, the Anita Borg Institute, Planned Parenthood Mar Monte and CCPY (California Community Partners for Youth).

"Investorside has become an extremely important organization serving the independent and alternative research industry. As the industry has grown and changed, so has Investorside. We have developed a board of highly talented, intelligent and strategic leaders within this industry," said Stanton Green, outgoing chairman of Investorside Research Association, and president and CEO of OTR Global. "Penny's distinguished career on other boards, including FirstRain's, and experience will enhance the organization's strategic planning and development."

Current board members represent a variety of investment management and research industry professionals, including:

  • John Eade, President, Argus Research Corporation
  • Jim Gingrich, Chairman and CEO, Sanford C. Bernstein & Co., LLC.
  • David Good, Chief Financial Officer, CreditSights, Inc.
  • Paul Henneman, President, ValuEngine, Inc.
  • David Hill, Vice President, FactSet Research Systems, Inc.
  • Stanton Green (Outgoing Chairman), CEO and president, OTR Global
  • Richard Leggett (Incoming Chairman), Head of governance business, RiskMetrics Group
  • Anne Maffei, President, Vista Research, Inc.
  • Michael Mayhew, Chief Executive Officer, Integrity Research Associates
  • John Meserve, Director, BNY Securities Group and Chairman, BNY Jaywalk, Inc.

Further insight and commentary about the Investorside Research Association and alternative research can be found on Penny Herscher's blog, Market Mine, at http://pennyherscher.blogspot.com.

About FirstRain
FirstRain changes the rules of research by applying state-of-the art search, extraction and pattern technology to the web. As the leader in search-driven research, FirstRain products provide institutional investors and corporate executives with a powerful information advantage by uncovering information that they would not otherwise see. FirstRain is a privately held company headquartered in San Mateo, Calif., with additional offices in New York, NY, and Gurgaon, India. Contact FirstRain at www.firstrain.com.

About Investorside
The Investorside Research Association is a non-profit trade association of investment research providers that do not engage in investment banking, company consulting or research-for-hire. Our members constitute the leading investment research firms in the world, providing research that works purely for investors.

CONTACT:
Izumi Barker
FirstRain, Inc.
650-356-9076
ibarker@firstrain.com

Evonne Lum
Ogilvy Public Relations
415-677-2704
evonne.lum@ogilvypr.com