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Covalent's Mission of Enhancing the Apache Web Server for the Enterprise Seen as Winning Strategy.

Covalent Technologies has been named as a recipient of one of UPSIDE Magazine's sixth annual Hot 100 Awards. This award adds to Covalent's growing momentum over the last six months, which has included multiple Fortune 500 customer wins, significant new funding led by Sequoia Capital, and the release of a comprehensive enterprise product suite for the Apache Web server.

Covalent, which was selected as an UPSIDE Hot 100 company in the Internet Infrastructure category, was one of 100 private companies singled out by the editors of UPSIDE and an advisory panel comprised of venture capitalists, financial analysts, and market researchers. More than 800 companies were nominated for this year's UPSIDE Hot 100 Awards. Each company was judged on the basis of its technological achievements, customer acceptance of products or services, financial performance, industry partnerships, financial backing, and management experience. The complete list of the UPSIDE Hot 100 Award winners is published in the June 2001 issue of UPSIDE, and is also online at http://www.upside.com.

David Bunnell, Upside Media's CEO, helped to create this annual event--the listing of the "hottest" private technology companies. As a veteran of some 20 years in technology publishing and high-tech startups, Bunnell wants to "remind all of our readers that, while economic cycles in technology come and go, the kinds of companies that the editors of the magazine have recognized in this list are ones that have proven, year after year, to be those companies that often rise to the top of the next cycle. They are companies and people who bring innovation and new technology to the forefront."

"We evaluated hundreds of great companies that spanned a broad range of technology market segments, and we are pleased to recognize Covalent among this year's winners," said Jerry Borrell, President and Editor in Chief of UPSIDE Magazine. "We look forward to watching the progress of UPSIDE's 2001 Hot 100 Award winners over the next year or so, and we hope they continue to make news as they potentially move from being privately held to becoming publicly traded companies."

About Covalent Technologies, Inc.

Covalent was founded in 1998 by Randy Terbush, one of the eight developers who created the Apache Web Server. Today, Covalent is the leader in products and services for Apache. Through Covalent, Apache users receive all the flexibility and benefits of open-source, with the support and reliability of a commercial enterprise fully dedicated to Apache. Funded by leading venture capital investors including Sequoia Capital, Covalent is the only company offering a comprehensive "enterprise-ready" solution for Apache. Companies such as Lucent Technologies, Dow Jones and others depend on Covalent for their Apache Web server infrastructure. More information about the company can be found at www.covalent.net.

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All Covalent product names are trademarks of Covalent Technologies, Inc. All other company and product names are trademarks or registered trademarks of their respective owners.

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