Folderwave, Inc. ( Is a Massachusetts-Based Company Founded in 2000

Company Info

FolderWave, Inc. (www.folderwave.com) is a Massachusetts-based company founded in 2000.

Utilizing Cloud-based, shared resources, FolderWave designs, develops, delivers, and supports a fully-integrated family of 9 complex, complete business processes as a service. "Complete" is the key concept and greatest differentiator — FolderWave handles virtually everything from document management through tech-support.

Founded to meet the needs of Higher Education, FolderWave embodies the highest levels of SaaS and Cloud evolution. All FolderWave offerings incorporate the complete process including consulting, document management/data entry, tailored workflow, system integration, training, maintenance, updates, and program management. Since the service is provided over the Web, any authorized user can access any application anywhere with a supported browser on a PC, Tablet, or Smart phone, etc.

FolderWave's nine offerings may be installed in any sequence and include:

 Inquiry  Online Application (e-forms with multiple uses)  Undergraduate Admission  Graduate Admission  Financial Aid  Transcripts  Development Office (fundraising)  Student Academic Folder  Contracts and Grants

FolderWave is a preeminent solutions provider for a number of institutions. Handling hundreds of thousands of Student Application and Financial Aid Cases, as well as millions of documents, FolderWave has repeatedly proven it can offer rapid deployment to address complex problems while demonstrating a significant ROI.

Headquartered in Westford, Massachusetts, the company is privately held.

1 From www.folderwave.com/cloud-services-software-company/aboutus.asp 5 March 2014 Our Home Office

FolderWave, Inc. 238 Littleton Road Westford, MA 01886 Tel: 978.392.2055 Information: [email protected] Sales: [email protected] Support: [email protected]

2 From www.folderwave.com/cloud-services-software-company/aboutus.asp 5 March 2014 Overview

Our approach is a Cloud-based application framework that simplifies the critical paper and process-intensive activity that defines the Enrollment process. Our SaaS solution encompasses document management and workflow techniques that allow capturing and displaying any data or document type from virtually any source, and route the e-folder to the right place at the right time.

As admissions and financial aid deadlines become shorter, and applications dramatically increase, automation becomes increasingly important. The FolderWave offerings, focused on the process of getting the student in the door, simplify many of the tasks that are difficult, slow and expensive in the paper-based world.

Flexible and Configurable

The FolderWave application structure reflects years of development and experience in flexible and configurable solutions. Our applications and databases are structured to be highly configurable allowing a given application to accommodate almost any type of rule, and include almost any type of data format. Through this approach, the FolderWave solutions can be implemented quickly and easily without custom development.

Rapid Deployment and Proven ROI

Our SaaS and agile development approach has enabled FolderWave to develop, install, update and support complex processes in a fraction of the time, and at a much lower cost, than traditional methods. Initial implementations are measured in weeks. All of this results in rapid deployment of complex applications with minimal disruption and minimal demand on the existing IT infrastructure.

3 From www.folderwave.com/higher-ed-enrollment-solutions/index.asp 5 March 2014 System Integration and Solution Modules

FolderWave was designed from the ground up to receive documents, apply rules, alert you to cases that require attention, and integrate to your current SIS system in order to streamline the process. Your organization can see improved effectiveness and efficiency in:

 Inquiry  Application Process  Graduate Admissions  Undergraduate Admissions  Financial Aid  Academic Records  Transcripts  Contract and Grant Administration  Development Office

Prospect and Inquiry processing is a critical process for effective enrollment. FolderWave manages all your data inputs from Inquiry cards to Search data to Event registration forms. Getting the information processed quickly means you communicate with your prosects quicker via customizable email templates so you can tailor your campaigns as you see fit.

As a FolderWave client you will have access to multiple methods for collecting electronic information. FolderWave includes online forms as automated PDF files for simple one page forms and a more comprehensive HTML dynamic interview form secured by registered

4 From www.folderwave.com/higher-ed-enrollment-solutions/index.asp 5 March 2014 credentials to support online applications, or more comprehensive forms. We are all about collecting electronic data and eliminating paper documents at their source.

Large volumes, short decision windows, and applicants demanding rapid and continuous information flow are all part of the fabric of the FolderWave solutions. Automated rules drive efficient workflows, and our underlying dynamic framework accommodates the cycle-to-cycle and week-to-week adjustments that many Admissions offices make to drive their competitive edge.

Our approach to graduate admissions takes into account a varied and diverse group for users. From Applicants, to administrative staff, and the unique nature of faculty involvement, the FolderWave solution to support the reading, reviewing and decision process is intuitive and flexible to support the varied business processes and requirements of multiple departments.

In the face of ever changing requirements, Federal government rules and regulations, and data coming from many sources, FolderWave's focus is on collection and presentation of the many sources supporting a rapid and intuitive verification process. We interface with your awarding and packaging systems to support the reading, reviewing and your financial aid decision process.

5 From www.folderwave.com/higher-ed-enrollment-solutions/index.asp 5 March 2014 Concerned about long-term storage and collection of academic record information from transcripts to departmental forms and advising notes? FolderWave provides a solution that can scale down to address business continuity of your vital information, to a process solution to support the academic advising and note taking needed to manage your students while on campus.

If your research department is involved in contract and grant administration, you know how important it is to have clear documentation, and knowledge of deadlines. Missing a deadline can result in significant financial penalties. FolderWave solutions can track and manage your proposal cases, principal investigators and interaction with the proposal and grant to ensure you have complete visibility to the process.

Does your fundraising and alumni office need help in managing your donors and their records, or maybe tracking prospects for a campaign? FolderWave solutions can help you across all areas.

By employing the same architecture, workflow and document management capabilities, the back office functions of an institution can run as efficiently as Admissions and Financial Aid. Once the FolderWave infrastructure is installed with the first module (any module), implementation of additional modules is very efficient.

6 From www.folderwave.com/higher-ed-enrollment-solutions/index.asp 5 March 2014 The Higher Education landscape is changing, becoming more interactive and competitive. Students are demanding more from institutions and with the assistance of the right technology solutions, schools can engage, enroll and retain students in a more personal way. The need for agility and staying ahead of the curve is more critical than ever to remain viable.

Our Process: Simplifying the Relationship

The common view of CRM is a product "bolted on" to an existing ERP to improve communication and customer service. Many times data is extracted from the ERP to a CRM platform and additional data-gathering occurs within that product. In some cases, data or statuses are transferred back into the ERP. In this model, the extract effectively limits the exchange and use of data to its content. Enhancements and modifications to the extract are necessary to supplement or expand content, and a certain amount of time and agility can be lost as the next iteration languishes in the development queue.

FolderWave sees this method as less than ideal. We provide CRM functionality within our product, closely linking it with data and process. What's more, because we work with you to define your business and data needs, you get the opportunity to bring greater nuance to your communications and leverage external data sources.

FolderWave's proximity to your data is the greatest differentiator. Our business rules reflect what you've defined as essential to your process. You tell us what is necessary to support messaging for status changes, required items, or targeted contact. Our annual development and enhancement cycle allows you to incorporate new data sources and hone your outreach. This is a critical advantage, given that new technologies can appear overnight.

Data is often stored in an ERP with little to no thought of its potential use in the CRM equation. With FolderWave, data, process, and communication are all in one place. We work with you to customize your data loads, so the extraction, transformation, representation, and communication of data from external sources are designed with CRM in mind. This has become an expectation of today's students who log on to websites daily that track their preferences and bring forward suggestions based on prior purchases.

It's a simple idea when you think of it: Now more than ever, CRM is the gateway to your customer. Incorporating high-quality, nuanced communication into your overall design provides a wealth of opportunities that other products only partially deliver. Defining data capture with communication and service in mind also increases the power of analytics, metrics, and satisfaction indices. And, to repeat, it all exists in one place. This is just another example of how FolderWave stands out as a unique solution in Higher Education.

FolderWave's CRM module allows you to:

7 From www.folderwave.com/higher-ed-enrollment-solutions/index.asp 5 March 2014  Segment Audiences  Tailor Messages  Improve Communication  Engage Applicants & Students  Maintain a Comprehensive Relationship History

8 From www.folderwave.com/higher-ed-enrollment-solutions/index.asp 5 March 2014 Overview

There are many dimensions involved in creating, implementing and supporting great products. Managing the implementation, integration with legacy systems, qualified staff, for starters, FolderWave can offer all of this and more to you, and we will work closely with your organization to ensure that the process conforms to the way you operate.

Using our flexible framework and expert staff, we can create what you need—from a new product, conversion of an old one, or integration requirements to plug systems together—all in a cost-effective and compressed timeframe.

Our staff knows how to manage custom development or integration work, so it is completed on time and on budget.

Cloud Solutions

In today's world there are plenty of issues for you to deal with in your core business. Your users want more, but you have too many projects already. That is why FolderWave offers our products in a managed approach. We will host the products, manage the servers and infrastructure in a secure reliable way, all 24/7. In addition to managing the solution for you FolderWave can also manage your paper.

By using FolderWave's outsourced services, you don't have to even open the mail. We can accept your mail, prepare it, scan it, index it, and capture data from it in hours, not days or weeks. All this so you just deal with the important information...the data.

With nationwide capability, our partners provide services to you at your site or at ours. If you would like to implement a centralized process on campus, you can. If you would rather not have the burden, we can manage it remotely. With couriers we can also allow the processing to happen offsite, but you can maintain your brand and image by having the documents sent to a local address.

Once the document handling is complete, the information is transmitted to your server and processed. All the new events, documents, and data, may trigger rules to fire, so you know when you have something important...within hours.

Where your information lives is as critical to us as it is to you. Through our partnerships, we provide the security and reliability of our solutions that you need. These services include:

 Provisioning servers and storage

 Performing backups of stored information

From www.folderwave.com/cloud-services/index.asp 9 5 March 2014  Monitoring the systems to ensure specific work transactions and message delivery are working properly

 Ensuring error messages do not have an impact on operations

 Communicating on infrastructure and hosting issues and resolution determination

 Managing disk storage, system utilization, security hot fixes, backups and other system management services for proper operation, protection and response time of the system.

Systems Integration

Despite the industry's best efforts to create plug and play solutions, it is not that simple. Often radically different systems need to talk to each other and there are many ways to solve the problem. Our expertise in XML, message queuing, data delivery, and real-time event management allows us to find the right way to plug your systems together. This is a fundamental strength of the FolderWave approach.

If we are integrating FolderWave solutions to current systems, or if we are working on a contract basis to solve your integration requirements, we will find the best solution to meet your needs and prepare you for the future.

Project Management

Each project is different, so we have people that have seen implementations of all flavors. We prefer to work closely with our customers and develop a good understanding of their "As Is" process. Meaning, what you do today.

Our initial goal is not to re-engineer your business, but to make sure our application is configured to support your process, complex or simple, and allow you to re-engineer if and when you choose.

If, however, you plan to re-engineer your processes and would like to have us involved in a re- engineering effort before our technology is implemented, we would be happy to support your efforts.

 Maintenance and Development: The project manager works to help identify, analyze the impact, coordinate design, assign priorities and manage the release process.

 Communications and Reporting: The project manager works with staff and management to ensure proper communications and reporting on a daily basis with meetings occurring weekly to discuss issues, status and next steps.

 Meetings and Updates: Attend and chair monthly meetings of advisor groups and weekly meetings of users and technical staff.

From www.folderwave.com/cloud-services/index.asp 10 5 March 2014 Security and Compliance

FolderWave goes to great lengths to secure the information we manage for you. Our solutions run in secure, SAS70 Type II and PCI-compliant datacenters. Our document handling services are also protected with the same level of compliance and security.

Our internal processes are driven by our ISO 27002 operational model to ensure that our management and administration of the solutions are at the highest levels of process controls so you can be assured we are taking care of your information better than you might yourself.

From www.folderwave.com/cloud-services/index.asp 11 5 March 2014 Frequently Asked Questions

+ How long has the company been in business?

FolderWave, incorporated in June of 2000, is an innovative "Cloud" based solutions and services company with a fully integrated family of complete business processes delivered via the Internet to the Education Industry. FolderWave's main offices are in Westford, Massachusetts.

+ What partnerships does the company have?

FolderWave has exciting strategic partnerships with:

 A national document handling firm that provides all the scalable and highly reliable paper-handling processes, including scanning, data capture and mail handling.

 A tier-1 provider of hosting services providing FolderWave a highly secure and reliable hosting environment, including services such as server management, intrusion detection, managed security, high availability, and backup services.

+ Is your Company Cloud-based?

Yes. FolderWave’s Technology, applications and services are entirely web-based which allows us the ability to offer flexible and adaptable solutions. With our Cloud-based infrastructure we can host our solutions and create specific environments for different customers. As a result we can relieve your IT shop of another burden they would normally have to install, implement, integrate, maintain, upgrade and service the hardware and software.

+ What products does FolderWave offer?

FolderWave’s products contain modules such as:

 Online Application (Generic)  Inquiry  Undergraduate Admissions  Graduate Admissions  Financial Aid  Academic Records  Transcripts  Contract and Grant administration

12 From www.folderwave.com/resources/online-application-processing-faqs.asp 5 March 2014  Development Office

These modules will allow critical information to be managed in a fully integrated framework allowing the student to move through the admissions and entry process much faster and with greater efficiency than ever before.

+ How does FolderWave deliver their solutions?

FolderWave delivers complex high volume applications in near real time as a service via the Internet. This approach has enabled FolderWave to develop, install and support complex applications in a fraction of the time and at a much lower cost than traditional methods. Initial implementations are measured in weeks. All of this results in rapid deployment of complex applications with minimal disruption and minimal demand on existing IT infrastructure.

+ What type of results can your solutions provide?

 Implement, update and enhance critical systems in weeks, not months or years

 Rapidly implement dramatic improvement in processes and efficiency

 System conforms to the way you operate rather than vice versa

 Cost-effective path for growth

 Legacy systems life extended

 Optimized enrollment process through optimized class demographics

 Improved service to your students and their family

 No capital equipment expenditures

 No periodic and expensive technology updates

 The complete process. Everything from Document and Data Management through System Integration and your specific workflow, including training and updates.

+ What is the implementation timeframe?

We have a methodology that is 90 days, but the implementation timeframe largely depends on the institution’s timing needs and customer availability.

+ Our SIS system has these pieces as well, how are these different?

There are several systems on the market today that provide robust back end administrative functions. What they do not do well is to manage the work process. Typically in most operational areas, there is a significant expense and effort tied to collecting data from many sources and efficiently processing the information.

At most campuses today this is done with heavy paper processing which is highly inefficient. FolderWave solutions focus on the “case” including technologies such as

13 From www.folderwave.com/resources/online-application-processing-faqs.asp 5 March 2014 document management, workflow, and data management, which create a highly efficient process solution. Integrating this information into your SIS creates a powerful synergy that maximizes the potential of your SIS, while streamlining inefficient processes that the SIS often does not address.

+ If we already have a scanning process, why do we need FolderWave?

Scanning and document management is just one segment of the FolderWave service. Critical information resides in many other formats and is supplied by a variety of sources both inside and outside of the organization. FolderWave manages all of this.

And most importantly, scanning and other forms of document management is just the beginning. FolderWave integrates all the required information into a complete process (application) delivered as a service over the Internet.

+ What does FolderWave's complete business process include?

Our complete process includes everything from document and data management through system integration and your specific workflow. We also provide installation, training and updates.

+ There are lots of document management companies out there, how are you different?

We help you manage the process and eliminate the capital equipment and paper intensive processes from your environment. Typical imaging companies sell you a toolkit and some software for scanning, indexing and viewing. You not only have to buy the software, but develop the application and do the work yourself. FolderWave does all of that for you and provides the fully integrated solution as a service via the Internet, As a result, you do not have to invest in high volume, expensive capital equipment, or hire large temporary staffs to get through the paper process each year.

Traditional approaches of integrated imaging allow you to pop up a document when you are looking at someone, but do little to integrate workflow rules which are critical to timely delivery of information. This approach also often does not accommodate other document types in the mix. Video clips, voice files, spreadsheets all are part of the documentation trail. With many of the imaging tools, each time you upgrade the revision of your administrative system you have to be careful that fields on the screen did not change by one location or the integration will not work. Continually maintaining the integration from each software update creates maintenance headaches you don't need.

+ Is your product Cloud-based?

FolderWave's Technology, applications and services are entirely web-based which allows us the ability to offer it as a service. With our cloud-based infrastructure we can host our solutions and create specific environments for different customers. As a result we can relieve your IT shop of another burden they would normally have to install, implement, integrate maintain, upgrade and service the hardware and software.

+ What have your customers seen as the key benefits of your solution?

14 From www.folderwave.com/resources/online-application-processing-faqs.asp 5 March 2014 FolderWave solutions, implemented in key areas at highly prestigious institutions, have addressed and significantly improved processes and demonstrated value in a tangible way by:

 Increasing FTE capacity by eliminating high volume paper processes

 Saving floor and storage space

 Decreasing copying, and supplies purchases

 Eliminating inefficient capital equipment purchases for scanners and servers

 Decreasing training time for new employees

 Supporting large volume increases and spikes without adding personnel/overtime

 Reducing processing time from months to weeks

FolderWave’s primary goals are in improving case flow and significantly affecting the institution's ability to make more informed decisions, leading to improve class demographics with proven results. Institutions have seen the following intangible aspects:

 Better service to applicants through self service and information available at staff’s fingertips

 Easily accessible knowledge information (reporting)

 Framework for growth and expansion

 Advanced technology position

 Reduce technical maintenance of mainframe

 Eliminate mundane work (from paper)

 Improved front end to current systems

 Improvement in retention (morale)

 Increased capacity to provide more direct contact with applicants

 Remote access for admissions fairs/recruiting

+ How do you integrate with back end systems?

FolderWave minimizes the implementation effort and the impact on your IT shop while extending the life of valuable legacy systems. We do this by providing an interface strategy that complies as closely as possible with the native language of your SIS and other installed products. Our native language is XML, however we recognize not all systems are there yet. As a result, we can supply integration methodologies that meet your specific needs.

15 From www.folderwave.com/resources/online-application-processing-faqs.asp 5 March 2014 + How are your solutions and services priced?

We typically charge a small up-front fee to provide customization implementation, integration, and training. This includes a detailed analysis of your business process. We then bill on an annual per case fee which is determined after a review of your current environment and is all inclusive.

+ Is there a charge for upgrades and enhancements?

No, the per-case fee on an annual basis entitles you to all maintenance, upgrades and updates to the solution.

+ How do you determine the Return on Investment (ROI)?

FolderWave has developed an extensive potential ROI assessment program. It is sourced with data provided by end users and has proven to be quite accurate. Most institutions have seen an ROI in as little as 18 months.

+ We are a small school, is it too expensive for us?

No. The per-case pricing allows the cost to scale up and down based on your institution's size.

+ Who owns the data you collect on your servers?

The data and documents are the property of the institution. FolderWave simply hosts the information offsite in a highly secure facility, away from many of the issues and complexities that are found on campus.

+ Is the data secured?

Yes. Security is extremely important and has been configured into the FolderWave offerings at multiple levels. We have highly secure facilities and infrastructure that is constantly monitored and use multiple technologies for encryption, secure networks and authentication of access. FolderWave and its subcontractors routinely perform security audits and encourage all customers to do so.

16 From www.folderwave.com/resources/online-application-processing-faqs.asp 5 March 2014 Study: Boston College Reaches for the Cloud

MGI Research - August 30, 2011

Boston College is one of the oldest Jesuit, Catholic universities in the United States. With over 14,600 total students enrolled in 8 schools and colleges offering 22 degree programs, Boston College was ranked among the top ten private universities by applications (Source: NY Times, 2010).

Boston College has experienced tremendous growth in recent years, including a 75 percent increase in undergraduate applications over the past decade. Faced with exploding costs of processing ever increasing admissions paperwork, Boston College adopted a novel, Cloud- based approach.

The school teamed up with a Boston-based SaaS provider, FolderWave to replace its manual, paper-based admissions system with an electronic folder-in-the-cloud solution. The results underscore the importance of delivering early success, and staying focused on business outcomes.

In researching the details of this case study, Andrew Dailey of MGI Research spoke at length with Rita R. Owens, Executive Director for Academic Technology at Boston College. Rita led the project that created the new system and she gave us a firsthand account of implementing a cloud-based solution for a higher education organization.

“FolderWave has helped make our processes more efficient – it virtually eliminates wasted time and unnecessary/ redundant tasks, and by doing so, gives our admissions officers more time to do what they do best.”

— Boston College

17 From www.folderwave.com/resources/online-application-processing-faqs.asp 5 March 2014 Boston College

Boston College is one of the nation's best and most selective universities, with U.S. News & World Report ranking Boston College 31st among national universities, and Forbes ranking it 26th in its 2011 America's Best Colleges listing. Boston College has experienced tremendous growth in recent years, including a 75 percent increase in undergraduate applications over the past decade, to more than 33,000 for the 2,250 seats in its freshman class.

Carnegie Mellon

Carnegie Mellon University is a global research university with more than 11,000 students, 86,500 alumni, and 4,000 faculty and staff. Recognized for its world-class arts and technology programs, collaboration across disciplines and innovative leadership in education, CMU is consistently a top-ranked university. Carnegie Mellon attracts students from all 50 US states and 93 nations, and is affiliated with 18 Nobel Laureates, 11 Turing Award recipients, 94 Emmy Award recipients, six Academy Award recipients and 12 Tony Award recipients.

Merrimack College

Merrimack College is a selective, independent college in the Catholic, Augustinian tradition whose mission is to enlighten minds, engage hearts and empower lives. Throughout the curriculum, students can take advantage of hands-on opportunities including cooperative education and internships, research with faculty, study abroad and service learning. And, because Merrimack's curriculum emphasizes the liberal arts, graduates are prepared to be imaginative, analytical, aware of trends and historical perspectives, clear thinking, and adaptable to changes in their career.

National Association of Independent Schools (NAIS)

The National Association of Independent Schools, governed by a board of trustees and staffed by approximately 40 individuals, is a membership organization and the national voice of independent education. NAIS represents approximately 1,400 independent schools and associations in the United States, and affiliates with independent schools abroad as well.

From http://www.folderwave.com/clients/list.asp 18 5 March 2014 Northeastern University

Founded in 1898, Northeastern University is a private research university located in the heart of Boston. Northeastern is a leader in worldwide experiential learning, urban engagement, and interdisciplinary research that meets global and societal needs. Northeastern's broad mix of experience-based education programs— their signature cooperative education program, as well as student research, service learning, and global learning—build the connections that enable students to transform their lives. The University offers a comprehensive range of undergraduate and graduate programs leading to degrees through the doctorate in nine colleges and schools.

Tulane University

Founded in 1834, Tulane is one of the most highly regarded and selective independent research universities in the United States. Tulane's schools and colleges offer undergraduate, graduate and professional degrees in the liberal arts, science and engineering, architecture, business, law, social work, medicine and public health and tropical medicine. The undergraduate experience is marked by close student-faculty interaction, a variety of campus programs, and a diverse student body representing all 50 states and more than 40 different countries. With 4,400 employees, Tulane is the largest employer in New Orleans.

Worcester Polytechnic Institute

WPI was founded in 1865 to create and convey the latest science and engineering knowledge in ways that are most beneficial to society. WPI is ranked #64 among all national doctoral universities by U.S. News & World Report; #1 part-time MBA program in the nation by BusinessWeek; and #9 for "best career prospects" for MBA graduates by The Princeton Review. WPI's academic departments offer more than 50 undergraduate and graduate degree programs in science, engineering, technology, management, the social sciences, and the humanities and arts.

From http://www.folderwave.com/clients/list.asp 19 5 March 2014 Bruce Ryan CEO and Co-Founder

Bruce Ryan has more than 30 years experience in the computer industry, including R&D, product development and business management, sales, marketing, and international assignments primarily with IBM and the Digital Equipment Corporation.

Dr. Ryan received his Ph.D. and MS in Physics from Lehigh University and BS in physics from Boston College, where he was a NASA fellow. His research was performed at the Princeton- Penn High-Energy Physics Lab at Princeton University. He is a graduate of the Harvard Business School Advanced Management program.

Robert Burke President and Co-Founder

Robert Burke has a background in technology, software development, and operations. Bob has over 25 years of experience in the software industry with positions at Wang Laboratories, Wang Healthcare and currently with FolderWave.

Bob holds two patents, including: 1) Abstraction Layer Database Access and 2) Multiple Abstraction Layer to Multiple Data Sources. Bob graduated Magna Cum Laude from Clark University with a BS in Computer Science and Mathematics.

20 From www.folderwave.com/cloud-services-software-company/management.asp 5 March 2014