LOUISVILLE, KY (March 26, 2004) – Chrysalis Ventures, a leading source of equity capital for growth companies in the Southeast and Midwest, announced today that it has led a $6 million equity investment in Atlanta-based Connecture, Inc. Chrysalis’ co-investors in the financing include the company’s principal existing investors SSM Ventures, Live Oak Equity Partners, Total Technology Ventures, and Encubate Technology Ventures.
Connecture is the leading provider of integrated web-based sales and service automation solutions for the health insurance industry. The company has automated elements of the insurance sales process for a wide range of health and life insurance organizations, and its solutions currently support the sales and servicing of over $10 billion in annual premiums. The company’s clients include six of the nation’s top-20 health plans and consist of large multi-state organizations such as Aetna, Health Net, PacifiCare, Premera, and Oxford Health Plans as well as regional health plans such as ConnectiCare and Health Alliance Plan (MI).
Connecture’s industry-proven solutions encompass the entire spectrum of multi-channel insurance sales and services for group and individual markets. The company’s integrated yet modular technology platform delivers highly configurable solutions that meet the specific needs of an insurer’s customers, brokers, agents, underwriters, actuaries, sales support, marketing, management, and other sales cycle participants. These end-to-end solutions fully integrate with existing legacy systems and have been proven to deliver increased sales, enhanced broker efficiencies, improved back-office efficiencies, lower customer acquisition costs, and lower overall operating expenses.
According to Scott Remley, President and Chief Executive Officer of Connecture, “We are pleased to partner with Chrysalis Ventures for this important late-stage round of financing. Chrysalis brings valuable healthcare industry and information technology insights as well as additional financial strength to Connecture. This round of funding will allow the company to continue to invest in its delivery and customer support infrastructures as well as allow the company to accelerate its product R&D activities to take advantage of the innumerable opportunities our clients are asking us to address.”
“Connecture is the clear market leader in a sizable, rapidly growing sales automation niche within the healthcare industry,” says David Jones, Jr., Chrysalis Chairman and Managing Director. “We have been very impressed with the management team, the company’s talented and knowledgeable staff, and the impressive customer traction the company has achieved. Connecture’s focus on enhancing the productivity of an important portion of the healthcare industry fits will with our healthcare investment strategy.” Mr. Jones has joined Connecture’s Board of Directors.
About Chrysalis Ventures
Founded in 1993, Chrysalis Ventures is a leading source of equity capital for young growth companies in the Southeast and Midwest. Chrysalis invests primarily in early-stage and expansion-stage companies in healthcare information technology and services, media and communications, and education and training. Based in Louisville, Kentucky, Chrysalis has more than $200 million under management and has made investments in over 40 companies. For more information, please visit www.chrysalisventures.com.
Connecture is solely focused on delivering integrated web-based sales and service automation solutions to the health insurance industry. Connecture has automated elements of the insurance sales process for over 50 health and life organizations and its solutions currently support the sales and servicing of over $10 billion in annual premiums. Its industry-proven solutions encompass the entire spectrum of multi-channel insurance sales and services for group and individual markets. Connecture offers end-to-end sales platform as well as more narrowly focused modular solutions that fully integrate with existing legacy systems and that have proven to deliver increased sales, enhanced broker loyalty, improved back-office efficiencies, lower customer acquisition costs, and lower overall operating expenses. For more information, visit the company’s website at www.connecture.com.