LOUISVILLE, KY – (July 10, 2007) – Chrysalis Ventures, a leading source of equity capital for young growth companies in the South and Midwest, announced today that its portfolio company Appriss® Inc., the leading provider of Software-as-a-Service (SaaS) solutions to local, state, and Federal criminal justice and law enforcement agencies, has secured a strategic investment from Bain Capital Ventures and JMI Equity to recapitalize the company. Terms of the investment were not disclosed.
In March 1995 Appriss’ Louisville-based founders, Mike Davis and Yung Nguyen, approached Chrysalis Ventures for both seed capital and guidance in building a business around their innovative victim notification technology. Chrysalis and co-investor Windcrest Partners financed the development and distribution of the company’s flagship VINE product, which enables jails and prisons to notify crime victims when perpetrators are being released from custody. Co-investors Mayfair Capital, Richland Ventures, and CID Equity Partners later provided additional capital to fuel the company’s expansion and new product innovation.
“We are proud to have been associated with Appriss,” said Chrysalis Ventures Chairman and Managing Director David A. Jones, Jr. “Mike Davis, Yung Nguyen, and Doug Cobb are outstanding entrepreneurs who have brought the power of technology to the critical task of helping Americans protect themselves from violent crime. This exciting investment from Bain and JMI positions the company for continued rapid growth while also providing an attractive return to the company’s early investors.”
“In addition to providing capital, Chrysalis played a hands-on role in growing the business and helping us commercialize our technology through the development of a subscription SaaS business model and a scalable business plan,” added Doug Cobb, Appriss CEO. “Chrysalis also played a key role in introducing Appriss to our other institutional investors.” Mr. Cobb, Chrysalis co-founder and then managing director, joined Appriss as CEO in 2000.
Appriss, founded in 1995, provides the patented VINE® service, the nation’s leading victim information and notification service. VINE is currently available in more than 2,000 criminal justice agencies in 41 states and the District of Columbia. In recent years, Appriss has expanded its offerings to include other software-based services. All company applications are delivered on a hosted SaaS model, allowing law enforcement and criminal justice agencies to implement solutions quickly, efficiently, and inexpensively.
About Chrysalis Ventures
Founded in 1993, Chrysalis Ventures is a leading source of equity capital for young growth companies in the Midwest and South. Chrysalis invests primarily in early-stage and expansion-stage companies in healthcare services and technology, media and communications, and business services. Based in Louisville, Kentucky, Chrysalis has more than $300 million under management and has made investments in over 50 companies. For more information, please visit www.chrysalisventures.com.
Appriss provides innovative technology solutions that help governments serve and protect their citizens. In addition to VINE, the National Victim Notification Network, other innovative products and services include VINE Protective Order®, which automatically notifies petitioners when protective orders are served on respondents; JusticeXchange®, the leading solution for connecting criminal justice agencies nationwide; and AlertXpress®, a high-speed notification solution for government agencies. The company’s newest product, Methcheck™, is an automated tool that allows law enforcement agencies to monitor purchases for pseudoephedrine, one of the components in the manufacture of methamphetamine, and to “watch” specific individuals who exceed the legal limits imposed by state law. For more information, please visit www.appriss.com.
About Bain Capital Ventures
Bain Capital Ventures is the growth-oriented arm of Bain Capital, the Boston-based global private equity firm. Founded in 1984, Bain Capital and its affiliates have invested in over 230 companies and have $45 billion of assets under management. Bain Capital Ventures partners with outstanding entrepreneurs in the information technology, business services and healthcare industries in order to build market leaders via active, engaged strategic and operational support. Bain Capital has a strong track record in technology and financial services businesses, having invested in Sungard Data Systems, Experian, Taleo (NASDAQ: TLEO), Datek (merged with Ameritrade, Nasdaq: AMTD), Instinet (acquired by Nasdaq), Applied Systems, Profit Logic (acquired by Oracle), iPay Technologies, and Solarwinds.net.
About JMI Equity
JMI Equity, based in Baltimore and San Diego, is a private equity firm exclusively focused on providing growth capital to software and service companies. Founded in 1992, JMI has invested in more than 80 companies throughout North America and has approximately $700 million of capital under management. In addition to providing the first institutional capital to self-funded companies, JMI also invests in selected recapitalization and management buyout financings. Representative investments include Blackbaud, Inc., DoubleClick, Inc., Jackson Hewitt, Inc., Mission Critical Software, Inc. (acquired by NetIQ, Inc), NEON Systems, Inc. (acquired by Progress Software Corporation), Transaction Systems Architects, Inc and Unica Corporation. For more information on JMI Equity, visit www.jmiequity.com.