For
Immediate Release
Contact:
David
A. Jones, Jr.
Chairman/Managing Director
Chrysalis Ventures
502-583-7644
Scott
A. Remley
Chairman, President, & CEO
Connecture,
Inc.
404-879-4607
CHRYSALIS
VENTURES LEADS $6 MILLION
INVESTMENT
IN CONNECTURE, INC.
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.
About Connecture
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.
