October 11, 2005
Palm Beach, FL
PALM BEACH, FL (October 11, 2005) - Palm Beach Capital, through one of its investment entities, today announced that it has made a $5.4 million investment in Insurance Technologies, LLC for growth capital purposes. Additional terms of the transaction were not disclosed.
Insurance Technologies, founded in 1995 and based in Colorado Springs, Colorado, is the premier provider of multi-channel, mobile point-of-sale management software for the insurance, financial services and brokerage industries. All on a single platform, its award-winning software product Insurance Technologies' ForeSight™ , supports all product lines including life, health, annuities, mutual funds, disability income, long-term care and critical illness. It allows users to work in an online or offline mode using desktops, laptops and other hardware devices. The illustration output and simplicity of the user interface helps clients and representatives easily review various product lines as the software solution successfully integrates many steps in the sales process from needs analysis to application generation.
"Insurance Technologies is a clear market leader in providing software solutions to the insurance and financial services industries," stated James W. Harpel of Palm Beach Capital. "We believe they are the dominant provider in this niche and that, with the capital and resources we provide, we can help the company expand and enhance its position within the industry."
Larry W. Wiedeman, founder and Chief Executive Officer of Insurance Technologies stated, "We are pleased about the expertise and opportunities that our new partner, Palm Beach Capital, will bring to this organization and our existing customer base. The result of this transaction will strengthen our position within our core market and provide resources to expand into market adjacencies both domestically and internationally."
Insurance Technologies prides itself in being an industry leader and innovator in the insurance, financial services and brokerage industries. Notable clients of Insurance Technologies included MetLife and its affiliates, Prudential, AEGON/Transamerica, Allstate, Alliance Life and Lincoln Financial, Guardian, Phoenix Life, Merrill Lynch and China Life among others.
For more information, please visit the company's website at http://www.insurancetechnologies.com, or contact Heather Davis at 719-442-6400.
ELM Capital, an investment bank located in Atlanta, acted as exclusive placement agent for Insurance Technologies.
About Palm Beach Capital
Palm Beach Capital is a private equity investment firm which specializes in making investments in and helping to build small- and middle-market private companies.
For more information, go to the firm's website at http://www.pbcap.com, or contact Anna Schafer at 561-659-9022
About Insurance Technologies
Based in Colorado Springs, Colorado, Insurance Technologies offers point-of-sale illustration software to the insurance and financial services industries. Its award-winning product, ForeSight, supports all product types, including Life, Health, Annuities, Mutual funds, Critical Illness, DI, and LTC – all on a single mobile platform.