Source: SeaPass Solutions
SeaPass Solutions, Inc., a leading developer of connectivity solutions for the insurance industry, today announced that it has completed a $11.5 million round of equity financing, led by Dolphin Equity Partners, and the Inter Atlantic Group, private equity capital firms based in New York, N.Y. additional participants in the transaction included Apropos IT Ventures, Hyperion and Platinum Neurone Ventures (PNV).
The funding will be used to further advance SeaPass rapid growth by expanding operations, sales, and marketing.
"The Insurance market has been seeking a solution for the age old problem of multiple data entry and the inefficiencies arising from it (SEMCI), encountered by agents and carriers alike on a daily basis. While many promises of pending solutions have been made over the years, SeaPass has proven that its solutions can deliver; our leading customers and the advantages implementation of our technology has brought to them are a testament to that. As a result of our solutions, agents as well as carriers are able to leverage their existing systems (whether legacy, web , client server or other) in order to automatically interact with each other, without the need to re-key information for transactions such as quoting, policy submission, book of business transfers, and endorsements, all this with no changes or programming required. We are fortunate to have such a strong syndicate of investors who support our vision, management team, and business model. The funding, along with our ability to leverage our investors' and our Board's experience in building successful companies, will position us to take an even stronger leadership role within the industry," said Eric Gewirtzman, Chief Executive Officer of SeaPass.
"Our decision to invest in SeaPass is based on the long-term value we see in the Company's business model and technology, coupled with its track record of solid growth, and managements ability to execute," said Richard Brekka, Managing Partner at Dolphin Equity Partners. "The Company's single entry, multi-company interface solves a critical challenge for the insurance industry and its independent agents. SeaPass's ever-expanding list of customers and partners clearly validates the value of SeaPass's offering."
Richard Brekka of Dolphin Equity Partners and Robert M. Lichten of Inter-Atlantic Partners will join the SeaPass Board of Directors. Friedman Billings Ramsey assisted SeaPass with the financing.