NewSpring Capital Leads Investment in FirstBest Systems
April 03, 2012
RADNOR, PA - April 3, 2012 - NewSpring Growth Capital announced today that it led a $10 million equity investment in FirstBest Systems ("FirstBest" or the "Company") alongside Brookstone Partners and Verisk Analytics (NYSE:VRSK). The proceeds will be used to expand into new segments of the insurance industry, develop new products, expand sales and marketing initiatives, and support market-leading advancements such as mobile applications for the insurance enterprise.
Based in Bedford, Massachusetts, FirstBest provides modular software solutions for property and casualty insurance carriers. "At this stage for FirstBest, it was key to select investors who can truly partner with us to deliver on the insurance industry's vision for a single enterprise platform for the Front Office. Our expanded group of capital partners value the business impact - and growth potential - that our world-class team and Suite offer," added Mr. Belizaire.
FirstBest's patented Front Office Suite helps insurers drive revenue growth and increase profitability across the enterprise, while improving ease of doing business with the distribution channel. FirstBest's flagship solution, FirstBest UMS™, help carriers deploy products faster to keep up with market shifts and customer demand. The collaborative underwriting management system streamlines processes, making underwriting faster and more accurate, captures the knowledge of experienced underwriters, helps maintain best practices, and enforces rules across the enterprise. FirstBest Agentprovides a complete transactional agent/broker portal that facilitates new business and renewals. FirstBest AppReader speeds submissions and increases productivity.
"FirstBest offers NewSpring a winning combination for a growth equity investment: proven and smart management, a growing roster of enterprise customers and of course a unique and timely offering. The insurance sector continues to embrace the FirstBest Front Office Suite because it's a true 'solution' for unifying and streamlining a business function that's core to the bottom line: underwriting. The ability to compete, grow and fuel profits quickly is compelling," said Michael A. DiPiano, Managing Partner of NewSpring, who joins the FirstBest Board of Directors.