NewSpring Growth Capital Announces Three Successful Exits
September 26, 2016
Radnor, PA – September 26, 2016 – NewSpring Capital, a family of private equity funds providing growth and expansion capital, is pleased to announce that it has successfully exited FirstBest Systems (“FirstBest”), Smart Destinations (“Smart”), and XOS Digital (“XOS”), all portfolio companies of NewSpring Capital’s dedicated growth fund, NewSpring Growth Capital (“NewSpring”).
NewSpring led the financing of FirstBest Systems, a leading provider of insurance software solutions and services, in 2012. Proceeds were 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. NewSpring executed a strategic sale of the Company in August 2016.
“The FirstBest management team consistently demonstrated their proven operational excellence throughout the term of our investment,” said Michael DiPiano, NewSpring Managing Partner. “It has been a pleasure watching this Company expand their solutions and streamline their business function. The team's clear vision and focus on execution has yielded a terrific outcome for our investors.”
NewSpring first entered into the investment with Smart Destinations, a provider of smart-card based packaged travel products and services to the tourism industry, in 2008. Proceeds were used to enable Smart to continue its U.S. expansion through new destination openings, to continue growth in existing markets, as well as to fund new product development. NewSpring successfully completed a strategic sale to Big Bus in September 2016.
First announced in July, NewSpring completed the strategic sale of XOS to Catapult Group (ASX:CAT). XOS provides content management and digital coaching solutions to professional and amateur athletic organizations. Proceeds from NewSpring’s initial investment were used to expand the offering to different sports and enhance the functionality of the core platform by including next-generation analytics and video functionality.
Glenn Rieger, NewSpring Partner stated, “We are extremely pleased to have been part of the success of Smart and XOS. Through the dedication of the management teams, we were able to execute on the Companies’ visions and are pleased with the outcome of our investments."
About FirstBest Systems
FirstBest Systems is the leading provider of insurance software solutions and services that help property/casualty insurance companies improve underwriting profitability, scale their business, and achieve high service levels with agents and brokers. The patented and proven FirstBest Suite™ powers the underwriting operations of leading commercial property/casualty, specialty, and workers’ compensation insurers, processing more than $23 billion in quotes. FirstBest helps insurers institutionalize risk-assessment knowledge and best practices. With FirstBest solutions, all constituents in the underwriting process can rapidly collaborate to quote, bind, and issue business on a single, data-powered, real-time platform. For more information, please visit www.firstbest.com.
About Smart Destinations
Smart Destinations helps travelers enjoy more activities in their destinations for less. With both mobile and physical multi-attraction passes, visitors enjoy flexible purchase options, savings of up to 55% off regular admission prices, and the convenience of skipping the line at most popular attractions. Available online and at walk-up retail outlets, Smart Destinations passes, including Go City Cards, Explorer Passes and Go Select Passes, provide admission to more than 400 attractions across nine U.S. destinations. For more information, please visit www.smartdestinations.com.
About XOS Digital
Founded in 1999, XOS Digital provides more than 500 sports organizations at all levels a competitive advantage by unlocking insight and value from their digital media assets. XOS offers software, analytics, and services that enable partners to preserve and monetize their digital media assets and coaches to better scout, recruit, teach, and win. The ever-expanding portfolio of products and services including the XOS Thunder™ HD Coaching Platform, XOS ThunderCloud Suite, XOS Digital Licensing Portal™, and XOS Vault™ digital asset management system, reflect the XOS Digital commitment to continuing innovation. For more information, please visit www.xosdigital.com.