Quivox Systems Inc. Gets First Round of Capital Funding
3 October 2000
Quivox Systems Inc. Gets First Round of Capital Funding
LOS ANGELES--Oct. 3, 2000--Quivox Systems Inc., with headquarters in Los Angeles, today received its first round of financing through private equity investors led by Blue Capital LLC, a $112 million investment firm founded by former McKinsey & Co. partners.Additional investors included Fenway Partners and Chase Capital Partners. The proceeds of this financing will be used to help the company achieve its next phase of growth in developing and marketing advanced information and workflow management systems for property and casualty insurance and collision repair providers.
Quivox Systems, which announced its incorporation earlier today as the result of a merger between Dais Inc. and SmallHill Inc., offers Internet-enabled, browser-based, business-to-business software to insurance companies, collision repair shops and other trading partners (e.g., rental car companies, residential contractors and third-party adjusters).
Quivox Systems' products combine the best attributes of software each entity developed and sold on its own prior to the merger, according to management. The company plans to expand its initial sales and marketing efforts, as well as to develop additional product lines with today's funding.
"We believe that Blue, Fenway and Chase Capital Partners will be more than just investors; they will be our partners in revolutionizing the insurance and collision repair marketplace," remarked Dayle Phillips, one of Quivox Systems' co-founders. "Our solutions capture all the data insurers require to better serve their customers, while helping collision repairers maximize the productivity of their shops."
Joe Gonzalez, a limited partner at CCP, will join the Quivox Board of Directors. Robert Taylor and Rick Beckett, both managing directors of Blue Capital, will continue to serve on the board.
"When you combine Dais' claims data management platform with enhanced shop operating performance and real-time, automated status reporting from SmallHill's shop scheduling engine, you get the kind of solution that could save this industry billions of dollars. It is our strong belief that Quivox is already raising the bar for the entire automobile insurance claims industry," said Taylor.
About Quivox Systems Inc.
Co-founders Dayle Phillips, Pete Tagliapietra, Ted Hill, Mike Hastings and Ed Mohr formed Quivox Systems Inc. by merging their previous companies, Dais Inc. and SmallHill Inc. Quivox Systems Inc. is located in Los Angeles at 1925 Century Park East, Suite 2320, and may be reached by calling Tom Keck at 212/284-9906, or via its Web site at www.quivox.com.
Dais Inc. was a Kansas corporation, with headquarters in Overland Park, Kansas. It was founded in 1996 by CEO Dayle Phillips to develop the technology that has become eDocExpress.
SmallHill Inc., a Delaware Corporation with headquarters in Los Angeles, was founded earlier this year by Blue Capital Management and a team of industry experts, including Ed Mohr and Ted Hill.
About the Investors
Blue Capital Management LLC is a private equity firm with $112 million of capital under management. Blue was founded by former McKinsey & Co. principals with more than 50 years of experience helping companies develop and execute winning strategies. Fenway Partners is a private equity firm that focuses on direct investment and building long-term value through both operating and financial expertise. Founded in 1995, the company currently manages an equity investment pool in excess of $1.4 billion.
Chase Capital Partners is a global partnership with approximately $20 billion under management. It is a leading provider of private equity and has closed more than 1,200 individual transactions since its inception in 1984. CCP has more than 150 investment professionals in seven offices throughout the world. Its primary limited partner is The Chase Manhattan Corp., one of the largest bank holding companies in the United States.