Appriss, Inc. Announces Strategic Investment from Bain Capital Ventures and JMI Equity
July 10, 2007
Louisville, Ky. – Appriss® Inc., the leading provider of Software-as-a-Service (SaaS) solutions to local, state, and Federal criminal justice and law enforcement agencies, has secured a strategic investment from Bain Capital Ventures and JMI Equity to recapitalize the company. Senior financing related to the transaction was provided by Wells Fargo Foothill. Terms of the investment were not disclosed.
“We have worked with Bain and JMI over the past several months and have been impressed by their energy, creativity, and intellect, as well as their knowledge of our business and market,” said Douglas Cobb, Appriss CEO. “We look forward to working with them to expand our offerings for public safety agencies across the country and achieve continued rapid growth for our company.”
Appriss, founded in 1995, provides the patented VINE® service, the nation’s leading victim information and notification service. VINE is currently available in more than 2,000 criminal justice agencies in 41 states and the District of Columbia. In recent years, Appriss has expanded its offerings to include other software-based services. All company applications are delivered on a hosted (SaaS) model, allowing law enforcement and criminal justice agencies to implement solutions quickly, efficiently, and inexpensively.
Cobb said Appriss’ customers will not see a change in the company’s commitment to them or to its high-quality products and services.
“We are thrilled to be partnering with Doug, Mike Davis and the rest of the Appriss team,” said Jeff Schwartz, managing director of Bain Capital Ventures. “First and foremost, we are in the business of finding and backing talented entrepreneurs. During our time with the Appriss team, we have come to find the assembled group is a superior one, both in terms of ability, as well as in passion and dedication to the company’s important mission.”
“Appriss is a truly unique company offering unparalleled technology solutions that assist law enforcement efforts and improve the effectiveness of criminal justice agencies across the U.S.,” added Bob Smith, general partner of JMI. “We could not be more excited to apply our software industry expertise and help Appriss’ strong management team continue to expand and further refine the company’s product offering and to recruit and retain the very best talent in the business.”
“We believe Appriss is extremely well-positioned to continue its recent growth and to expand its service offering to law enforcement agencies nationwide,” said Todd MacLean, principal of Bain Capital Ventures. “Given VINE’s status as the de facto national standard in victim notification and the fact that the company’s subscriptionbased, ASP business model is extremely well suited to its customer’s needs, we are confident that management will continue to offer innovative products that produce real, tangible value in the lives of the communities Appriss aims to serve.”
Louisville-based Chrysalis Ventures provided Appriss’ seed capital and led the company’s first institutional financing in March 1995. Chrysalis co-investors in the financing included Richland Ventures, CID Equity Partners, Windcrest Partners, and Mayfair Capital. Douglas Cobb was co-founder and managing director of Chrysalis Ventures prior joining Appriss in 2000 as CEO.
Schwartz, Smith, MacLean and JMI General Partner Harry Gruner will join Cobb, Appriss President Mike Davis, and former director Michael Gellert on the Appriss Board of Directors.
Appriss was advised by investment banking firm Harris Williams & Company and the law firm Bass, Berry & Sims PLC. Bain was advised by the law firm of Ropes & Gray, LLP and JMI was advised by Goodwin Procter LLP.
About Appriss
Appriss provides innovative technology solutions that help governments serve and protect their citizens. In addition toVINE, the National Victim Notification Network, other innovative products and services includeVINE Protective Order®, which automatically notifies petitioners when protective orders are served on respondents; JusticeXchange®, the leading solution for connecting criminal justice agencies nationwide; and AlertXpress®, a high-speed notification solution for government agencies. The company’s newest product, Methcheck™, is an automated tool that allows law enforcement agencies to monitor purchases for pseudoephedrine, one of the components in the manufacture of methamphetamine, and to “watch” specific individuals who exceed the legal limits imposed by state law.
About Bain Capital Ventures
Bain Capital Ventures is the growth-oriented arm of Bain Capital, the Boston-based global private equity firm. Founded in 1984, Bain Capital and its affiliates have invested in over 230 companies and have $45 billion of assets under management. Bain Capital Ventures partners with outstanding entrepreneurs in the information technology, business services and healthcare industries in order to build market leaders via active, engaged strategic and operational support. Bain Capital has a strong track record in technology and financial services businesses, having invested in Sungard Data Systems, Experian, Taleo (NASDAQ: TLEO), Datek (merged with Ameritrade, Nasdaq: AMTD), Instinet (acquired by Nasdaq), Applied Systems, Profit Logic (acquired by Oracle), iPay Technologies, and Solarwinds.net.
About JMI Equity
JMI Equity, based in Baltimore and San Diego, is a private equity firm exclusively focused on providing growth capital to software and business services companies. Founded in 1992, JMI has invested in more than 80 companies throughout North America and has approximately $700 million of capital under management. In addition to providing the first institutional capital to self-funded companies, JMI also invests in selected recapitalization and management buyout financings. Representative investments include Blackbaud, Inc., DoubleClick, Inc., Jackson Hewitt, Inc., Mission Critical Software, Inc. (acquired by NetIQ, Inc), NEON Systems, Inc. (acquired by Progress Software Corporation), Transaction Systems Architects, Inc and Unica Corporation. For more information on JMI Equity, visit www.jmiequity.com.
Additional Media Contacts:
Bain Capital Ventures
Alex Stanton
Stanton Crenshaw Communications
(212) 780-1900 ext. 515
alex@stanton-crenshaw.com
JMI Equity
Chuck Dohrenwend
The Abernathy MacGregor Group
(212) 371-5999
cod@abmac.com
