BenefitPoint Raises Over $11 Million in Series C Preferred Stock Financing; Additional $11 Million from Investors and Leading Insurance Brokers Reaffirms Technology and Market Opportunity.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--June 20, 2002 San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden based, BenefitPoint, the leading Internet-based infrastructure provider for the distribution and management of employee benefits, today announced that it has raised over $11 million in a Series C preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. financing. Current investor, HarbourVest Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , is leading the Series C round of financing and is being joined by Institutional Venture Partners, Sequoia Capital Sequoia Capital is a venture capital firm founded by Don Valentine in 1972. The firm's partners include Don Valentine, Pierre Lamond, Michael Moritz, Doug Leone, Mike Goguen, Mark Stevens, Jim Goetz, Sameer Gandhi, Roelof Botha, and Mark Kvamme. and major brokerage firms. The BenefitPoint application creates both economies and efficiencies for insurance carriers, payers, brokers, consultants and employers. Broker participants on the BenefitPoint application currently manage over $100 billion in medical and ancillary premiums in force today. The additional capital will enable BenefitPoint to accelerate adoption of its application within the employee benefits industry. "We conducted extensive research with numerous brokers and insurance carriers and determined that BenefitPoint is the leading system in the industry, with a strong value proposition for employee benefit brokers, consultants and carriers," said Ofer Nemirovsky, Managing Director of HarbourVest Partners, LLC. "The BenefitPoint business model is solid, with license fees from brokers for client management functionality, carrier fees for administrative information and distribution, partnership connection fees and revenue from value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. products." The capital raised will be used to accelerate BenefitPoint's growth plan. This includes additional product expansion as well as enhancements to the BenefitPoint application to provide greater efficiencies for brokers, consultants and carriers. "This financing is proof that our business model and our approach are powerful," said John Randazzo, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of BenefitPoint. "This funding is a milestone for BenefitPoint and will enable us to significantly increase revenue, continue product development and achieve profitability during the next 12 months." "BenefitPoint's momentum within the industry is a testament to the value that the company brings to employee benefits brokers, consultants and carriers alike," said Jim Durkin Jim Durkin is a Republican member of the Illinois House of Representatives, representing the 82nd District since 2006 when he was sworn in to replace Eileen Lyons after she retired mid-term. He was elected on November 8, 2006, defeating Democrat Kim Savage. , President of Gallagher Benefit Services. "We will further increase market efficiencies by driving business through BenefitPoint with major medical carriers." "BenefitPoint enables us to support clients with efficient data exchange, analysis and reporting for improved management of their benefit plans," said Robert O'Brien, National Leader of Mercer Human Resource Consulting's Health Care & Group Benefits Practice. "We have deployed the BenefitPoint application around the country and we continue to see growth in use of the system every day." About BenefitPoint BenefitPoint delivers the leading Internet-based employee benefits infrastructure for the distribution and management of group insurance products. As the central nervous system of the employee benefits industry, BenefitPoint provides a complete set of industry services, enabling benefits professionals to manage the entire group health insurance and benefits lifecycle. Building on the existing industry relationships among carriers and brokers and consultants, the BenefitPoint solution combines the efficiency of the Internet with the established distribution model of the insurance industry to increase productivity, improve decision-making and increase efficiency. Since general availability in February 2001, BenefitPoint has received widespread industry adoption from over 30 regional and national insurance carriers as well as over 100 of the leading U.S.-based brokerage and consulting firms. BenefitPoint is headquartered in San Francisco, CA and may be reached at 415/277-5600. To learn more, click www.benefitpoint.com. BenefitsAlliance, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of BenefitPoint Holding Corp., is an employee benefits purchasing group designed for California-based businesses with 50 to 5,000 employees. The BenefitsAlliance program is accessible to employers through benefits brokerage and consulting firms. BenefitsAlliance is headquartered in Walnut Creek Walnut Creek, residential city (1990 pop. 60,569), Contra Costa co., W Calif., in the San Francisco Bay area; inc. 1914. It is the trade and shipping center of an extensive agricultural area where walnuts are among the major product. , CA and may be reached at 925/210-8240. To learn more, click www.benefitsalliance.com. BenefitPoint is privately held. About HarbourVest Partners, LLC HarbourVest Partners, LLC is a leading global private equity investment firm, founded in 1997 to assume the business of Hancock Venture Partners, Inc. With more than $12 billion under management, the partnership invests in three distinct areas: new partnerships, secondary interests in partnerships and direct investments in operating companies within select industries. HarbourVest is 100 percent owned by its 12 managing directors, all of whom have been investing together since 1979. The managing directors have expertise in the areas of software, hardware, data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. , telecommunications, financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and management buyouts of operating companies. To learn more about HarbourVest Partners visit http://www.harbourvest.com/. About Sequoia Capital Since 1972, Sequoia Capital has provided startup venture capital for very smart people who want to turn ideas into companies. As the "Entrepreneurs Behind the Entrepreneurs," Sequoia Capital's Partners have worked with innovators such as Sandy Lerner and Len Bozack of Cisco Systems “Cisco” redirects here. For other uses, see Cisco (disambiguation). Cisco System,Inc. (NASDAQ: CSCO, HKSE: 4333 ) is an American multinational corporation with 54,000 employees and annual revenue of US $28.48 billion as of 2006. , Jerry Yang
Jerry Chih-Yuan Yang (Traditional Chinese: 楊致遠; Simplified Chinese: and David Filo David Filo (born 1966 in Wisconsin) is the co-founder of Yahoo! with Jerry Yang. David Filo, at age 6, moved to Moss Bluff, Louisiana, a suburb of Lake Charles, Louisiana. of Yahoo!, Gaurav Garg of Redback Networks, Larry Page and Sergey Brin of Google, Dan Warmenhoven of Network Appliance, T.J. Rodgers of Cypress Semiconductor, Lou Tomasetta of Vitesse Semiconductor, Steve Jobs of Apple Computer and Larry Ellison of Oracle. The companies organized by Sequoia Capital now account for about 10% of the value of NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on . To learn more about Sequoia Capital visit http://www.sequoiacap.com/. About Institutional Venture Partners Institutional Venture Partners (IVP IVP abbr. intravenous pyelogram IVP (Intravenous pyelogram) The use of a dye, injected into the veins, used to locate kidney stones. Also used to determine the anatomy of the urinary system. ) has invested in top-tier companies since 1974. Managing Director, Sam Colella, a BenefitPoint Director, has funded numerous successful start-ups and has a reputation for being a contributing board member. To learn more about Institutional Venture Partners visit http://www.ivp.com/. Note to Editors: BenefitPoint and "central nervous system of the employee benefits industry" are service marks of BenefitPoint, Inc. All other company and product names mentioned here are service marks of their respective owners. |
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