ClaimForce, Inc. Secures Series A Funding; Investor Group led by Origin Ventures; Bruce N. Barron joins Board of Directors.CHICAGO -- ClaimForce, Inc., an online vendor management and procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. solution for the property & casualty insurance claims industry, today announced it recently closed on a Series A round of financing with an investor group led by Origin Ventures. In connection with the financing, Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. N. Barron, Principal of Origin Ventures has joined the company's board of directors. The financing terms were not disclosed. "Our new investor group has a proven track record of identifying and investing in innovative and successful companies. The management of ClaimForce is thrilled thrill v. thrilled, thrill·ing, thrills v.tr. 1. To cause to feel a sudden intense sensation; excite greatly. 2. To give great pleasure to; delight. See Synonyms at enrapture. to have them aboard and we look forward to building ClaimForce into an industry leader," said Stephen Applebaum, President of ClaimForce. "Origin Ventures is very excited about its investment in this exceptional company. We are extremely impressed im·press 1 tr.v. im·pressed, im·press·ing, im·press·es 1. To affect strongly, often favorably: with the depth and commitment of its management team and we recognize the tremendous value that ClaimForce brings to the property & casualty claims industry. ClaimForce appears to be ready to take off and we are pleased that this round of financing will allow the company to become a serious participant in this rapidly evolving industry," said Bruce N. Barron, Principal of Origin Ventures II L.P. "This investment allows us to accelerate our growth and capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the strong demand being shown for our products and services" said Dennis O'Mahoney, founder 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 ClaimForce. "Competition, industry best practices, regulatory environments and heightened customer expectations fueled by unprecedented access to information have converged to drive this demand" he added. About ClaimForce ClaimForce combines more than 75 years of leadership and experience to provide the insurance industry with high-value claim solutions. ClaimForce technology improves the way the insurance industry buys and manages the products and services that are needed to resolve an insurance claim while empowering a nationwide network of qualified Claim Service Providers and Insurance Claim Professionals to work together as one claims organization. By streamlining claim service procurement and claims management processes, ClaimForce helps insurers realize significant business transformations, productivity gains and cost reductions. The company's leadership is committed to creating excellence in the delivery of products and services to more than 350 North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. insurance companies and thousands of vendors in their claim service supply chain. About Origin Ventures Origin Ventures is a Northbrook, Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. based venture capital firm investing in early-stage companies since 1999. It invests capital and leverages its entrepreneurial en·tre·pre·neur n. A person who organizes, operates, and assumes the risk for a business venture. [French, from Old French, from entreprendre, to undertake; see enterprise. , marketing and management expertise to help facilitate the growth of these companies. The principals of Origin Ventures have been involved in successful entrepreneurial activities since the mid 1980's. It utilizes its capital and experience to assist entrepreneurs in maximizing the value of their enterprises. For more information on Origin Ventures, visit its web site at http://www.originventures.com |
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