dentalxchange.com Closes $5 Million in Third-Round Financing; PracticeConnect and PayerConnect ASP Solutions Added to Suite of Services.Business Editors & Internet/Health Writers IRVINE, Calif.--(BW HealthWire)--March 20, 2001 dentalxchange.com(TM), the leading provider of Internet-based tools and e-commerce solutions for the dental community, announced that it has closed a $5 million financing round from Bessemer Venture Partners Bessemer Venture Partners is a private venture capital firm with offices in Silicon Valley, New York, Massachusetts, China, and India. It has backed such companies as Ciena, Flarion, Parametric Technologies, Skype, Staples, VeriSign and Veritas. and Whitney & Co. In April 2000 the company raised $16 million in venture capital. The company will use the money to fuel development, marketing and sales of its recently launched application service provider (ASP) solutions, PracticeConnect(SM) and PayerConnect(SM), in addition to its current Web offerings. PracticeConnect is the first Web-based practice management and online patient registration solution for the dental market. PayerConnect connects dental practices to insurance companies for online eligibility and benefit plan details. "dentalxchange.com's broad vision and fundamentally sound business plan make the company a solid investment for us," said Gautam Prakash, general partner of Bessemer Venture Partners. "Its strong management team has demonstrated the ability to respond quickly to changing market forces." Founded in 1994, dentalxchange.com offers a complete set of Internet solutions, including a full e-catalog of dental supplies and the most comprehensive online library of continuing dental education courses. The introduction of PracticeConnect and PayerConnect also positions the company as the premiere provider of leading-edge ASP solutions for the dental market. To support these new initiatives, two senior executives have assumed new roles. Co-founder Richard Lee Richard Lee may refer to:
Bill Jackson (ca. 1937-) is an American television personality, cartoonist and educator. He is best known for having hosted the children's program Gigglesnort Hotel. has been named senior vice president of Connectivity. "The decision to focus significant resources on delivering practice management and payer connectivity ASP solutions that reduce costs and increase efficiency is a winning strategy not only for the company but for its investors and customers," said Jeffrey R. Jay, M.D., general partner of Whitney and Co. "Our mission is to materially improve the economics of the practice of dentistry by bringing Internet-driven tools to a highly fragmented industry," said Steve Brewer, 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 dentalxchange.com. "Bessemer and Whitney's combined experience with companies at our stage of growth has helped us deliver on that mission." About Bessemer Venture Partners Bessemer Venture Partners, with offices in California, Massachusetts and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , is the leading national, early-stage venture capital firm in communications technology and Internet infrastructure. The firm manages more than a billion dollars of venture funds, carrying on a tradition of hands-on, active venture investing venture investing The acquiring of a stake in a start-up company by a brokerage firm or analyst by obtaining discounted, pre-IPO shares. Critics claim venture investing causes analysts to have a vested interest in seeing a stock appreciate in value and so that has continued since 1911. Many leading-edge communications companies, including Cascade, Ciena, Flarion, OMM OMM Organisation Météorologique Mondiale (French: World Meteorological Organization) OMM Organización Meteorológica Mundial (Spanish: World Meteorological Organization) OMM Organizzazione Meteorologica Mondiale , Parametric, PSI-Net, QED QED abbr. Latin quod erat demonstrandum (which was to be demonstrated) QED which was to be shown or proved [Latin quod erat demonstrandum] Noun 1. , Sirocco sirocco (sərŏk`ō) [Ital., from Arab. sharq=east], hot, dust-laden, dry, southerly wind originating in the N African desert (most commonly in the spring) and reaching Italy and nearby Mediterranean areas. , Sonus Networks and VeriSign selected BVP BVP bovine viral papillomatosis. as their early-stage venture partner. For more information, visit www.bvp.com. About Whitney & Co. Whitney & Co. pioneered the venture capital business and has evolved into a global manager of alternative assets Alternative Assets A term referring to non-traditional assets with potential economic value. Notes: Examples of alternative assets include art and antiques, precious metals, fine wines, rare stamps and coins, and other collectibles such as sports cards. , including private and public equity, and private and public debt. Founded in 1946 by noted industrialist, financier, and philanthropist John Hay Whitney John Hay Whitney (August 27, 1904 in Ellsworth, Maine - February 8, 1982), colloquially known as "Jock" Whitney, was U.S. Ambassador to the United Kingdom, publisher of the New York Herald Tribune, and a member of the Whitney family. , today the firm successfully manages more than $5 billion in assets by emphasizing a tradition of innovative investing, executing a distinctive investment model and cultivating a unique organization and culture. Whitney & Co.'s private equity activities are focused on growth capital investments in global industries such as communications, financial services, information technology, health care and industries undergoing transformation resulting from market shifts and technological innovation. Within these industries, the firm invests in talented entrepreneurs who have clear strategic and operating plans to capitalize on attractive market opportunities and to achieve rapid, long-term growth. About dentalxchange.com dentalxchange.com is the leading provider of Internet-based tools and e-commerce solutions for the $60 billion dental industry. Offerings include Web-based practice management and payer connectivity solutions, an online catalog of dental supplies, a comprehensive CE online library, Web site development and hosting, a job board and more. The Web site is the most trafficked commercial dental site on the Internet with more than 14,000 registered dentists, 2.5 million monthly hits and 130,000 monthly user sessions. The company is based in Irvine, and is privately held. For more information, visit the Web site at www.dentalxchange.com. |
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