Investment Speeds Deployment of Latest Payment Automation Technology Promising Greatly Reduced Administrative Costs For Insurance Payers
Concord, CA (PRWEB) May 11, 2005 -- Jopari Solutions, Inc., the leader in
proprietary payments automation and advanced web portal services for the
insurance industry, today disclosed successful closing of a venture funding
round through Sierra Angels, a group of angel investors specializing in early
stage companies with highly experienced management teams who offer unique
technology products in rapidly growing markets. Specific terms were not made
part of the announcement, other than revealing the round as over-subscribed.
Jopari will use the capital proceeds to ramp up and execute on existing contracts, expand its engineering teams, secure additional technical support and reinforce customer support.
Stated Bill Deters of Sierra Angels: “Our criteria for investment in high technology growth companies are demanding. We support companies whose unique proprietary products demonstrate rapid and profitable growth, which is realistic and achievable. We are impressed with Jopari Solutions’ proven management team. Jopari has unique domain knowledge, particularly in workers’ compensation and the auto insurance industry.”
“We are extremely gratified for the financial vote of confidence by the Sierra Angels,” said Steve Stevens, Jopari’s Chairman and CEO. “We bring to the table an innovative business strategy supported by state-of-the-art payment automation engineering and a highly scalable, recurrent monthly revenue model which is very attractive to investors. Our services save insurance payers of all types an average of 50% to 70% against end-to-end costs of conventional paper check processing.”
Commented Ric Cesped of the Sierra Angels, “In Jopari Solutions, Sierra Angels recognized a company with a mission to bring the Property & Casualty industry into the 21st century in terms of the elimination of paper dependent business processes. We believe Jopari’s services could not be more timely, considering the recent legislative mandates for electronic bill submission, electronic disbursements and payment data reporting.”
Leading market indicators point to business process improvement initiatives dominating strategic technology investments for Property & Casualty industry participants in 2005 and beyond. Manual workflow reduction and claims process automation have been identified as key areas where internal development costs and time-to-market uncertainties are rapidly giving way to hosted services. Jopari is among the pioneer hosted services companies combining multi-channel claim disbursements, secure payment and remittance portals, and connected payer/payee workflow.
According to a TowerGroup forecast, 2005 insurance industry IT spending will concentrate in the Property & Casualty sector and hit $36.5 billion for the year. TowerGroup identified improved efficiency of operations among the industry’s top three investment components. Jopari’s payment automation and portal services, which reduce claim payers’ conventional disbursement expense factors by 60%, are well positioned to attract a portion of this spending.
About Sierra Angels
The Sierra Angels is the premier group of angel investors in the Northern Sierra region. Sierra Angels members hold significant ownership positions in 27 portfolio companies. Members of Sierra Angels are independent business owners and senior corporate executives experienced in financing and developing emerging enterprises. We provide seed-stage investments in promising local technology ventures that satisfy our rigorous investment criteria, and support the entrepreneurial companies we fund with mentoring and business connections. Our portfolio companies operate in rapidly growing markets, demonstrate potential annual revenues exceeding $50 million, and are characterized by unique products, with proprietary technology, that meet important needs. (www.sierraangels.com)
About Jopari Solution, INC.
Jopari Solutions, Inc. provides industry-leading disbursement automation and web services. The company has unique expertise in enterprise level payment and remittance processing solutions, cash flow controls and back office financial reporting. Jopari’s web portal services generate significant direct and indirect administrative savings. “Powered by JopariPay™” services comply with state/federal regulations and HIPAA. Jopari also offers alternative benefit payment services, including direct deposit and stored value card programs. (www.jopari.com)
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Source : http://www.prweb.com/releases/2005/5/prweb238633.htm