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  • Appriss Secures New Equity Capital Funding

    July 23rd, 2007 No comments

    Chrysalis Ventures, a leading source of equity capital for young growth companies in the South and Midwest, announced recently that its portfolio company 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. Terms of the investment were not disclosed.

    In March 1995 Appriss’ Louisville-based founders, Mike Davis and Yung Nguyen, approached Chrysalis Ventures for both seed capital and guidance in building a business around their innovative victim notification technology. Chrysalis and co-investor Windcrest Partners financed the development and distribution of the company’s flagship VINE product, which enables jails and prisons to notify crime victims when perpetrators are being released from custody. Co-investors Mayfair Capital, Richland Ventures, and CID Equity Partners later provided additional capital to fuel the company’s expansion and new product innovation.

    “We are proud to have been associated with Appriss,” said Chrysalis Ventures Chairman and Managing Director David A. Jones, Jr. “Mike Davis, Yung Nguyen, and Doug Cobb are outstanding entrepreneurs who have brought the power of technology to the critical task of helping Americans protect themselves from violent crime. This exciting investment from Bain and JMI positions the company for continued rapid growth while also providing an attractive return to the company’s early investors.”

    “In addition to providing capital, Chrysalis played a hands-on role in growing the business and helping us commercialize our technology through the development of a subscription SaaS business model and a scalable business plan,” added Doug Cobb, Appriss CEO. “Chrysalis also played a key role in introducing Appriss to our other institutional investors.” Mr. Cobb, Chrysalis co-founder and then managing director, joined Appriss as CEO in 2000.

    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.

    Appriss provides innovative technology solutions that help governments serve and protect their citizens. In addition to VINE, the National Victim Notification Network, other innovative products and services include VINE 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.

    For more information, please visit www.appriss.com

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