VENTURE CAPITAL FIRMS INVEST $5 MILLION IN ALTA ANALYTICS
WESTERVILLE, Ohio, March 29 /PRNewswire/ -- Alta Analytics is becoming well known among property and casualty insurers for its NetMap for Claims(TM) fraud detection software. With a new infusion of capital announced today, the company's industry profile is raised again.
A group of four venture capital firms have signed on to provide $5 million, to be used to further fuel the company's growth and development of expanded software solutions for the insurance industry. The largest portion of funding comes from Menlo Ventures, of Menlo Park, California. Additional money comes from three earlier investors adding to their stake in Alta: CID Equity Partners of Columbus, Ohio; Desco Capital Partners of Columbus, Ohio; and Wingset Investments, Ltd. of New Albany, Ohio.
Alta Analytics' NetMap for Claims product is in use in five of the top 15 property and casualty insurance companies in the United States, and the influx of capital will be invested in increased development, support and marketing personnel, according to Herb Jones, Alta's president and CEO.
"This will help us round out our full vision of an insurance industry product suite based on our core NetMap(TM) technology," Jones explained. "By investing wisely now, we will be well prepared to anticipate and meet the needs of our rapidly growing client base."
Menlo Ventures, one of the most prestigious investment firms in the field, chose Alta from among thousands of business plans it reviews each year. "We are enthusiastic about Alta's technology, its management team and the early market presence they have already achieved," said John W. Jarve, Menlo Ventures general partner and managing director. Jarve will join the Alta Analytics board of directors.
In addition to the funding, Alta looks forward to benefiting from Menlo Ventures' worldwide network of technology organizations and executives. "In its 21-year history, Menlo has formed strong relationships with technology industry leaders," Jones said. "We are very pleased to be selected by this highly respected firm, and look forward to their support in enhancing our success. We were fortunate to be in a favorable position to choose our partners, and are very pleased to choose Menlo Ventures.
"We are also very happy that our existing venture capital investors are well pleased with their investments in Alta and wanted to increase their stake in the company," Jones added.
Located in Menlo Park, Menlo Ventures is a private capital partnership providing long-term capital and management support to early stage and emerging growth companies. Over the past 22 years, Menlo Ventures has invested over $600 million in over 200 companies in the areas of biotechnology, medical devices, healthcare services, computer software, hardware, networking, communications and the Internet. For more information about Menlo Ventures visit their web site at http://www.menloventures.com.
Founded in 1990, Alta Analytics is a technology firm specializing in transforming data into knowledge management solutions through the use of its
NetMap visual analysis technology combined with proven processes and tailored business applications. Alta's products and methodologies transform the way organizations look at data, giving a significant boost to complex research tasks, data analysis and problem solving. Alta Analytics continues to expand its suite of NetMap for Claims companion products to meet a broad range of investigative needs in the insurance industry. In addition, NetMap technology is widely used by law enforcement agencies and intelligence communities worldwide.
Alta Analytics is headquartered in Westerville (a Columbus, Ohio suburb), with sales and support offices in Chicago, Dallas, Baltimore and an international office in London. It is a privately held company, financed with venture capital. Alta Analytics can be reached via its web page at www.altaanalytics.com or by calling 800-NETMAPS.
NetMap and NetMap for Claims are trademarks of Alta Analytics, Inc. SOURCE Alta Analytics
-0- 03/29/99 /CONTACT: Carrie Reber, CReber@alta-oh.com, or Diana Scranton, DScranton@alta-oh.com, of Alta Analytics, 614-523-1067/
/Web site: http://www.menloventures.com/ /Web site:
http://www.altaanalytics.com/
CO: Alta Analytics; Menlo Ventures; CID Equity Partners; Desco
Capital
Partners; Wingset Investments, Ltd. ST: Ohio, California IN: CPR SU: