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Letter to the Editor
Friday June 2
CCC Information Services Acquires ProcessClaims
Vector Capital, a private equity firm specializing in buyouts, spinouts, and recapitalizations of established technology businesses, has announced a definitive agreement under which CCC Information Services Inc. will acquire Vector portfolio company ProcessClaims, Inc. The acquisition is expected to close in the next few weeks, subject to customary closing conditions.The sale of ProcessClaims to CCC, terms of which were not disclosed, demonstrates Vector's strategy of funding the growth of established technology businesses. Vector invested in ProcessClaims in June 2002. At that time, the company had already developed a web-based solution for streamlining the claims process for the automotive insurance, collision repair, and related industries. Several of the world's largest insurance companies were ProcessClaims customers and had made long term commitments to use the ProcessClaims solution to gain greater control and insight into their interactions with the claims supply chain.
"In 2002, during an exceedingly difficult time for technology companies to be raising money, Vector made a bet on the ProcessClaims management team and our proven technology for the automotive insurance industry," said Paul Farber, CEO of ProcessClaims. "We were looking for a hands-on investor to take us to the next level, and Vector lived up to our expectations."
ProcessClaims, headquartered in Manhattan Beach, California, is a provider of software connectivity and business process solutions designed to boost productivity, enhance customer service, and deliver significant return on existing IT investments. ProcessClaims solutions extend an insurance organization's existing IT investment by automating communication and information flow between employees, partners, and their extended community.
In addition to funding the growth of established technology businesses, Vector also focuses on spinouts of non-core technology businesses from large corporate parents and take private transactions of public companies. On April 27, 2006, Vector announced the sale of LANDesk Group Ltd to Avocent Corporation for $416 million. LANDesk was spun out by Vector from Intel Corporation in 2002. On May 4, 2006, Vector announced the sale of Savi Technology, Inc. to Lockheed Martin, terms of which were not disclosed. Savi was spun out by Vector from Raytheon Company in 1999. Vector's take-private transactions include the buyout of Corel Corporation in 2003 and Register.com in 2005. In April, 2006, Corel completed its IPO and returned to the public markets, and in May, 2006, Register.com announced the sale of its Corporate Services Division to Corporation Services Company.
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