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Yearly Archives: 2020
NEOGOV and PowerDMS Join Forces
NEOGOV, a market leader in public sector human resources software, today announced a definitive agreement to merge with PowerDMS, a leader in cloud-based compliance software that helps customers simplify how they create, track, and attest to policies, training, and industry standards. The merger will expand NEOGOV’s product offerings and further demonstrates its commitment to streamlining the complex processes needed to support the public sector workforce. Terms of the transaction were not disclosed.
NEOGOV’s full suite human capital management solution enables recruiting, hiring, onboarding, training, performance management, payroll, benefits and time and attendance processes specific to public sector and higher education organizations. PowerDMS’ products strategically complement NEOGOV’s platform and capabilities, setting it up for the next chapter of the company’s growth. The merger will help customers solve complex human resource and compliance challenges under one roof by unifying best-in-class human resource tools and document management in an age of increased pressure for additional accountability and transparency.
The merger is subject to regulatory approval. The combined businesses will be operated by NEOGOV, which is headquartered in El Segundo, California. Shane Evangelist, current NEOGOV CEO, will be CEO of the combined company.
“The addition of PowerDMS to the NEOGOV family is a natural fit. It increases our core offering and deepens our expertise around procedure and policy management, which will ultimately enable us to modernize more of the vital systems that serve our citizens,” Evangelist said. “The tremendous team and solutions at PowerDMS furthers our mission to ‘Serve the people who serve the people.’ ”
PowerDMS offers a secure cloud-based policy, compliance, accreditation management solution that helps organizations with transparency, accountability, risk and liability reduction, increases organizational efficiency, and helps save lives. The company provides secure FBI CJIS compliant software tools to organize and manage an organization’s critical documents and industry accreditation standards and allows for training and testing of employees. PowerDMS serves customers in public safety, government, and healthcare and has achieved significant organic growth in these markets.
“Delivering transformative Cloud-based solutions that automate and scale complex processes needed to run local government is at the heart of what both companies do well. By expanding its offering to include the products of PowerDMS, NEOGOV is well-positioned to continue our success and further increase a combined footprint in the public sector,” said David DiGiacomo, CEO of PowerDMS.
The merger of PowerDMS broadens the solutions offered by NEOGOV and further supports the company’s long-term growth strategy and dedication to enhancing its comprehensive capabilities within the human resources software market.
William Blair served as exclusive financial advisor to PowerDMS in the transaction.
NEOGOV is the leading provider of an integrated HR, payroll, and talent management solution for the public sector. NEOGOV customers report increased employee productivity and engagement, time and cost savings, improved regulatory requirement compliance, and reduced paper processes, with a net result of better services for citizens. Serving over 6,000 organizations, NEOGOV provides intelligent HR for the public sector. More information at www.neogov.com.
Founded in 2001, PowerDMS offers a cloud-based compliance management platform that helps users reduce risk and liability, protect reputation, increase efficiency, and save lives. The company provides software tools to organize and manage an organization’s critical documents and industry accreditation standards and allows for training and testing of employees. Most of the over 4,000 PowerDMS customers represent high-risk industries with compliance requirements in the healthcare, government, and commercial sectors. To learn more, go to www.PowerDMS.com .
Mailprotector Awarded Patent for Bracket Email Encryption Technologies
(Greenville, S.C) November 30, 2020 – Mailprotector, a Greenville, SC-based cybersecurity company, announced today that the U.S. Patent and Trademark Office recently issued U.S. Patent No.10708244 for Bracket®, a system and method for encryption, storage, and transmission of digital information.
The problem with traditional encryption methodologies is the complexity of the applications, implementation, and decoding processes. With Bracket, users simply wrap the subject line in brackets and hit send. The process for opening and decoding messages is equally effortless. Bracket features include:
- Messages encrypted using AES256 standards & geographically distributed key.
- Fool-proof sign-in mails with a secure, expiring link. No more lost passwords!
- Encrypted email can be sent from any email app on any device.
- MX-free for Office 365. No need to change records so they route through filtering services.
Bracket also includes an encrypted file transfer service, Bracket Share, which gives users a personalized file transfer page with an easy URL (share link) that they can provide to anyone. Shared files and messages show up in the Bracket inbox like a regular message. Other features include customizable links, personalized invitations, and sender validation.
“We are elated at the patent office’s acknowledgment of Bracket as a revolutionary encryption technology.” Says David Setzer, CEO of Mailprotector. “One of our core goals is to empower managed services providers with unique and highly valued services they can take to market. While our partners usually provide all the external validation we need, this patent confirms our commitment to technical innovation. Bracket gives MSPs a true advantage and differentiator in the security and encryption space, solves real end-user needs, and delivers highly profitable recurring revenue streams.”
Will Nobles, founder and CEO of IT services firm Vector Choice Technology Solutions, is leveraging Mailprotector’s encryption technology with a 1000 user healthcare provider, various attorneys, and other clients. “Innovations from our vendors, bringing new ideas like Bracket and Bracket Share, is invaluable to our business,” emphasizes Nobles. “With other systems, you have to install extensions in Outlook, and users have to follow multiple steps. Bracket is a lot easier to use, which means our clients are more apt to add the protection instead of sending email unencrypted.”
“Our design goal was to make security more accessible to users and our partners, not to create technology for technology’s sake,” adds Mailprotector’s CTO, Ben Hathaway. “That’s what makes Bracket special. The combination of ease of use with innovative and highly effective encryption. Our unique approach, detailed in the patent, allows us to offer users complete data privacy and security in a simple to use solution.”
Mailprotector empowers its users with a portfolio of cloud-based email security, management, and hosting services sold exclusively through the worldwide IT services channel. Products include inbound and outbound email security, email continuity, email archiving, email encryption, and business-class hosted email solutions. More information is available at www.mailprotector.com.
The Zebra reaches $100M run rate, turns profitable as insurtech booms
By: Alex Wilhelm
From a cluster of insurance marketplace startups raising capital earlier this year, to neoinsurance provider Lemonade going public this summer at a strong valuation, Hippo’s huge new round and Root’s impending unicorn IPO, 2020 has proven to be a busy year for startups and other growth-oriented private tech companies focused on insurance.
That news cycle continues today, with The Zebra announcing that it has reached a roughly $100 million run rate, and, perhaps even more notably, that it has turned profitable.
TechCrunch most recently covered the car and home insurance marketplace startup in February, when it raised the first $38.5 million in a Series C eventually worth $43.5 million that Accel led. As we noted at the time, the startup joined “Insurify ($23 million), Gabi ($27 million) and Policygenius ($100 million) in raising new capital this year.”
The Zebra released a number of financial performance metrics as part of its Series C cycle, including that it recorded revenues of $37 million in 2019, and that it had reached a $60 million annual run rate around the time of its Series C. The Zebra also said that it could double in size this year, putting it above a $100 million run rate by the end of 2020.
With that history in hand, let’s talk about the company’s more recent performance.
A changing market
According to the company, The Zebra recorded net revenue of $6 million in May, 2020. That number grew to around $8 million in September. For those of you able to multiply, $8 million times 12 is $96 million, or a hair under $100 million. According to a call with the The Zebra’s CEO Keith Melnick, the company’s September was very close to $8.3 million, a figure that would put it on a $100 million run rate.
Given that our $100 million ARR club has a history of granting startups a little wiggle room when it comes to their size, it seems perfectly fine to say that The Zebra has reached revenue scale of $100 million; at its current rate of growth, even if its final September revenue tally is a hair light. the company should reach a nine-figure topline pace in October.
According to Melnick, while the bulk of The Zebra’s revenue isn’t recurring, a growing portion of it is. Per the CEO, around 2-5% of The Zebra’s revenue was recurring last year, a figure that he said is up to around 10% today. (If The Zebra binds an insurance policy itself, and that policy is renewed, its commissions can recur.)
What drove the company’s quick 2020 growth? In part, the insurance market changed, with insurance networks that depended on in-person sales seeing their ability to drive business slow thanks to COVID-19. Insurance marketplaces like The Zebra stepped in to assist, helping move some offline demand online. Melnick detailed that dynamic to TechCrunch, adding that when certain advertising channels saw demand fall, his company was able to leverage inexpensive inventory.
A number of factors appear to have added to The Zebra’s rapid growth thus far in 2020. Our next question is whether other, related players in the insurtech startup space have seen similar acceleration. More on that in a few days.
Finally, regarding The Zebra, the company said that it is now profitable. Of course, profit is a squishy word in 2020, so we wanted to know precisely what the company meant by the statement. Per the company’s CEO, it is generating positive net income, the gold-standard for profitability as the metric is inclusive of all costs, including the non-cash expenses that startups tend to strip out of their numbers to make the results look better than they really are.
If other players in the insurtech space are surfing similar trajectories, all that capital that went into the sector around the start of the year is going to appear prescient.
AVOXI Named 2020’s Best and Brightest Companies to Work For in the Nation
By Jennifer Groese
The National Association of Business Resources has announced the Summer 2020 winners of its 10th annual Best and Brightest Companies to Work For? competition. It’s with great pride and enthusiasm to share that AVOXI was one of their high scorers, joining other prominent companies like BlackBerry?, Gables Residential?, and T-Mobile? as recipients of this award.
This program provides the business community with the opportunity to gain recognition, showcase their best practices, and demonstrate why each of them would be an ideal place to work. Determined by a third-party market research firm, the criteria is based annually on market conditions and trends, then applied throughout the country.
“We’re thrilled to be named as one of the nation’s Best and Brightest Companies to Work For?,” says David Wise, CEO of AVOXI. “The fact that we’re winning this award in 2020 speaks volumes to the strength of the culture we’ve built here at AVOXI and the impressive team of employees we have! Despite having to swiftly move our entire global team to a work-from-home environment, our employees have remained resilient and committed, enabling our company to continue growing. Culture is at the core of everything we do, and it’s something we’ll continue nurturing, regardless if we’re in an office together or digitally connecting from our homes.”
Over the past several years, AVOXI has invested in and nurtured its global employee programs, resulting in a proactive and highly engaged team. The Human Resources department continually collects internal feedback from employees on innovative ideas that keep them fulfilled and giving-back.
“We’re constantly looking for new and exciting ways to support and engage with our employees. I’m very proud to see that our hard work and culture are being recognized on a national level,” says Lauren Sallarulo, HR Specialist at AVOXI.
While the winners are not ranked, the highest-scoring 101 national companies are scheduled to be showcased this October in a week-long celebration during the virtual Illuminate Business Summit. For more information, please visit www.thebestandbrightest.com!
Four BPV Portfolio Companies Named to the Inc. 5000 List
BPV is proud to report that four of our portfolio companies have been named to the Inc. 5000 list of the fastest growing private companies in America: a comparative online car insurance platform and three B2B SaaS businesses.
Congratulations to Austin’s The Zebra (1st year), Dallas’ Spotio (2nd year in a row), Louisville’s SkuVault (4th year in a row) and Orlando’s PowerDMS (10th year in a row). We’re thrilled to be partnered with these great entrepreneurs!
Andy Eastes, CEO of SkuVault, says opportunity doesn’t wait
By: Haley Cawthon
Source: Louisville Business First
Andy Eastes, co-founder and CEO of SkuVault, poses for a portrait at the company’s East Louisville office.
Some people in the startup world call it the hustle. Others call it the grind.
No matter what you call it, Andy Eastes has been doing it since middle school.
Like many kids his age, Eastes started mowing lawns to make a few extra bucks. But what he really loved was selling odds and ends on e-Bay.
“I’d look at estate sales, yard sales, police auctions, my friends’ parents’ garages, attics and basements — whatever random things I could find,” he said.
Eastes was usually working a part-time job, too. At 14, he got his first job as a busboy for Mazzoni’s Oyster Café (where Queen of Sheba is now) on Taylorsville Road — being so young that he had to get his parents to sign a paper for him.
That unwavering work ethic stuck with Eastes, which ultimately led him to bootstrap his own business venture while still in college. Years later, that business, SkuVault, has become one of Louisville’s fastest-growing companies with nearly $6 million in revenue in 2018.
Eastes went to the University of Louisville’s Speed School for industrial engineering, a major he thought he’d be interested in because it combined business and engineering.
“I was not as math and science-y as I thought I was — it was a different level of math I guess — but I did it,” he said.
Well, he almost did it. Halfway through his senior year, Eastes dropped out. But we’re getting ahead of ourselves.
During his time at the Speed School, Eastes said he interned at a copper bar fabrication plant in rural Kentucky.
“That was my first understanding of these large companies that were paying millions of dollars for software systems that didn’t work for them,” he said. “They were using some big Oracle-based system and their salespeople put orders in it, but they had built a patchwork of other systems in Microsoft Access to run their day-to-day operations.”
As a solution to the that issue, Eastes built his first inventory system at age 21.
“As it turns out, they were late on all of their orders because they didn’t track their inventory, so they didn’t know what to buy and didn’t have the metal they needed when it came time to build the orders,” Eastes said. “Pretty simple problem, really, just track what you have and you can order more.”
In 2010, Eastes’s junior year of college, one of his friends asked him to help find an inventory-management system for their growing e-commerce business. He searched for a solution for two or three months but couldn’t find one.
So he built one, in partnership with Slav Ivanyuk. They didn’t know it at the time, but they ended up building the first version of SkuVault in a year and a half and ended up selling it to another company in Ontario, California.
“We thought, ‘Hey, why did we have to build this? There must be a hole in the market,’” Eastes said.
Eastes and Ivanyuk created a web-based version of their platform and launched it in late 2012, founding SkuVault in the process.
All the while, Eastes was still trying to finish school. He said he realized he needed to 100% commit to school or his business and ultimately decided to drop out.
“My thought process was, ‘I can always go back to school, but this opportunity is now; it probably won’t be here in a year,’” he said.
To fund the business, the duo did small, one-off development projects and Eastes ended up with a bunch of credit card debt. It was hard, but necessary, to build the system when it needed to be built — meaning, before someone else recognized the opportunity.
PowerChord, Inc. Promotes William “Bill” Volmuth to Company CEO
PowerChord, Inc. Promotes William “Bill” Volmuth to Company CEO
On the heels of milestone announcements including a rebrand and new SaaS platform features, PowerChord promotes company President to CEO
PowerChord , a leading SaaS solution company connecting brands to local customers, today announces William “Bill” Volmuth’s promotion from president to CEO. Volmuth joined PowerChord as president in July 2019 and has propelled the company’s vision and mission forward over the last year, most recently leading a company-wide rebrand.
Volmuth is a veteran business and technology expert with more than 25 years of experience driving growth at software, engineering, and cybersecurity organizations across North America, Europe and Asia. As CEO, he will continue to focus on continuing PowerChord’s forward momentum in driving local lead generation for global brands via the company’s proprietary SaaS platform, coupled with digital marketing services to drive lead generation and content distribution.
“Leading PowerChord’s innovative and driven team for the last year has been one of the greatest privileges of my career. Together, we’ve taken the company’s platform and services to the next level, both by further optimizing local lead generation for our customers, and enhancing our platform reporting and visibility. I’m humbled and excited to take on the role of CEO and continue the momentum we have built together,” said Volmuth.
Earlier this month, PowerChord announced updates to its SaaS platform including the pilot of new visualization for the Command Center, availability in five languages: English, Spanish, German, French and Italian, a new library of website design components optimized for lead generation, and an integration with Zapier to open the door to thousands of third-party software integrations a customer might need, such as integrating the platform with a brand’s CRM.
“As President, Bill has been instrumental in aligning the strategic and operational needs for our future growth. His ability to build teams and empower them to collaborate and innovate at a high level is evidenced in the strong momentum seen within our PowerChord Platform. Decisiveness, empowerment and vision are critical in today’s marketing and technology space and with Bill taking on the new role of CEO, he brings a refreshing mix of all these attributes and more to PowerChord’s future,” said Patrick Schunk, PowerChord’s Founder and Chairman of the Board.
“We are thrilled at Bill’s promotion from President to CEO of PowerChord,” commented Ballast Point Ventures’ Robert Faber. Faber continued, “We have admired Bill’s technology and management acumen for a number of years, and we are excited that he will be leading one of Tampa Bay’s most promising technology companies.”
PowerChord currently has several positions open in St. Petersburg. For more information about the company and joining the team, visit www.powerchord.com .
PowerChord makes it easy for brands distributing high-consideration products through independent dealers to remain competitive in an evolving digital landscape through local lead generation campaigns that are scalable and consistent across the brand. PowerChord’s proven SaaS platform and omnichannel digital marketing solutions help brands and local retailers reach more people online and follow the sales journey to convert them into customers. Analytics and insights provide transparency brands have never had before to increase local sales opportunities online through local dealer networks.
Founded in 2001, PowerChord’s customers and campaigns span 28 countries and the platform powers more than 15,000 local retailer website experiences worldwide. For more information, visit www.powerchord.com .
TissueTech, Inc. Announces One-Year Follow-up Study Results – Cryopreserved Umbilical Cord allograft TTAX01
SOURCE Amniox Medical, Inc.
MIAMI, June 1, 2020 /PRNewswire/ — Amniox Medical Inc. (Amniox), a TissueTech, Inc. company and pioneer in the clinical application of human birth tissue-based products, announced today the results from the one-year follow-up study to their Phase 2 open label, multicenter pilot study of Cryopreserved Umbilical Cord allograft TTAX01. The objectives of the study were to examine the safety and efficacy of TTAX01, plus standard of care, in achieving complete wound closure of complex non-healing Diabetic Foot Ulcers (DFUs) with evidence of exposed bone, tendon, muscle and/or joint capsule and clinical suspicion of osteomyelitis. Results of this one-year study are published in the peer-reviewed journal Wound Repair and Regeneration.
The follow-up study indicates that TTAX01 is a promising adjunct therapy for the management of complex, non-healing DFUs complicated by osteomyelitis.1 The results of this one-year follow-up study with TTAX01 demonstrate an overall 86.2% wound closure rate and are comparable to previously reported results using the commercially available Cryopreserved Umbilical Cord NEOX® in a retrospective study.2 In that study by Caputo, 26 of 33 (79%) of the wounds achieved complete wound closure in 16 ±9.3 (range: 4–44) weeks with 1.2 ± 0.4 NEOX applications. The average wound size was 16 ± 18 cm.
“Although there have been numerous other studies published on the management of DFUs, the majority of these studies have been with less severe and more superficial Wagner Grades 1 and 2 DFUs – where there is no infection and little or no exposure of muscle, fascia, joint capsule, or bone. More severe and higher-grade Wagner 3 and 4 DFUs presenting with exposed bone and the presence of osteomyelitis are usually excluded in clinical trials as they are the most challenging wounds to manage,” said William A. Marston, MD, Vascular Surgeon at University of North Carolina at Chapel Hill and lead investigator for the Phase 2 trial. “We’ve chosen to go after the most severe DFUs to address a critical, unmet clinical need with the goal of identifying a successful treatment option to help this diabetic population exhibiting high morbidity and mortality. We are looking forward to the Phase 3 trials to be initiated soon, which will provide an opportunity to confirm these results in larger pivotal trials.”
There were 29 patients who participated in this follow-up study conducted at 11 U.S. healthcare facilities. An independent medical reviewer evaluated images to confirm each DFU closure as assessed by the principal investigator. Trial results showed that only an average of 1.5 applications were necessary to facilitate complete wound closure in 25 of the 29 total patients.
“The results of this Phase 2 study show not only higher than standard of care healing rates, but also fewer applications than studies using other amniotic membrane and similar wound care products for less severe wounds, which is ideal in today’s COVID-19 environment where we are doing all we can to reduce these high-risk patients’ exposure to a virus that could have dire consequences for their health,” said Amy Tseng, President and Chief Executive Officer of TissueTech. “I truly believe our strong scientific research background, combined with our willingness to look for clinical solutions for unmet needs in hard-to-heal patients is what distinctly differentiates TissueTech from other companies. The findings in the Phase 2 trial related to less frequent applications and persistent wound closure are of particular importance right now and offer new hope for a future treatment option in this vulnerable population where we see many wound care centers leveraging less frequent patient visits to the clinic to reduce risk as a result of the COVID-19 health crisis.”
About Amniox Medical, Inc.
Amniox Medical, Inc., a TissueTech, Inc. company, is a leader in the clinical application of human birth tissue-based products (amniotic membrane & umbilical cord) processed using TissueTech’s proprietary CRYOTEK® cryopreservation technology. Established in 2011, Amniox serves an unmet need for better surgical and therapeutic outcomes for chronic and complex wounds, orthopedics, sports medicine, spine, urology, gynecology, plastics, and general surgery. Connect with Amniox on our Website, Facebook, LinkedIn and Twitter.
About TissueTech, Inc.
TissueTech, Inc., the parent company of Amniox Medical, Inc. and Bio-Tissue, Inc., is a scientific and market leader in the field of regenerative medicine. TissueTech manufactures a broad range of ocular, surgical, wound care, and soft tissue products that are marketed under these subsidiaries. Since the company’s inception, clinicians have performed more than 500,000 human implants of the company’s products and published more than 360 peer-reviewed studies supporting its platform technology. TissueTech is committed to an unwavering culture of integrity that places our patients’ safety and clinical outcomes above all else. Learn more at https://tissuetech.com/.
- Marston, W. A., Lantis, J. C., Wu, S. C., Nouvong, A., Lee, T. D., McCoy, N. D., et al. (2019). An open-label trial of cryopreserved human umbilical cord in the treatment of complex diabetic foot ulcers complicated by osteomyelitis. Wound Repair Regen. 27, 680–686. doi: 10.1111/wrr.127542.
- Caputo, W. J., Vaquero, C., Monterosa, A., Monterosa, P., Johnson, E., Beggs, D., et al. (2016). A retrospective study of cryopreserved umbilical cord as an adjunctive therapy to promote the healing of chronic, complex foot ulcers with underlying osteomyelitis. Wound Repair Regen. Off. Publ. Wound Heal. Soc. Eur. Tissue Repair Soc. 24, 885–893.doi: 10.1111/wrr.12456
PowerDMS Named One of INC. magazine’s Best Workplaces 2020
Source: CISION PRWeb
Orlando-based SaaS company ranks as one of the highest-scoring businesses, with standout employee engagement
PowerDMS, a leader in cloud-based policy management solutions headquartered in Orlando, Fla., has been named one of Inc. magazine’s Best Workplaces for 2020.
PowerDMS was selected from thousands of companies for the prestigious award. The list is the result of a wide-ranging and comprehensive measurement of private American companies that have created exceptional workplaces through vibrant cultures, deep employee engagement, and stellar benefits.
“We’re incredibly honored to be recognized by Inc. as a Best Workplace for 2020,” said David DiGiacomo, CEO of PowerDMS. “We have built an organization that is committed to relationships, to growing each other and the communities we serve. Even during these difficult societal times, we have leaned on the backbone of our culture – trust, integrity, and accountability – to help each other and our business continue to thrive.”
Collecting data from more than 3,000 submissions, Inc. singled out 395 finalists for this year’s list. Each nominated company took part in an employee survey, conducted by Quantum Workplace, on topics including trust, management effectiveness, perks, and confidence in the future. Inc. gathered, analyzed, and audited the data. Then it ranked all the employers using a composite score of survey results. This year, 73.5 percent of surveyed employees were engaged by their work.
The strongest engagement scores came from companies that prioritize the most human elements of work. These companies are leading the way in employee recognition, performance management, and diversity.
“Building a great corporate culture comes only from strong leadership,” says Inc. magazine editor-in-chief Scott Omelianuk. “The companies on Inc.’s Best Workplaces list are setting an example that the whole country can learn from, especially now, when company culture is more important to the workforce than ever.”
To learn more about PowerDMS, go to http://www.powerdms.com.
Founded in 2001, PowerDMS offers a cloud-based policy, compliance, accreditation management solution that helps organizations reduce risk and liability, protect reputation, increase efficiency, and save lives. The company provides software tools to organize and manage an organization’s critical documents and industry accreditation standards, and allows for training and testing of employees. PowerDMS serves customers in the private sector, public safety, government, and healthcare and has achieved significant organic growth in these markets. To learn more, go to http://www.powerdms.com.
About Inc. Media
The world’s most trusted business-media brand, Inc. offers entrepreneurs the knowledge, tools, connections, and community to build great companies. Its award-winning multiplatform content reaches more than 50 million people each month across a variety of channels including websites, newsletters, social media, podcasts, and print. Its prestigious Inc. 5000 list, produced every year since 1982, analyzes company data to recognize the fastest-growing privately held businesses in the United States. The global recognition that comes with inclusion in the 5000 gives the founders of the best businesses an opportunity to engage with an exclusive community of their peers, and the credibility that helps them drive sales and recruit talent. The associated Inc. 5000 Conference is part of a highly acclaimed portfolio of bespoke events produced by Inc. For more information, visit http://www.inc.com.
About Quantum Workplace
Quantum Workplace, based in Omaha, Nebraska, is an HR technology company that serves organizations through employee-engagement surveys, action-planning tools, exit surveys, peer-to-peer recognition, performance evaluations, goal tracking, and leadership assessment. For more information, visit QuantumWorkplace.com.
Ballast Point Ventures Partners with Mailprotector
March 5, 2020 – Mailprotector, a Greenville, SC-based cybersecurity company, raised $5 million in growth equity funding from Ballast Point Ventures. The channel-centric company will use that capital to accelerate product development, grow sales and marketing efforts, and expand services to its strong and growing network of Managed Service Providers (MSPs). As part of the expansion, the company plans to add more than 30 positions across all departments at its Greenville, SC headquarters and other locations around the country.
The company has over a decade of experience providing highly available and highly secure email solutions to organizations around the world. As a cloud-based email security, compliance, encryption, and hosting platform, Mailprotector’s solution is engineered from the ground up with partners’ management needs as a top priority. Mailprotector puts a premium on user experience and security with its advanced product stack, including CloudFilter, SafeSend, SecureStore, XtraMail, CloudMail, Exchange+, and Bracket. The company’s patent-pending flagship email encryption product, Bracket, is as simple to use as it is secure.
“Mailprotector is dedicated to empowering our channel partners with highly valued services and profitable recurring revenue streams,” said David Setzer, Mailprotector founder & CEO. “We know that email is still the prime vector for cyber-attacks, especially financially crippling ransomware and phishing threats. This investment means we can supercharge the development of our world-class cybersecurity protection tools for our partners and their clients, giving them an even stronger first line of defense against cyber threats and user error,” Setzer added. “We were thrilled to find in Ballast Point a firm that aligns with our channel partner commitment and one who respects our stewardship responsibilities in those relationships.”
“We are excited to partner with David, CTO Ben Hathaway, and the entire Mailprotector team to drive continued email security leadership and technology innovation,” said Robert Faber, Partner at Ballast Point Ventures, who will join Mailprotector’s Board of Directors. “BPV has a long history of supporting high-growth software companies throughout the Southeast, and we have been impressed with David and his team as they have built industry-leading email security tools with limited outside capital investment.”
Mailprotector empowers its users with a portfolio of cloud-based email security, management, and hosting services sold exclusively through the channel to businesses, government, and non-profits around the world. Products include inbound and outbound email security, email continuity, email archiving, email encryption, and business-class hosted email solutions. More information is available at www.mailprotector.com.
About Ballast Point Ventures
Ballast Point Ventures, headquartered in Tampa, Florida, is a later-stage venture capital and growth equity fund founded in 2002 to provide expansion capital for rapidly growing, privately-owned companies, with a particular emphasis on companies located in Florida, the Southeast, and Texas. The BPV partners have more than 80 years of combined experience investing in and building high-growth companies in the firm’s target industries, including software, technology-enabled business services, and healthcare. Ballast Point Ventures has $360 million under management across three Funds and seeks to make initial equity investments ranging in size from $4 million to $10 million. For additional information, visit www.ballastpointventures.com.