New World Ventures has exited its investment in HyperQuest Inc., a Buffalo Grove, Ill. insurance-software provider, selling the company to Texas-based Solera Holdings. Terms were not released. New World Ventures invested in HyperQuest in 2007. New World Ventures is a member of The Pritzker Group.
New World Ventures today confirmed the sale of its portfolio company, HyperQuest Inc., a Buffalo Grove, Ill. insurance-software provider, to Texas-based Solera Holdings (NYSE: SLH).
Terms of the sale were not disclosed. Founded by Jeff Hogan, HyperQuest was launched in 1999 and is widely viewed as one of the most innovative companies in the property and casualty insurance sector. HyperQuest brought to market patented technologies that bring efficiency to a historically manual subrogation process, as well as its “Customer Choice” solution that lowers repair costs and increases efficiency for insurance companies and consumers alike.
New World Ventures invested in HyperQuest in 2007 providing growth equity to the boot-strapped company. Since then, HyperQuest built its market share to capture about one quarter of the 20 million auto claims processed annually. The company has 90 employees and has logged annual revenue increases of approximately 50 percent in each of the last 5 years, according to Adam Koopersmith, New World Ventures partner.
Solera also owns Audatex, one of the three leading platforms for auto-repair claim estimates.
“HyperQuest’s proprietary subrogation solution offers the market a disruptive software technology that lowers processing costs for insurers, while speeding up the repair process for the insurance company’s customers,” Jeff Hogan said. “We would not have had the opportunity to bring these innovations to market if not for the capital and support we received from New World Ventures. Now we have the opportunity to build on our current momentum by expanding globally with Solera.”
According to the company, HyperQuest will remain based in Buffalo Grove and operate as a separate unit.
About New World Ventures
New World Ventures, a member of The Pritzker Group, is a multi-stage venture capital firm helping entrepreneurs build market-leading information technology companies. Since its founding in 1996, the firm has worked side-by-side with entrepreneurs at more than 70 companies by providing a broad network of strategic relationships, advice based on several decades of experience, and capital with tremendous flexibility. Recent exits include Fleetmatics (NYSE: FLTX), SinglePlatform (acquired by Constant Contact), Zinch (acquired by Chegg), Playdom (acquired by Disney), LeftHand Networks (acquired by Hewlett-Packard), and TicketsNow (acquired by Ticketmaster).