Phoenix Asset Management Buys DAVID Corp.

Phoenix Asset Management has acquired DAVID Corp., provider of risk management and insurance software and services. Terms of the deal were not released. Phoenix is a private equity firm focused on middle market investments.

PRESS RELEASE

DAVID Corporation, provider of risk management and insurance software and services today announced that it has been acquired by Phoenix Asset Management, a private equity firm focused on investing in middle-market companies.

“We have been in the business of providing risk management software solutions for over 27 years and believe that the investment of capital by Phoenix Asset Management will help propel us to the next level of our strategic growth objectives,” stated Alex Aminian, President and CEO of DAVID Corporation. “Over the coming months, in addition to rolling out the latest version of our NavRisk software, we will rapidly accelerate our investment in R&D, Marketing and M&A activity to better serve our rapidly expanding client portfolio and market share.”

“DAVID has a proven track record of success in the risk management and insurance software market, and we look forward to helping them expand their market share,” said Christopher Wall, Partner at Phoenix Asset Management. “Their long list of impressive clients is a testament to DAVID’s expertise in the industry and that coupled with the vast experience of the management team, makes them a perfect candidate for our portfolio.”

DAVID intends to expand to parallel markets with a strategic growth strategy to accelerate time to market with new and enhanced products designed to help DAVID clients improve their bottom line and maintain their business edge.

About DAVID Corporation
DAVID Corporation has been providing software and services to commercial and alternative P&C insurance markets for more than 27 years. From underwriting & rating through policy renewals, from initial loss report to final settlement, DAVID partners with clients to help them solve the critical business challenges they face in today’s complex risk management environment. DAVID Corporation is headquartered in San Francisco, California. Contact DAVID at 800-55-DAVID or visit www.davidcorp.com.

About Phoenix Asset Management
Phoenix is a private equity firm focused on investing in middle market companies through management-retained buyouts, growth equity investments and distressed debt investments. Phoenix makes equity invests of $500 thousand to $5 million in profitable growth oriented businesses with between $2 million and $50 million in revenues.