|
News Release
Contact:
Jana Waughn
RemitPro, Inc.
877-861-0005 x103
jwaughn@remitpro.com
www.remitpro.com
RemitPro completes round of equity financing with Draper Atlantic
Omaha, April 28, 2006 – RemitPro, Inc., a technology company specializing in electronic check processing and identification verification solutions today announced that it has completed a $2.5 million round of venture capital financing. The investment is being made by Draper Atlantic, a Reston, Virginia based venture capital firm known for its information technology and transaction processing expertise, and an affiliate of Draper Fisher Jurvetson. The infusion will provide RemitPro with the growth capital needed to continue to penetrate its existing markets as well as expand to adjacent markets.
RemitPro provides treasury management tools including Remote Deposit Capture, Automated Clearing House (ACH) and “Check21” software applications to many of the leading brokerage firms and insurance companies in the United States. eRemitPro, a Remote Deposit Capture product for Check21, processes nearly $500 million in transactions per month for firms such as Principal Financial Group, Stifel Nicolaus, A.G. Edwards, and Piper Jaffray. eRemitPro is also the preferred Check21 solution for Thomson Financial’s Transaction Systems Business Unit.
RemitPro also helps many of the nation’s most respected organizations’ compliance departments — including Edward Jones, RBC Dain Rauscher, Securities America and Pershing — with a wide range of risk management tools including consumer identity validation, business and institutional identity validation, global watch list screening and, pre-employment screening and assessment services. RemitPro’s Web-based applications are delivered via a service bureau model.
“RemitPro is extremely pleased that Draper Atlantic is making this strategic investment,” said Jana Waughn, RemitPro’s president and chief executive officer. “Draper’s expertise in information technology and the financial services marketplace will be invaluable as RemitPro continues to build on our leadership position in the treasury management and risk management marketplace,” she added.
“After thorough due diligence, Draper Atlantic invested in RemitPro because of its leadership position in the financial services industry and the quality of the team Jana has assembled,” said John Backus, Managing Partner with Draper Atlantic. “This is a potentially enormous market and RemitPro’s industry-leading applications are quickly proving to be an important technology in the financial services back-end processing space. Our investment in RemitPro is an endorsement of their past accomplishments and future growth opportunity,” he added.
About RemitPro
RemitPro is a technology provider focused on treasury management and risk management applications in a service bureau environment. RemitPro offers Remote Deposit Capture, Check21 and ACH solutions to facilitate cash receipt processing. RemitPro also offers comprehensive risk management for USA PATRIOT Act Compliance through its modular RiskAlert solution. Modules include Identity Validation of U.S. consumers, Canadian consumers, businesses and institutions and Global Watch List screening. For more information about RemitPro, please visit our website at www.remitpro.com or call us at 1-877-861-0005.
About Draper Atlantic
Draper Atlantic is an early-stage information technology venture capital firm based in Northern Virginia and is an affiliate fund of the leading early-stage information technology venture capital firm, Draper Fisher Jurvetson. Draper Atlantic and the Draper group of funds have developed a network of more than 200 highly successful portfolio companies with an emphasis on information technology. Draper Atlantic seeks entrepreneurs with the energy, vision, experience and desire to build great companies, and helps those entrepreneurs succeed through hands-on team building, partnerships, advice and support. For more information on Draper Atlantic see www.draperatlantic.com or Draper Fisher Jurvetson at www.dfj.com.
|
