Category: Portfolio Company News

Navegate Logistics Secures Investment to Fuel Future Growth

BBCP announces its participation in the recapitalization of Navegate Logistics.

MENDOTA HEIGHTS, Minn.–Navegate Logistics, Inc., a tech-forward third-party logistics (3PL) provider, is announcing that it has been recapitalized by Chicago-based Saltspring Capital LLC. Nathan Dey, Saltspring’s Managing Partner, will be joining the Navegate team as CEO and Chairman.

“Navegate presents an amazing opportunity to grow and build on a rich 50 years of logistics history,” said Dey. “This industry is going through a tremendous digitization, and the steps Navegate has proactively taken to position themselves to succeed in the future made the investment very compelling.” The remainder of the company’s existing leadership team, including Joe Pelletier, President, will continue with the company. Chad Bickett, formerly VP of Strategic Initiatives, will also become COO with the transition.

The investment validates and supports Navegate’s plans to build on its existing success as a leader in delivering clients unprecedented supply chain visibility, flexibility and vendor integration. Furthermore, it will continue to grow the company’s business network on both the International and Domestic fronts.

Already a leader in modernizing the logistics industry—consistently making Inbound Logistic’s Top 100 List of IT Providers—Navegate’s long-term vision is to become a one-stop, global trade portal where customers can quote, book and track shipments worldwide.

As a strategic and operationally focused investor, Saltspring brings a strong foundational knowledge in global logistics and a deep bench of partners to accelerate Navegate’s growth. Next Coast Ventures, Relay Investments and the Operand Group also participated in the financing round.

“We are thrilled to be backing an innovative company in Minneapolis—freight forwarding is a massive industry that is ripe for disruption, and Navegate’s product is a prime example of how a full-stack business model can fundamentally change the way a fragmented industry like freight logistics operates,” said Michael Smerklo, co-founder and managing director of Next Coast Ventures. “We have no doubt that Nathan and Navegate leadership’s deep domain expertise will be the team to scale this incredible platform, and we are so excited to be a part of the next phase of Navegate’s journey alongside a strong group of syndicate partners.”

About Navegate

Navegate offers traditional services such as freight forwarding, customs brokerage and domestic transportation along with innovative, cloud-based software and a best-in-class vendor portal platform.

As part of the investment, Navegate’s asset-based trucking division has been spun off and will be operated as a separate business based in Sioux Falls, South Dakota. Navegate will keep its headquarters in Mendota Heights, Minnesota, and also maintain its offices in Chicago, Los Angeles, Shanghai and Hong Kong.

BBCP Announces Investment and Board Seat in Cloud X Partners

BBCP Announces Investment in Cloud X

Cloud X Partners, including its Insynq and CloudRunner product lines, has announced that it has secured an undisclosed amount in new funding to support its accelerated growth and the increasing demand in the small and medium business (SMB) cloud computing space, with a heavy existing presence and continued focus on the Accounting vertical.

According to CEO Elliot Luchansky and Chairman Craig Jones, this round of capital was oversubscribed from within the existing group of 26 investors, which includes a mix of institutions, family offices, and high net worth individuals. However, there was space set aside in the financing round for a newly appointed member of CXP’s Board of Directors, Brad Brown. “We were excited by CXP’s growing core Insynq business, and the fact that it is poised for much faster growth from CloudRunner.

“We are pleased to welcome Brad Brown to our Board of Directors bringing decades of technology experience to the Company.” said Craig Jones Managing Partner at one of CXP’s limited partners Ticonderoga Private Equity, and Chairman of CXP’s Board of Directors.

“Desktop-as-a-Service (DaaS) meets a real and immediate need among small businesses” said Mr. Brown. Brad Brown is the Managing Director of Bradford Brown Capital Partners. He has over a dozen years of experience in small cap growth investing, and has acquired over 30 operating companies is a private investment; he now sits on the Board of Directors for 5 of these companies, including Cloud X. Mr. Brown also recently retired from his role as a Senior Partner Emeritus of McKinsey & Company, the world’s leading consultancy. For 18 years, he was a senior member of the Digital Technology practice, and recently the global leader of the Big Data practice. Brad joins Craig Jones (invested personally and as Managing Partner of Ticonderoga Private Equity), M-K O’Connell (invested through M20), Dustin Sellers (Managing Partner of KOA Capital Partners), and CEO Elliot Luchansky.

CXP’s CloudRunner platform combines software-as-a-service, desktop applications hosted in the cloud, and cloud hosting to provide virtual workspace environments for small and mid-market enterprises (SMEs). Through an easy-to-use portal, employees can access their accounting, financial, and other business applications – such as QuickBooks and Sage – in addition to their data and files from anywhere at any time on any device. CloudRunner’s new platform represents more of an ecosystem geared towards accountants and bookkeepers, which is being developed as part of the CXP’s partnership with an undisclosed party expected to be formally announced in January.

“CXP’s funding demonstrates a growing appetite among institutional investors to enter the SME and professional services cloud computing space,” said Elliot Luchansky, CEO of Cloud X and CloudRunner. This movement is evidenced by Providence Equity-backed Abacus Next’s series of accounting and customer relationship management software provider acquisitions earlier this year, and BV Investment Partners’ recapitalization of accounting solutions provider Right Networks last September followed by Right Networks’ recent add-on acquisition of Xcentric.

CXP provides a world class cloud accounting experience for financial executives and accountants. The Company provides simplicity and service for a profession that contains heavy software uses. Our growth has accelerated and the additional capital will help us grow even faster.

CXP will use the recent funding to advance strategic growth priorities laid out by its leadership team:

1) Accelerate the development and subsequent adoption of the CloudRunner platform

2) Further invest in developing the Insynq Desktop-as-a-Service (DaaS) product

3) Ramp up sales & marketing efforts associated with both Insynq and CloudRunner

CXP is the parent company of Insynq, the first organization to offer Intuit’s QuickBooks software in a cloud environment nearly 20 years ago. This prescient move prompted the formal development of Intuit’s authorized hosting program, indelibly changing the way in which accountants, business advisers, and bookkeepers interact with their clients’ financial reporting processes. Insynq continues to pioneer innovation in cloud computing technology, with an emphasis on automation and simplicity using CloudRunner platform-based software.

Workplace Answers produces strong exit in sale to EVERFI

(April 20, 2017) – Today, EVERFI, Inc., the nation’s leading education technology innovator, announced the acquisition of online compliance training company Workplace Answers. The acquisition expands EVERFI’s commitment to solving complex prevention and workforce challenges through interactive, scalable education solutions.

“Nearly a decade ago, EVERFI was founded on the conviction that we could harness innovative, digital education to engage learners on the largest and most intractable social issues of our times – from financial education and diversity, to sexual assault and harassment prevention,” said EVERFI CEO Tom Davidson. “By bringing Workplace Answers into the EVERFI Network we have become the world’s largest company committed to empowering learners at every stage of their lives, from the classroom to the boardroom.”

The acquisition of Workplace Answers, also includes their Campus Answers brand, which provides faculty and staff training around critical campus issues like sexual harassment prevention training. The combined company will now serve over 1,700 campuses and provide them access to the Campus Prevention Network, a nationwide initiative committed to creating safer, healthier communities. Through the Campus Prevention Network, schools across the country will take a pledge to adopt the highest standards of prevention related to critical health and safety challenges, including sexual assault and alcohol abuse, and to assess the progress and impact of their efforts.

“Workplace Answers and EVERFI share the same philosophy of engaging the learner and putting the customer at the center of product innovation,” said Girish Pashilkar, CEO of Workplace Answers, LLC. “As we considered growth strategies for Workplace Answers, I felt confident that being acquired by EVERFI would allow us to significantly amplify our impact in critical areas such as preventing corruption, discrimination and sexual violence. Additionally, EVERFI’s inclusive and purpose-driven culture would continue to provide a thriving work environment for our talented employees.”

“Through the Campus Prevention Network, EVERFI is creating a powerful community dedicated to using evidence-based best practices, data, and scalable training to take on some of the toughest challenges facing colleges and universities,” said Preston Clark, President of EverFi’s Higher Education and Corporate Compliance divisions. “The addition of Workplace Answers reaffirms our commitment to support schools and companies in this important work, and accelerates the incredible momentum driving progress across the country.”


EVERFI is the leading education technology company that provides learners of all ages education for the real world, through innovative and scalable digital learning. Founded in 2008, EVERFI is fueled by its Software-as-a-Service (SaaS) subscription model and has certified over 16 million learners in critical skill areas. Some of America’s leading CEOs and venture capital firms are EVERFI investors including ReThink, Advance Publications, Amazon founder and CEO Jeff Bezos, Twitter founder Evan Williams, and Google Chairman Eric Schmidt. The EVERFI Education Network powers more than 4,200 customers in their education initiatives across all 50 states and Canada. Learn more at

One, Inc. Raises Series B Led by AXA Strategic Ventures

Bradford Brown Capital Partners LLC participated in the latest funding to accelerate and expand One, Inc.’s vision of transforming the insurance software market

December 14, 2016
Folsom, California

One, Inc., provider of a SaaS operating system for insurance companies, today announced that it has raised $20 million in Series B funding led by AXA Strategic Ventures (ASV) with participation from MassMutual Ventures and current investor H&Q Asia Pacific. This round marks ASV’s first growth equity investment. The additional capital builds on the company’s $16.7M Series A round in 2014, bringing the total investment to $36.7M.

This investment comes at a time when One, Inc. is experiencing tremendous growth. For the past three years, the company’s revenue has tripled each year and its customer base has nearly quadrupled. One, Inc. plans to use the additional capital to further develop its SaaS platform, add products and lines of business and expand globally.

“One, Inc. is leading the modernization of the insurance software market by offering a nimble, cost-effective solution that can be installed quickly and is continuously updated to ensure that customers always benefit from the latest features,” said Alex Scherbakovsky, General Partner at AXA Strategic Ventures. “This investment reflects our confidence in the strength of One, Inc.’s management team and the company’s next-generation SaaS technology platform.”

One, Inc.’s suite of software applications is the industry’s leading comprehensive SaaS insurance platform that provides all the core functions needed by insurance carriers and managing general agencies. One, Inc.’s platform includes policy administration, billing, rating, agency management, customer relationship management, document management, payment processing, digital engagement, IVR, data warehousing and business intelligence, esignature, as well as many other functions essential to insurance companies. One, Inc. also helps carriers bring new offerings to market more quickly, empowering them to go live with all of their core applications in months rather than years. With a perfect customer implementation track record, One, Inc. has proven that the largest and most complex on-premise core systems can easily migrate to the cloud.

“Insurance carriers are facing significant challenges in this continually evolving landscape,” said Doug Russell, managing director, MassMutual Ventures. “One, Inc.’s integrated product mix, which includes everything from core systems to payments to distribution management, has the company well-positioned to help solve those day-to-day and long-term issues. We are pleased to have made this investment and are excited about One Inc.’s future.”

“One, Inc. continues to impress us with the way they execute and how they are disrupting the market with flexible and modern solutions,” said Dr. Ta-lin Hsu, Founder and Chairman of H&Q Asia Pacific. “We’re excited to further our investment in One, Inc. and to have AXA Strategic Ventures and MassMutual Ventures as part of the team. We look forward to working closely with them.“

“The shift happening in the insurance industry is still in its early stages and the opportunity to redefine how insurance companies approach technology and interact with their customers is tremendous,” said One, Inc. CEO and founder Christopher W. Ewing. “AXA Strategic Ventures, MassMutual Ventures and H&Q Asia Pacific share our values and vision for the future of the insurance industry. We are eager to collaborate with them and move our business forward significantly.”

One, Inc. provides an integrated cloud-based platform designed to transform the way insurance companies interact with their customers. One, Inc.’s technology platform combines core insurance software functions including policy administration, rating and billing with data analytics, CRM, payment processing and agency management—all in one solution—to enable insurance companies to modernize their operations and offer superior solutions and service to their customers. For more information, please visit

Blue Sky Network acquired by search fund Kerwood Capital

October 17, 2016 — Bradford Brown Capital Partners LLC today announced the acquisition of Blue Sky Network (“BSN”) with search fund entrepreneurs, Kambiz Aghili and Greg Demory of Kerwood Capital.  BSN, based in San Diego, was founded in 2001 and provides uninterrupted, real-time remote asset tracking solutions using the Iridium satellite network for fixed wing, marine, rotary wing and the land/mobile markets.  The company offers proprietary, FAA-certified (Tier I Iridium, GSM) standalone hardware along with a cloud-based, multi-platform fleet management software portal.

Search fund Valent Capital acquires ISI Telemanagement Solutions, Inc.

ISI Telemanagement Solutions, LLC announced that it has sold a controlling interest to search fund Valent Capital Partners, LLC. “ISI is well served by this transaction,” said Michelle Moreno, Chief Financial Analyst, Managing Director, Dresner Partners. “Valent Capital Partners will invest in ISI’s continued growth, both organically and through partnerships and acquisitions, to serve the ever increasing needs to deliver unified communications solutions.”

Attainia acquired by search fund Prometheus Health

REDWOOD SHORES, Calif., Oct. 13, 2016 /PRNewswire/ — Attainia, Inc., (“Attainia”), the leading provider of healthcare capital equipment management and information solutions, has successfully completed a transaction with investment firm, Prometheus Health Partners, LLC, (“Prometheus”).

“We are extremely excited to announce the acquisition of Attainia,” said Mike Rozenfeld, who will operate as CEO of Attainia, Inc. “Attainia is the leader in providing medical capital equipment management solutions and information services. Healthcare systems, group purchasing organizations, equipment suppliers, and professional engineering and planning firms all turn to Attainia’s SaaS solutions to manage complex equipment planning projects and obtain valuable information on the rapidly changing healthcare industry. Jack McGovern has done a remarkable job running Attainia for the last three years. I am confident that our investment will enable Attainia to deliver even higher quality solutions and services to its clients.”

Attainia’s products, which include PLAN, BUDGET, WATCH and PREDICT, provide the tools necessary to make informed decisions and to manage complex capital equipment plans, budgets, and routine replacement processes. With over 300 customers, including Sutter Health, Intermountain Healthcare, Cleveland Clinic, Stryker, Siemens, CallisonRTKL, AECOM and others, Attainia remains well positioned to continue to grow and expand its presence in the U.S.A. and around the world.

Zensurance Raises $1M in Seed Round

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