Scott Striegel Named President
Denver, CO — September 6, 2005 — Leading private equity firms Spectrum Equity Investors and Stripes Group announced today that they have acquired Denver-based NetQuote, the leading online resource for consumer comparison shopping for insurance and the dominant online lead provider to the insurance industry. Following the transaction, Victor E. Parker and Benjamin C. Spero from Spectrum Equity Investors and Kenneth A. Fox from Stripes Group will join NetQuote’s Board of Directors. Financial terms of the deal were not disclosed.
“NetQuote is uniquely positioned with both consumers and insurance providers,” said Victor E. Parker, Managing Director of Spectrum Equity Investors. “With more than fifteen years of experience in insurance lead generation, NetQuote is the clear leader in the marketplace, and we are extremely excited about the Company’s continued growth potential. We look forward to expanding the Company’s offering to both its agent customers and consumers.”
Kenneth A. Fox, Founder and President of the Stripes Group, said, “Insurance agents and carriers currently spend more than $3 billion on direct marketing each year. We believe NetQuote will continue to capture more of that marketing budget as it continues to provide a successful, measurable ROI to agents and a positive insurance shopping experience for consumers.”
NetQuote also announced today that it has named Scott Striegel as President, effective immediately. Striegel is an accomplished senior manager with 33 years of experience in the online marketing and insurance industries. Most recently, Striegel was President of SelectQuote Insurance Services, the nation’s largest direct marketer of term life insurance products. Striegel spent the majority of his career serving numerous positions within Aetna Life & Casualty, where last served as Senior Vice President, Head of Operations for Aetna/USHealthcare.
“I am excited to be joining such a talented team, especially at such a key time for NetQuote,” said Scott Striegel. “The Company is well-positioned to reach the next level, and with the support of Spectrum and Stripes, the management team will have the expertise and resources necessary to grow the business.”
Keith Lawton, NetQuote’s co-founder, said, “It’s exciting to have Spectrum Equity and Stripes Group as the new owners of NetQuote. Both of these firms have significant experience helping growth companies expand and provide the best services and products to customers. With the addition of an industry veteran such as Scott, I believe that they will build upon the legacy my partner and I have created. I fully expect NetQuote to continue to grow and thrive under this leadership.”
Technology Investment Capital Corporation provided mezzanine debt financing in support of this acquisition. St. Charles Capital, a Denver-based investment banking firm, acted as financial advisor to NetQuote in this transaction.
Since 1989, NetQuote has provided consumers with a free, simple, and effective way to fulfill their insurance shopping needs. NetQuote operates a web-based business through which local insurance agents and national insurance companies purchase high quality leads of consumers in the market for competitively priced insurance policies. NetQuote’s website (http://www.netquote.com) and services enable consumers, at no cost, to receive multiple insurance quotes in all 50 states from the Company’s network of independent local insurance agents and local representatives from its national insurance partners.
NetQuote’s customers include American Family Insurance, Amica Insurance, AARP, Electric Insurance, The Hartford, Unitrin, and several more of the largest insurance companies in the United States.
About Spectrum Equity Investors
Spectrum Equity Investors is a leading private equity firm specializing in investments in the media, communications, entertainment and information and business services industries throughout North America and Western Europe. Founded in 1994 and based in Menlo Park, Boston, and New York, Spectrum has over $4 billion in capital under management. Spectrum’s strategy is to invest substantial amounts of capital behind strong management teams and provide long-term and active board-level assistance to those teams to help them create and realize value. Significant investments include Eutelsat S.A., Loews Cineplex Entertainment, MyFamily.com, NetScreen Technologies, Patriot Media and Communications, RiskMetrics Group, Apprise Media, CBD Media, Consolidated Communications, and NEP. Additional information on Spectrum can be found at www.spectrumequity.com.
About Stripes Group
Stripes Group provides profitable entrepreneurial companies with a competitive advantage in execution. As an active partner, Stripes Group supports its portfolio companies through growth capital, access to Fortune 1000 customers, recruiting executive talent and the ability to tap the operating experience of its principals. Stripes Group makes growth equity investments of $10 million to $40 million per transaction and acquires companies with purchase prices of $20 million to $150 million. Stripes Group executes a targeted investment strategy in Technology, Branded Consumer Product and Financial Service companies. Please visit www.stripesgroup.com for additional information.
About Technology Investment Capital Corp.
TICC is a publicly traded business development company principally engaged in providing capital to small to mid-size technology-related companies. Please visit www.ticc.com for additional information.