PORTLAND, Ore., Jan. 28, 2016 /PRNewswire/ -- ID Experts today announced it has secured $5 million in additional Series A Financing from BlueCross BlueShield Venture Partners and the Sandbox Advantage Fund. ID Experts is a leading provider of data breach response services for organizations and identity recovery products that protect individuals from financial and medical identity theft, mitigate risks, and ensure compliance.
Organizations today, especially those in the health insurance space, are faced with challenges in securing the sensitive personal data of their members. The vulnerability of health data to criminal and cyber attacks has led forward-looking organizations in this market to rely on ID Experts to provide products and services that help them in reducing the potential harms to their members from breach risks.
"We look at this investment as a strategic partnership with ID Experts," said Tom Hawes, M.D., Managing Director at Sandbox Industries who will join the Board of Directors at ID Experts. "ID Experts is poised for rapid growth with its data breach and identity protection solutions, especially in the healthcare space with its innovative MIDAS™ medical identity monitoring service. We're looking forward to helping advise the company strategically as it addresses new market opportunities in healthcare."
The MyIDCare™ SaaS product from ID Experts is the most comprehensive identity protection solution available. It includes a unique medical ID alert system – MIDAS – that is the first and only offering of its kind. In today's world of data breaches whereby sensitive information is readily exposed, individuals increasingly face risks of identity fraud. MyIDCare is designed to protect people from all nine types of identity theft including insurance, criminal, child, drivers' license, Social Security, synthetic, financial, medical and employment. ID Experts identity recovery experts have a 100% success rate to ensure fast, complete identity recovery.
"This investment by BlueCross BlueShield Venture Partners and Sandbox Advantage Fund demonstrates the importance of protecting individuals from medical identity theft for both Blue Cross and Blue Shield companies and the healthcare industry as a whole," said Bob Gregg, CEO of ID Experts. "We look forward to working with BlueCross BlueShield Venture Partners to expand our MyIDCare offering to consumers, health plans, and businesses."
In July of 2015, the Blue Cross Blue Shield Association (BCBSA) announced that all Blue Cross and Blue Shield (BCBS) companies will make identity protection services available to their customers. ID Experts was selected as one of the preferred providers of these services and is now working with several Blue Cross and Blue Shield companies.
Portico Capital Securities LLC served as exclusive financial advisor to ID Experts with respect to this transaction.
About ID Experts
ID Experts has over a decade of experience in serving consumers with identity protection, and enterprises with data breach software and services. We cover millions of consumers with identity theft services with a 100 percent success track record for identity recovery. Our corporate clients include a who's who of major healthcare, insurance, government, financial services, and higher education organizations. We also contribute actively to the cyber risk community through organizations including NHCAA, HCCA, MIFA, and IAPP. Visit https://www2.idexpertscorp.com/
About BlueCross BlueShield Venture Partners, L.P.
BlueCross BlueShield Venture Partners, L.P. is a corporate venture fund licensed by the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield companies. The fund invests in promising emerging companies of strategic relevance to Blue Cross and Blue Shield Plans. Sandbox Industries is the exclusive provider of investment management services to BlueCross BlueShield Venture Partners. For more information, please visit www.bcbsvp.com.
About Portico Capital Securities
Portico Capital provides independent strategic and financial advisory services in the areas of mergers & acquisitions (M&A), recapitalizations and capital raisings exclusively to private and public companies in the global information and business services sector. The firm, founded in 2000, has offices in Greenwich, Connecticut and London, England. For more information, please visit http://www.porticocapital.com/
SOURCE ID Experts