(Image source: Data Dimensions website.)
Thompson Street Capital Partners (TSCP), a St. Louis-based private equity firm has partnered with Sandbox Insurtech Ventures (Chicago) to acquire Data Dimensions, LLC, a Janesville, Wisconsin-based provider of outsourced document handling and workflow solutions for the property/casualty insurance, financial services and government industries, according to a Sandbox Insurtech Ventures statement. Bailey Southwell & Co. (Nashville) served as the exclusive financial advisor to Data Dimensions on this transaction. Polsinelli (Kansas City, Mo.) represented TSCP on the transaction. Terms of the transaction were not disclosed.
Founded in 1982, Data Dimensions utilizes state-of-the-art systems and technology to enable the automation of document and data management for commercial insurance and government customers, according to Sandbox Insurtech Ventures. “Their unfailing focus on quality and data security, as well as decades of experience in document management has helped to secure their place as the preferred partner for some of the nation’s largest carriers, TPAs, PBMs/mail order pharmacies, P&C cost containment companies, and government agencies,” the statement says.
“This is an exciting new phase for Data Dimensions,” comments Jon Boumstein, CEO, Data Dimensions. “Thompson Street has a proven track record in building companies through technology innovation and acquisitions. We are confident this partnership will not only further our current reputation as an industry leader but position our company as a leader in new markets as well.”
“Property and Casualty insurers are constantly looking for ways to increase efficiency and provide for an enhanced focus on core competencies versus document management and data preparation,” comments Bob Dunn, Managing Director, TSCP, “We are excited to partner with the company’s outstanding management team to accelerate Data Dimensions’ investment in technology and future growth.”
Front End of the Data Value Chain
“Data is one of the most valuable resources of the insurance industry and Data Dimensions occupies a critical position at the front end of the data value chain,” comments Chris Zock, Managing Director, Sandbox. “With their cutting-edge digitalization and automation technologies, the company enables insurers to make use of previously analog and unstructured information in ways that enhance underwriting, claims, and many other processes. Data Dimensions’ services are foundational to helping insurers succeed in a highly competitive industry. We look forward to partnering with the Data Dimensions management team and TSCP to continue bringing new technology and services to existing and future clients.”