Card Scanning Solutions Lands Equity Investment
Card Scanning Solutions (CSSN), located in Culver City’s Corporate Point, the leading provider of Identity Solutions software for reading data from driver licenses, medical cards, and other official documents, announces that Insight Venture Partners, Red Oak Growth Partners, and Egis Capital Partners have made an investment in the Company. Financial terms of the deal were not disclosed.
"This capital infusion will help CSSN to accelerate its innovative product-development efforts and more rapidly expand our reach in the market," said Yossi Zekri, CEO of CSSN. "Our investors' deep experience in software and innovative technology makes them great partners for us as we launch our new offerings for mobile devices such as IDScan® GO, MedicScan®GO, and cloud-based image processing."
Earlier this year the company launched a new version of its advanced Snapshell® image capture appliance, Snapshell® R2 and Snapshell® Passport. In combination with CSSN's industry-leading software, Snapshell quickly and accurately processes data from almost any form of official identification card or document.
CSSN supports customers in a variety of vertical industries including healthcare, financial services, facilities/property management and education. The company works closely with its industry partners to integrate its technology into their application workflow, ensuring a seamless experience for the customers' registration and validation processes.
"We are excited to partner with an outstanding founding team at CSSN that has consistently delivered a profitable and growing business over its history," said Larry Handen, Managing Director at Insight Venture Partners.
"Their efforts over the last decade have built a market-leading company leveraging a unique technology solution that combines image processing, OCR, and an extensive image library that can be applied to many applications."
"The need for real-time identity-validation, fraud-prevention and customer-registration applications is growing rapidly and is a catalyst for CSSN," said Richard Erickson, Managing Director at Red Oak Growth Partners and Chairman of CSSN's Board of Directors.
"We were extremely impressed at the depth and quality of CSSN's longstanding relationships with market-leading software companies in core vertical industries and look forward to helping them further expand."
Zekri, Handen, and Erickson will join CSSN's Board of Directors along with Conor Mullett from Red Oak, Dany Hatzav of CSSN , Dan May of Insight, and Robert Chefitz of Egis.
Goodwin Proctor LLP and Deloitte LLP advised the Investors in the transaction. CSSN was advised by Peter A. Sokoloff & Co. and Bradley Consulting Group. Silicon Valley Bank provided a senior credit facility to support the investment.