Notable Transactions

Appriss Sold to Insight Venture Partners

We are pleased to report that portfolio company Appriss has recently been acquired by Insight Venture Partners.  Previous majority owners were Bain Capital Ventures and JMI Capital, who invested in 2007; as noted in press articles, those investors received three times their investment in the Insight transaction.  To date, Chrysalis has earned an 18x return on its investment in Appriss and continues to maintain a small equity stake.

We are tremendously proud of how Louisville-based Appriss has grown since our original investment in 1995 and extend our congratulations to CEO Mike Davis and the Appriss team.

Aetna Acquires Humana

On July 3 Aetna announced it plans to acquire Humana for $37 billion, pending regulatory and shareholder approval.

Chrysalis Partner David Jones, Jr. has served on Humana’s board of directors since 1993, and was its Chair from 2005 to 2010. During David’s tenure on the Board, the company grew from $3 billion in revenue to over $50 billion, and from a market cap of under $3 billion to some $37 billion announced for the Aetna transaction.

Chrysalis has long benefitted from its working relationship with Louisville-headquartered Humana and its talented alumni, and David’s work with the company has placed us in the midst of broader industry thought leadership and deal flow. We fully expect this trend to continue as ideas, talent and capital are unlocked by this transformative transaction.

We congratulate David on this immensely value creating event for Humana and its shareholders.

Other Portfolio News

GoNoodle’s Math Marathon game is proven to boost student math scores in the classrooms where it is used as a "brain break".

Newly-public Connecture (NASDAQ: CNXR), which provides white-label benefit marketplaces for employers, payers, private exchanges and other sponsors, reported record revenue for the first quarter of 2015.

StraighterLine CEO Burck Smith chats about self-paced learning, educational policy, and where he sees the future of education in this interview with edukwest.

Following its acquisition of WorkWell in 2014, NextImage Medical changed its name earlier this year to WorkWell Prevention & Care to reflect the broad range of pre-hire evaluation, diagnostic, and treatment services it can now provide to its workers comp customers.

Security and networking company Cybera recently landed in the top 50 of the "Cybersecurity 500" list assembled by Cybersecurity Ventures.

Simple-to-use corporate planning and budgeting software provider XLerant is recognized as a Top Finance Tech Solution in 2015 by CIO Review.

We are focused on partnering with talented entrepreneurs to build enduring businesses in industries undergoing significant transformation.

Target Characteristics:
Strong management, proven business model, scalable strategy

Company Size:
Revenue exceeds $1 million

Transaction Types:
Early- and growth-stage equity investments

Investment Size:
Up to $15 million

Healthcare IT & Services
Information Technology


David A. Jones, Jr.
Koleman Karleski
Wright Steenrod
Irv Bailey
Doug Cobb


Investment Professionals:
Jeremy Burtel
Charlie Crawford
Moses Icyishaka
Elizabeth Rounsavall
John Willmoth
Chrysalis Ventures
101 South Fifth Street
Suite 1650
Louisville, KY 40202
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