Global Driving Safety Leader eDriving and Consumer Scoring Pioneer FICO Announce Strategic Partnership and New Driver Safety Score
Global Driving Safety Leader eDriving and Consumer Scoring Pioneer FICO Announce Strategic Partnership and New Driver Safety Score
eDriving to combine industry-first FICO Safe Driving Score with launch of new Mentor telematics “closed loop” driver training and risk reduction program.
October 12, 2016 – eDriving, the largest provider of online driver training and global driver risk management solutions, announced it has partnered with leading analytics software firm FICO to launch new scoring algorithms to capture driving behavior and develop a transformational risk predictor — the FICO® Safe Driving Score. Just as the FICO® Score is the standard measure of consumer credit risk, used by all players in the credit ecosystem, the FICO Safe Driving Score will provide a measure that facilitates consistency and fairness in driver safety assessment.
The strategic partnership between eDriving and FICO will be one of the centerpieces of a new “closed loop” driver training and improvement offering by eDriving, called Mentor™. The Mentor offering will initially serve two key marketplace segments: the fleet market and the teen/novice market, with expected launch dates in Q4 2016 and Q1 2017, respectively.
eDriving’s Mentor is a new smartphone telematics solution that will capture acceleration, braking, cornering, speeding, cellphone distraction, and other behavioral data, as well as provide the proprietary, predictive analytics platform to fuel the FICO Safe Driving Score. Furthermore, Mentor will provide a “playlist” of engaging interactive training interventions customized for each driver based on his or her risk profile. FICO has developed the score based on its empirical research of driving behavior inputs known to predict driver performance, risk, and on-road safety performance.
The Upside of Improving Your FICO Safe Driving Score
eDriving’s Mentor and the FICO® Safe Driving Score will empower good drivers to prove their low-risk profile. It will also help high-risk drivers understand their risk exposures, how those factors affect their safety, and what they can do to manage, control, and mitigate their risk of crashes, thereby improving their driving and ultimately better controlling their insurance costs. The solution provides broad and measurable benefits for drivers as well as fleets of all sizes, and results in safer drivers, safer roads, and reduced costs.
“This groundbreaking partnership between two global leaders elevates and expands our mission of empowering drivers to control their lives behind the wheel by improving their safety and reducing their risk,” said Celia Stokes, CEO, eDriving. “By working with an analytics powerhouse like FICO, we’ll have an enormous impact on what is happening on the road and create benefits that ripple through the entire driving ecosystem. There has been so much talk about a FICO-like score in this industry — we are delighted to be delivering on the dream and then some. Everyone wins here — the driver, their families, their insurers and their employers.”
“We believe in solutions that give consumers more control over their lives,” said Sally Taylor-Shoff, vice president of Scores, FICO. “Our programs, like FICO Score Open Access, provide consumers with insight into how lenders view their creditworthiness and provide information that enables them to better understand their financial health. In concert with the industry leader in driving education, the FICO Safe Driving Score will provide consumers with valuable insights into their driving behavior that will help people do something also vitally important — protect themselves, their passengers, and their vehicles.”
Advisory Board to Oversee Path to Mainstream Adoption
FICO and eDriving are also forming an advisory board to develop the FICO Safe Driving Score into a standard for all drivers. The advisory board will include representation from insurance companies (both commercial and personal), brokers, fleet, and incident management companies, other telematics service providers, and car manufacturers to define a beneficial industry standard, which does not exist today.
eDriving is the largest provider of online driver training and global driver risk management with more than 10 million U.S. consumer customers to date and 700,000 fleet drivers worldwide annually. In addition to providing state-regulated online novice driver training (a.k.a. drivers ed courses and drivers permit certification) and online driver improvement courses (a.k.a. traffic school), our focus is on helping drivers become smarter and safer behind the wheel in close partnership with corporations, fleet services, and insurance companies. Our mission is to maximize road safety by using technology and online learning expertise to empower smarter, more reliable drivers to be in control of their behavior behind the wheel. For more, visit www.edriving.com.
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 165 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time. Learn more at www.fico.com.
FICO is a registered trademark of Fair Isaac Corporation in the US and other countries.
OnCourse Learning acquires education leader in assisted living, non-medical home care
September 14, 2016 – In keeping with the company’s growth strategy, OnCourse Learning today announced the acquisition of the Institute for Professional Care Education, a leader in training and compliance solutions for assisted living communities, home care providers and home health agencies.
“As a top provider of training for non-medical home care and assisted living caregivers, IPCed is a welcome addition to our family,” said Patrick Sheahan, president and CEO of OnCourse Learning. “This acquisition allows us to build on our strong foundation in healthcare education by expanding our content catalog to meet the training needs of professionals across the provider landscape, in both acute and post-acute care settings.”
IPCed, based in Vancouver, Wash., was founded in 2003 and has experienced rapid growth, including the recent acquisitions of Medifecta Healthcare Training in 2012 and the Care and Compliance Group in 2014. With a team of 50 employees, IPCed offers online training for some of the nation’s fastest-growing professions, including assisted living administrators and personnel, as well as direct care workers throughout the senior and post-acute industries. OnCourse Learning is the nation’s top provider of online training for registered nurses via Nurse.com, a popular hub for nursing news, jobs and education content, and CE Direct, the company’s market-leading product platform for hospitals and health systems.
“I’ve always been passionate about education,” said Sharon K. Brothers, CEO and co-founder of IPCed. “It is so clear to see the positive outcomes that accompany quality education. IPCed’s courses are designed to get people so excited about training that they go back and take more courses without being mandated. OnCourse Learning’s focus on content as well as their technology platform will give us opportunities to improve the quality and delivery of our courses and modernize the user experience.”
OnCourse Learning, which formed in 2007, provides workforce solutions and professional training for the healthcare, financial services and real estate industries. The company offers 30,000 hours of content to 500,000 students annually. IPCed represents the third acquisition for OnCourse Learning in the healthcare training industry since entering the fast-growing vertical with the purchase of Gannett Healthcare Group (Nurse.com), in 2014.
Brothers and her husband previously owned assisted-living facilities in Oregon and California. They saw a need for every employee on every shift to get the same level of training. That need spawned the formation of their company, first known as EasyECU Inc., which started with a focus on training leaders then moved to hands-on care providers.
“If you want to effect change, you start with leaders,” Brothers said. “I know from personal experience that there are a whole lot of people who have found their niche as direct-care workers. It doesn’t stop their career ladder. They can continue to grow their skills and knowledge and expertise.”
“Sharon’s three decades of experience and knowledge in the industry have made her a passionate thought leader,” Sheahan said. “IPCed’s goals align well with OnCourse Learning, and we look forward to helping providers across the country improve patient care through training and education.”
IPCed, which will continue operations from its home office in Vancouver, Wash., offers a series of specialized certifications for caregivers, including dementia care, Parkinson’s care, end-of-life care and diabetes care. The company also offers training materials, such as DVDs and care checklists, for family members who provide care to loved ones.
OnCourse Learning has more than 300 employees across the country, including at the company headquarters in Wisconsin and offices in Hoffman Estates, Ill., Atlanta and Hunt Valley, Md. OnCourse Learning is a CIP Capital portfolio company.
About OnCourse Learning
OnCourse Learning delivers licensure, regulatory and compliance education solutions throughout the nation’s leading industries including healthcare, financial services and real estate. Through trusted industry expertise, compliance management and technology solutions, OnCourse Learning focuses on advancing the e-learning environment for individuals and businesses to help to build new careers, empower employees through knowledge and identify efficiencies in corporate training management. OnCourse Learning offers a full suite of educational products including state and federally approved prelicensing and continuing education programs, accredited course content, exam prep tools, publications, e-books, events and a sophisticated and customizable learning management system and course-authoring tool. To learn more, visit OnCourseLearning.com.
CIP Capital Completes Investment in Human Capital Management Platform
Growth-oriented, sector-focused firm invests in CARCO, a leading provider of tech-enabled and compliance-driven human capital management and risk management solutions.
September 9, 2016 – CIP Capital has completed an investment in CARCO Group, Inc. (“CARCO” or the “Company”), a leading provider of tech-enabled and compliance-driven human capital management and risk management solutions. The Company’s core solution offering provides robust onboarding and pre-employment background screening services to the large enterprise market. CARCO currently serves clients across the financial services, transportation, and media and telecom end-markets, among others. CARCO was founded in 1977 and is headquartered in Holtsville, NY.
“We are delighted to announce this strategic partnership with CIP Capital for the next stage of our company’s growth,” said James Owens, CEO of CARCO. “CARCO has been setting the standard for accurate and reliable background screening services since our inception almost 40 years ago. By providing a comprehensive and technology-driven solution, CARCO has become the recognized leader in serving corporations throughout the employee hiring process. CIP Capital has demonstrated a deep understanding of our business model and how CARCO uniquely serves our valued clients to meet their human capital management and risk management needs. We look forward to making continued investments that will further develop and expand our solution offering in order to better serve our client base.”
“CARCO represents an exciting opportunity for CIP Capital in the growing human capital management market,” said Scott Marden, Managing Partner of CIP Capital. “We believe large corporations will continue to seek best-in-class providers to assist with risk management and compliance solutions across the employee lifecycle.” CARCO represents CIP Capital’s second investment in the human capital management space. Bobby Kelly, Managing Director of CIP Capital, added: “CARCO has differentiated itself in the market through its high-quality and accurate processes, commitment to regulatory compliance, and leading technology capabilities. We look forward to partnering with Jim and the CARCO management team to build on their strong client relationships and stellar reputation.”
Sidley Austin LLP served as legal counsel to CIP Capital. JEGI served as financial advisor and Seward & Kissell LLP served as legal counsel to CARCO.
CARCO is a leading provider of tech-enabled and compliance-driven human capital management and risk management solutions. The company’s core onboarding and pre-employment background screening offering provides clients with a high quality, regulatory compliant, and tech-enabled solution. CARCO currently serves clients across the financial services, transportation, and media and telecom end-markets, among others, and offers transportation clients a comprehensive, industry-focused solution through its Driver iQ branded offering. CARCO is headquartered in Holtsville, NY and has office locations in Spring Lake, NC, Tulsa, OK, and Tustin, CA. For more information please visit: www.carcogroup.com.
CIP Capital Completes Platform Investment in Affinitiv
Strategic combination of DPS, Peak Performance, OneCommand and TimeHighway.com to create a marketing technology leader in the automotive dealer solutions market
September 8, 2016 – CIP Capital has completed a strategic investment in Affinitiv, Inc. (“Affinitiv” or the “Company”), a leading provider of marketing and technology services to automotive manufacturers (“OEMs”) and dealerships. Affinitiv is a newly formed entity exclusively focused on the automotive market through the merger of four market leading companies: DPS, Peak Performance, OneCommand and TimeHighway.com. This strategic combination provides both OEMs and dealers with an end-to-end marketing solution that leverages multi-channel communications, technology, and analytics to create connected customers for life. With a focus on driving retention and loyalty throughout all phases of the automotive customer lifecycle, Affinitiv provides a consistent customer experience across all channels.
Affinitiv is built on long-term relationships with leading OEMs, dealership groups, and individual dealers with a commitment to customer service and technology innovation. Affinitiv serves over 5,500 dealerships through the largest sales and customer service team in the automotive marketing technology space. Affinitiv will significantly invest in its existing technology platform to extend its advanced analytics capabilities with a focus on connected car and mobile solutions that will enhance and personalize the customer experience. Affinitiv has market leading solutions across online and offline channels, with enhanced digital, social, and telematics solutions that connect automotive OEMs and dealers to their customers to drive brand loyalty and revenue across the dealership. In addition, Affinitiv is the only solution in the market with an integrated service marketing and appointment scheduling capability.
All four CEOs of the combined companies have joined the newly formed Company in executive roles and are investors in the transaction. In addition, CIP Capital has partnered with several senior executives from the automotive market to form the leadership team of Affinitiv. Mike Doobay, a long-term industry veteran in the automotive market, has been named CEO of Affinitiv. “Affinitiv will combine the best of each company with the sole focus of serving our OEM and dealer partners with a market leading solution that effectively manages all aspects of the customer lifecycle,” said Mr. Doobay. “The scale and reach of Affinitiv will allow us to invest in the best people, technology platform, and analytics capabilities to meet the changing needs of our customers.” Jeff Hart, former President and CEO of OneCommand, joins Affinitiv as COO. Mr. Hart added, “Affinitiv is committed to providing a whole new approach to creating connected customers for life. This is a highly exciting combination for our customers, employees, and shareholders.”
Affinitiv represents the third investment for CIP Capital in 2016 and will be a buy and build platform with an exclusive focus on the automotive marketing technology space. “We are thrilled to launch Affinitiv through the strategic combination of four market leading companies that all believe in our plan to invest aggressively in new digital, telematics, and analytics capabilities,” said Justin Lipton, Managing Partner of CIP Capital. He adds, “We see a unique opportunity to build the leading independent player in the automotive marketing technology space with a highly differentiated value proposition.”
Affinitiv is headquartered in Chicago, Illinois, with seven offices across North America. Affinitiv generates over $100 million in annual revenue and employs over 500 team members.
Affinitiv is a leading marketing technology company exclusively serving automotive manufacturers (OEMs), dealership groups, and individual dealers. Affinitiv enables its customers to produce, manage, measure, and optimize multi-channel communications to drive brand loyalty and increase revenue across the dealership. Affinitiv’s digital and analytic capabilities offer an end-to-end solution that supports a consistent experience across the entire consumer lifecycle. Affinitiv was formed through the strategic combination of DPS, Peak Performance, OneCommand, and TimeHighway.com. Affinitiv is headquartered in Chicago, IL.
eDriving, U.S. Driving Safety Leader, Makes Multiple Global Acquisitions
Consumer and Fleet Driving Poised for Fundamental Change Fueled by Telematics
OAKLAND, California - March 22, 2016 – eDriving, the leading provider of online driver education in the U.S. with more than 10 million customers to date, has acquired Interactive Driving Systems, a renowned global provider of fleet driver safety management solutions through its Virtual Risk Manager® (VRM) platform. Concurrently, eDriving acquired Mentor eData, a consumer-focused telematics app and analytics provider. The combined companies form the leading driver training and risk reduction business with a mission of training consumer and professional drivers to be the best and safest they can be and evolving crash-free operating cultures for corporations worldwide.
The impacted and addressable market is vast, given the critical nature and costs associated with driving for individuals, families, small businesses and major corporations. The ability to draw on fast-emerging telematics, big data and the Internet of Things (IoT) in constructing solutions creates an unparalleled and immediate opportunity for eDriving. In the U.S. alone, there are nearly 30,000 fatal motor vehicle crashes annually and motor vehicle collisions are the leading cause of teen deaths. The global value of the auto insurance market is expected to reach $821 billion by 2018. As technology quickly evolves and consumers and companies adjust to next-generation options, the global telematics market is expected to reach $45 billion by 2019.
"These acquisitions fast-track our vision of offering a full suite of solutions that maximize road safety and constructively empower personal and professional drivers to better control what is happening when they are behind the wheel. If you want safer family cars and lower fleet operating costs with more predictable insurance rates, you need sharper focus on the driver," said Celia Stokes, CEO of eDriving, who joined the company in early 2015 and paved the way for a significant expansion of the organization's focus and impact.
Mission — Size & Scope
The new eDriving enterprise, with over 430 employees worldwide, will immediately begin sharing assets and resources, including patents, data analytics, telematics data, technology development, websites, apps, subject matter experts, interactive content and video libraries. Financial terms of the acquisitions were not disclosed, but the combined company now has:
- More U.S. state approvals than any other company to provide online driver training and certification
- 1 million novice and driver improvement customers annually (consumer market)
- More than 700,000 fleet drivers in 97 countries, using courses in 45 languages
- Over 10 million unique visitors to websites
- A powerful telematics and analytics engine capable of operating as a turnkey offering as well as connecting to other telematics providers
- 200 driving instructors in a fleet of BMW Mini Coopers in key markets
- A blue-chip customer base including global Fortune 500 companies.
"It's an honor to be combining forces with a best-in-class provider in driver risk reduction strategies that has created meaningful, crash-free cultures for such an impressive set of worldwide corporate customers. I have spoken with many of these customers and the value they place on ensuring their employee drivers return home safely to their loved ones every day is palpable and foundational — as is their reliance on and trust in Interactive Driving Systems," added Stokes. "And Mentor eData's rigorous approach to using data to model driving behaviors enables us to fuel a different level of driver insight, training and effect. Our three organizations share a thorough and engaging approach to driver improvement and risk reduction while our market reach and areas of core competency are entirely complementary. This combination is game changing for the industry."
"We already have a pipeline of customers who see the combination of entities as greater than the sum of the parts and are ready to engage more deeply," commented Ed Dubens, the founder and CEO of Interactive Driving Systems who becomes Executive Vice President (EVP) of newly formed eDriving FLEET, LLC and will continue to drive all operations and strategy for the fleet business line. "Driver safety is, indeed, poised for fundamental change."
Multiple Brands, New Telematics Team & Flagship Clients
eDriving will operate and integrate brands including DriversEd.com, I Drive Safely, Virtual Risk Manager®, eDriving FLEET, OneMoreSecond®, DriveInsight™, and DrivingBuddy™ and expects to launch multiple products in coming months. These products include a closed-loop, mobile-based virtual coaching product that is modeled after Interactive Driving System's popular, award-winning, flagship offering, Virtual Risk Manager (VRM).
Flagship Interactive Driving Systems' clients include Nestle, Johnson & Johnson, Pfizer, GSK, Cummins, Merck & Co., Zurich, BT, Royal Mail, Liberty Mutual and Roche. Many have won prestigious awards for improving safety outcomes while substantially reducing costs.
Steve Lakowske, founder and CEO of Mentor eData, will join as a senior executive in eDriving's telematics team and brings established customer relationships from the insurance and international mapping services markets.
Range of Offerings & Audiences
With these transactions, eDriving emerges as the only company providing a full suite of driver training solutions, including a closed-loop solution combining telematics, other driver inputs, interactive online content, and virtual coaching services with licensed instructors to improve driving behavior and lower risk. For the first time, on a global scale, the following offerings will be available providing compelling choices for teenagers and their parents, adult drivers, contract drivers, corporations, regulatory agencies, insurance companies, telematics service providers and a myriad of other potential partners interested in the fast-changing driving ecosystem:
- Online, state-approved novice driver certification programs
- State-approved online traffic school
- Behind-the-wheel state-mandated driver training delivered by 200 experienced instructors in several states
- A full driver risk management program and platform for corporate customers
- A closed-loop, mobile, telematics-enabled virtual coaching offering for consumers, corporations and insurance partners
- Over 1,000 hours of online content and interactive coaching modules also available to partners on a standalone basis
- eDriving Certified™: Driver safety certification programs for corporations and businesses seeking 3rd party certification and endorsement of their employee or freelance drivers.
eDriving is the largest provider of online driver education in the regulated consumer driver training business with more than 1 million annual customers and 430 global employees. In addition to state-regulated online novice driver training and state-mandated driver improvement (a.k.a. traffic school), our focus is on helping drivers become smarter and safer behind the wheel in partnership with corporate (fleet) and insurance partners. We are uniquely positioned at the convergence of effective e-learning content creation, telematics-based mobile apps, and solutions that help remediate personal driving behavior to improve safety and reduce insurance costs. Our mission is to offer a full suite of solutions that maximize road safety by putting both new and experienced drivers in better control of the right driving behaviors.
About Interactive Driving Systems
Interactive Driving Systems is a global provider of Driver Safety Management Solutions. We work with our clients on shaping and influencing their drivers' attitudes and behavior toward safer travel. This is achieved through Virtual Risk Manager's (VRM) award-winning solution – Crash Free Culture®. VRM helps bring organizational policy to life, ensuring expectations are reinforced and understood across the entire organization. Our primary goal is to help clients reduce driver incidents, collisions, license penalties/endorsements and injuries year over year.
About Mentor eData
Mentor eData develops application software that dramatically improves driving behavior for B2C and B2B customers. Our mobile app platform, DrivingBuddy, and analytics engine, DriveInsight, facilitate drivers' awareness of the implications of their driving behaviors relative to safety and risk. Our unique application architecture facilitates integration with other apps to tap into large existing app user bases and rapidly generate massive amounts of driving and other demographic data. We continuously refine and develop innovative analytics for DoD driver training, corporate fleets, insurance companies, driving schools, and consumer apps that reward good drivers and increase the competency and awareness of drivers of all ages.