"ProspX has built a proven revenue model and efficient software-as-a-service business resulting in satisfied customers and strong company growth," said Martin Neath, general partner, Adams Capital Management. "We are very excited about the momentum the company is experiencing and believe that the additional capital gets ProspX that much closer, faster to transforming this important industry."

ProspX develops the industry leading solution for managing the complex, multi-party sales process of the $500 billion commercial insurance industry. The Software-as-a-Service (SaaS) platform combines enterprise search, social networking, and sales collaboration technology to automatically connect commercial insurance agents, brokers, and carriers at the initial point of a business opportunity, as well as throughout the sales cycle.

There are 4,000 brokers and more than 16,000 carrier underwriter specialists currently represented in the ProspX network. Additionally, the company continues to build on the successful adoption of its collaboration platform with the announcement of InsiderConnect™, a unique electronic marketing offering and the first of its kind in the industry.

"With the support of our investing partners and our talented team we can continue our mission to transform the often manual and inefficient business of commercial insurance," said Todd Young, president and CEO of ProspX. "This investment is a great vote of confidence in our company, and we plan to use the funding to continue developing world class solutions that help our agency and carrier partners harness the best relationships, intelligence, and resources available for their clients."