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Last $0.07 USD
Change Today 0.00 / 0.00%
Volume 0.0
ITCC On Other Exchanges
As of 8:10 PM 03/24/15 All times are local (Market data is delayed by at least 15 minutes).

inspro technologies corp (ITCC) Snapshot

Previous Close
Day High
Day Low
52 Week High
04/30/14 - $0.49
52 Week Low
12/8/14 - $0.02
Market Cap
Average Volume 10 Days
Shares Outstanding
Dividend Yield

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inspro technologies corp (ITCC) Details

InsPro Technologies Corporation, through its subsidiary, InsPro Technologies, LLC, provides Web-based insurance administration software applications for insurance carriers and third party administrators. Its flagship software product InsPro Enterprise is an insurance administration and marketing system that supports group and individual business lines, as well as processes agent, direct market, worksite, and Web site generated businesses. The company offers InsPro Enterprise on a licensed and an application service provider basis. It also provides consulting and implementation, legacy system migration, application management, Web development, help desk, and hosting service support services. The company was formerly known as Health Benefits Direct Corporation and changed its name to InsPro Technologies Corporation in November 2010. InsPro Technologies Corporation was founded in 1986 and is based in Radnor, Pennsylvania.

79 Employees
Last Reported Date: 03/31/14
Founded in 1986

inspro technologies corp (ITCC) Top Compensated Officers

Founder and Vice Chairman
Total Annual Compensation: $300.0K
Chief Operating Officer, Chief Financial Offi...
Total Annual Compensation: $250.0K
Compensation as of Fiscal Year 2013.

inspro technologies corp (ITCC) Key Developments

InsPro Technologies Corporation Receives Loan from Edmond Walters

On March 17, 2015, InsPro Technologies Corporation announced that it has received a loan from Edmond Walters, a current director of the company, in the amount of $500,000. The Loan was a pre-payment by Mr. Walters in connection with any future issuance of equity securities of the company, and is convertible into equity securities of the Company in connection with any such future issuance of equity securities as agreed to by the company and Mr. Walters. The loan is refundable to Mr. Walters on demand, without interest, if the company does not consummate an equity financing within a time period to be determined by the Company and Mr. Walters.

InsPro Technologies Corporation Announces Executive Changes

On January 26, 2015, in accordance with the Bylaws of InsPro Technologies Corporation, the board of directors of the Company appointed Mr. Donald Caldwell to be the chief executive officer of the Company and of InsPro Technologies, LLC. Mr. Caldwell remains the chairman of the Board and resigned as chairman of the audit committee of the Board. Effective with this change all aspects of the Company's and InsPro Technologies, LLC's operations are under Mr. Caldwell's direction and oversight. Mr. Anthony R. Verdi ceased being the CEO of the Company effective January 26, 2015. Mr. Verdi remains the Company's chief financial officer and chief operating officer. On January 26, 2015, in accordance with the Bylaws of the Company, the Board appointed Mr. Robert R. Oakes, who was previously the chief executive officer and president of InsPro Technologies, LLC, to be vice chairman of the Board. Mr. Oakes remains an executive officer of the Company as vice chairman, and founder of InsPro Technologies, LLC. On January 26, 2015, in accordance with the Bylaws of the Company, the Board appointed Mr. Sanford Rich, who is a member of Board and a member of the Audit Committee, to be chairman of the Audit Committee. Mr. Rich was the chairman of the Audit Committee prior to Mr. Caldwell.

InsPro Technologies Corporation Enters into an Amended and Restated Loan and Security Agreement with Silicon Valley

On December 2, 2014, InsPro Technologies Corporation entered into an Amended and Restated Loan and Security Agreement with Silicon Valley Bank to amend certain terms of the Borrowers' existing $2,000,000 revolving credit facility. Among other changes, the Amended and Restated Loan Agreement increased the maximum amount of the Facility from $2,000,000 to $4,000,000 outstanding at any time. In addition, availability under the Facility is based in part on the Borrowers' adjusted quick ratio pursuant to the Amended and Restated Loan Agreement. The adjusted quick ratio is the ratio of the Borrowers' consolidated, unrestricted cash maintained with SVB plus net unbilled accounts receivable to the Borrowers' liabilities to SVB plus, without duplication, the aggregate amount of the Borrowers' liabilities that mature within 1 year, minus the current portion of deferred revenue. If the Borrowers' adjusted quick ratio is less than 1.25:1 then the maximum amount available to borrow is based on 80% of the sum of specific, individual client accounts receivable invoices. If the Borrowers' adjusted quick ratio equals or exceeds 1.25:1 then the maximum amount that maybe borrowed equals 80% of the Borrowers' accounts receivable balance in aggregate subject to the eligibility criteria and reductions in the Amended and Restated Loan Agreement. Advances under the Facility may be repaid and re-borrowed in accordance with the Amended and Restated Loan Agreement.


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