Emerging Technology, Government Business
Newswire | June 29, 2023
Revenue Solutions, Inc. (RSI), a leading provider of advanced SaaS solutions for government revenue management and control, is revolutionizing tax compliance through its cutting-edge AI technology. By leveraging the power of analytics and machine learning, RSI's flagship product, revX, empowers governments to streamline workflows, make data-driven decisions with unprecedented efficiency, and enhance revenue management.
"Governments around the world are facing increasing demands for efficiency, transparency, and compliance," says John Skinner, CEO of RSI. "At RSI, we are proud to be at the forefront of driving innovation that addresses these critical needs. revX Analytics is not just a technology solution; it represents a bold vision for transforming government operations through AI. We are empowering governments to unlock their full potential, enabling them to make more informed decisions, increase revenue, identify fraud, and optimize resources. We are committed to reinventing the way governments operate, and revX Analytics is the cornerstone of that revolution."
The core principle embedded in revX Analytics is the goal of making data-driven decisions. By offering an extensive range of business rules and functions, RSI enables governments to optimize resources, saving time and money. revX Analytics automates decisions where possible, while also identifying instances where staff input and involvement is crucial. Key areas of focus for revX Analytics to support government decision-making include Discovery, Compliance, Fraud Detection, Collections Prioritization and Optimization, and Audit Selection.
John Kitonis, CTO of RSI, highlights the company's continuous pursuit of innovation and technology advancement. "At RSI, we are constantly pushing the boundaries of what is possible with AI technology," says Kitonis. "We believe in being at the forefront of innovation, consistently exploring new approaches and technologies to improve our solutions. With revX Analytics, we have pushed a platform that not only harnesses the power of machine learning and data aggregation but also adapts to evolving compliance challenges. Our commitment to staying ahead of the curve ensures that our customers benefit from state-of-the-art technology that delivers accurate results, reduces workload, and enhances fraud detection. We are dedicated to empowering governments with the best tools available in the market."
revX Analytics modernizes fraud detection by implementing machine learning methods and model predictions. The solution effectively scores risk and applies rules and conditions to identify potentially fraudulent activity during returns processing. This approach helps reduce the workload of refund reviews, improves fraud identification accuracy, and ensures a higher level of scrutiny for fraudulent claims.
By leveraging AI technology, governments can significantly enhance their compliance review processes and identity verification protocols, resulting in a more secure and efficient revenue management system. With its advanced collections prioritization feature, revX Analytics assists governments in optimizing their delinquent account collections. By analyzing data from various sources, such as previous payment history, account aging, and risk-scoring algorithms, the platform enables governments to identify and prioritize accounts that require immediate attention.
This intelligent system ensures that collection efforts are focused on high-risk accounts, maximizing the chances of successful recovery while minimizing the resources spent on low-priority cases. By analyzing a wide range of data points, including historical patterns, anomalies, and compliance indicators, revX Analytics provides optimal courses of action for audit selection.
In a real-life scenario, a large State Department of Labor (DOL) benefited from RSI's analytics. Prior to RSI, the DOL identified fraud through manual processes, which became increasingly challenging due to the surge in claims during the pandemic. With the onset of the crisis, the volume of incoming claims skyrocketed from around 3,000 per week to approximately 90,000 per week, putting significant strain on the department's resources. At the same time, cases of potentially fraudulent identity increased from about nine per week to a staggering 4,500 per week. Manual case investigation was no longer feasible for the department's staff, who had to handle a 50,000% increase in workload.
With RSI as their trusted analytics partner, the DOL and RSI developed a phased approach to address the overwhelming increase in claims volume. Through automation, data aggregation, and advanced analytics, RSI enabled the DOL to process and identify fraudulent claims more efficiently improving fraud identification accuracy from 50% to nearly 92%. This prevented over 130,000 imposter claims and saved billions of dollars while ensuring valid claims were promptly processed and staff had more time to investigate problematic cases.
RSI's commitment to innovation is exemplified through its powerful analytics tools and capabilities. revX's AI-powered technology is revolutionizing fraud detection, optimizing workflows, and enabling data-driven decisions. The revX Platform empowers governments to effectively identify the level of risk and supply optimal courses of action, ensuring informed and strategic decision-making. As a result, governments can enhance revenue management, ensure compliance, and unlock new levels of efficiency and effectiveness.
About Revenue Solutions
Founded in 1996, Revenue Solutions, Inc.™ is the trusted, collaborative partner leading governments to innovation with the only cloud-native packaged software solution, revX™. Offered as Software as a Service (SaaS), revX™ is the preferred platform for government revenue processing. We empower public agencies and offices with solutions that improve citizen services, increase operational efficiency, collect additional revenue, and maximize compliance. For over 25 years, RSI™ has delivered transformative technology solutions across hundreds of client projects throughout the United States and Canada.
PR Newswire | July 31, 2023
NewSpring Holdings leverages proven organic growth strategies and a disciplined M&A process to accelerate growth in sector-specific markets, including logistics, fin-tech, government services, IT services, and sports. The team has completed over 40 acquisitions and successfully built a government services platform, Avantus Federal,which recently sold for$590M.NewSpring("the Firm"), a family of private equity strategies, announced today that NewSpring Holdings, the Firm's majority investment strategy focused on sector-specific platform builds, has acquiredBridge Core, a leading provider of visual intelligence, cybersecurity, and other technical solutions to the U.S. government intelligence community. Bridge Core will use the proceeds of this transaction to execute a disciplined M&A and aggressive organic growth strategy to create a full-spectrum, technology-enabled intelligence company.
Alongside this transaction, Chad Kim has been named CEO of Bridge Core. Chad has spent over two decades supporting the intelligence community and interagency task force apparatus in diverse worldwide roles spanning from operations to analysis. This has provided Chad with a unique breadth of experience, mission intimacy, and relevant capability expertise. He also has an extensive track record in scaling organizations capable of building industry-disrupting technology for defense, intelligence, and commercial clients, most recently with former NewSpring portfolio company Avantus Federal. Bridge Core founders Tyler Laverick and Andy Rackovan will stay on with the company in key leadership roles.
"In the creation of a full-spectrum intelligence company, we're proud to begin our journey with Bridge Core, a company whose values and culture are closely aligned with my own and the team at NewSpring," said Kim. "Bridge Core treats its team members like family, fosters a strong work ethic, and consistently delivers mission impact in a nurturing environment that attracts and retains the best talent in the industry. Tyler and Andy have built an amazing company filled with savvy technologists and intelligence professionals, and we're thrilled to continue growing this business alongside them."
Bridge Core leverages a unique tech-to-mission concept, agility, and speed in delivering services that drive true value for its intelligence agency clients. Established expertise in visual intelligence, technology transfer, cybersecurity, and technical operations positions Bridge Core well to add on additional services and expand into a full-service agency serving a broad range of needs facing the intelligence community.
"An era of rapidly proliferating and converging data presents unique, evolving challenges for the intelligence community. More than ever, we see the crucial role of a holistic solutions partner capable of elevating the transformation of data into precise and impactful insights for the numerous mission sets of the U.S. government.," said NewSpring General Partner Lee Garber. "Our partnership with Bridge Core, a true market leader, aligns with our core vision to innovate within the national security space, where there is significant growth potential. Combined with Chad's leadership and extensive experience delivering mission outcomes with technology in the intelligence community, we're excited for the future of this business."
"In 2015, Andy and I set out to build a company focused on empowering and fostering a transparent culture, giving everyone a seat at the table to define our success," said Bridge Core Cofounder Tyler Laverick. "Eight years later, we realized it was time to join forces with a team that embodied what we built at Bridge Core and have found the perfect partner in NewSpring to help scale this business and further raise our impact on critical intelligence missions. We're excited about this new era for Bridge Core and look forward to taking this business to the next level."
NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $3.0 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having invested in over 200 companies, NewSpring brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. To learn more, visit www.newspringcapital.com.
About Bridge Core
Bridge Core is a federal services company built on a culture of trust and teamwork to advance the mission through innovation and passionate people. The Bridge Core team of experts enable Mission Partners by integrating innovative technologies and implementing processes that modernize the digital workplace. The Company's trusted, skilled, and diverse team members make a lasting impact by building tailored, client-focused solutions within secured spaces. The Bridge Core team facilitates the rapid adoption of technologies and commercial off-the-shelf (COTS) solutions through a unique understanding of mission requirements and the vendor's product(s).
PR Newswire | August 08, 2023
Quzara LLC, a leading innovator in Managed Detection & Response (MDR) and Security Operations Center as a Service (SOCaaS), is thrilled to announce that its pioneering solution, Cybertorch™, has been selected by the GSA FedRAMP® PMO to pursue a Provisional Authority to Operate (P-ATO) from the Joint Authorization Board (JAB) at the High Impact Level. This milestone marks a significant advance in Quzara's unwavering commitment to providing state-of-the-art SOCaaS/MXDR solutions for both OT and IT to the government sector and their contractors.
Saif Rahman, CEO of Quzara, expressed his enthusiasm about the achievement: "Being selected for the FedRAMP JAB prioritization is a testament to our team's hard work and dedication. This represents a significant step forward in our mission to bring our high-standard, 24/7, US Citizen Security Operations to the government sector. I want to extend my sincere thanks to our devoted team and partners whose tireless efforts have made this accomplishment possible."
The importance of the FedRAMP JAB prioritization is substantial. This recognition places Quzara's Cybertorch™ in a position of enhanced trust and visibility within the federal government. Cybertorch™'s unique MDR approach, blending AI-driven insights with human expertise, ensures robust, around-the-clock security operations, all managed by US citizens has demonstrated government-wide demand as a Cloud Service Offering.
Moving into the FedRAMP JAB process is another exposition of Quzara's commitment to stringent security standards and reflects the company's broader dedication to fortifying information security in today's complex digital landscape.
As Quzara continues to evolve and expand its capabilities, its focus remains firm: to provide the most secure, compliant, and robust security solutions to its clients.
Quzara, LLC wishes to underline that this achievement does not imply government endorsement of the company, its products, or its services.
FedRAMP is a government-wide program that promotes the adoption of secure cloud services across the federal government by providing a standardized approach to security assessment, authorization and continuous monitoring for cloud products and services.
About Quzara LLC
Quzara LLC is a leader in Managed Detection & Response (MDR) and Security Operations Center as a Service (SOCaaS). Based in Reston, VA, Quzara is committed to providing top-tier security solutions to the government sector and their contractors for OT and IT. With its flagship solution, Cybertorch™, Quzara is setting new industry standards.