Group Doubles Stake in Delphi Systems

A Minneapolis investor group has doubled its stake in Delphi Information Systems Inc. to about 9.3% of the Westlake Village company’s common stock.

Delphi, a provider of computer systems to property-casualty insurance brokers, said it sold 6,632 shares of preferred stock for $1.5 million to IAI Venture Partners II, an investor group affiliated with Investment Advisers Inc., a Minneapolis mutual-fund company.

The preferred shares are convertible into 344,860 shares of Delphi’s common stock. IAI Venture Partners II already had owned similar preferred stock that’s convertible into Delphi’s common shares, so the group now effectively owns about 679,000 Delphi common shares, or 9.3% of the total outstanding.

Delphi said it will use the latest sale’s proceeds to bolster its working capital.