Convercent said Thursday that it has secured $10 million in Series B funding. SAP Ventures led the round with participation from existing investors Azure Capital, Rho Capital Partners and Mantucket Capital. Also, Doug Higgins, managing director at SAP Ventures, will join the Convercent board. And, City National Bank has increased its debt facility by an undisclosed amount to Convercent. Based in Denver, Convercent is a provider of integrated culture and compliance solutions.
DENVER, CO–(Marketwired – Oct 24, 2013) – Convercent, creators of integrated culture and compliance solutions, today announced it has raised $10M in Series B funding led by SAP Ventures, the independent venture capital firm affiliated with SAP AG (NYSE: SAP) and backers of other innovative technology leaders such as Box, LinkedIn, and FitBit. SAP Ventures Managing Director Doug Higgins will join the Convercent board.
Also participating in the round are existing investors Azure Capital, Rho Capital Partners, and Mantucket Capital. City National Bank continued its support of Convercent with an increase to its debt facility.
“Convercent is modernizing the way companies bring their values, policies and regulatory compliance activities together, and we’re thrilled to be a part of their journey by announcing this as the first investment from our new $650 million fund, SAP Ventures Fund II,” Higgins said. “Convercent is poised to become a market leader in the governance, risk and compliance industry, with an unwavering vision of how compliance professionals can truly manage their organization’s compliance health in a space wracked with technological fragmentation and billions of dollars in annual fines.”
“We chose SAP Ventures because of their unparalleled dedication to the business development of their portfolio companies, a commitment shown by hiring a team to focus specifically on this,” said Convercent CEO Patrick Quinlan. “As a VC firm focused on enterprise software opportunities, SAP Ventures’ proven team and focus on customer acquisition cannot be beat. We plan to take full advantage of this unique aspect of the venture partnership as we continue our market growth and innovation.”
Convercent gives compliance professionals the ability to proactively guide, measure and improve an organization’s health to create a true culture of compliance. With Convercent, everything comes together — ethics, policies/content, training and investigations — giving compliance professionals a clear view of the integrity of the organization as it relates to ethics and compliance health at any given time.
The Innovation Needed for Modern Compliance
“The modern compliance executive must manage compliance operations holistically, in an increasingly complex regulatory environment, all the while showing results in the board room and connecting internal departments such as HR and audit to drive an ethical culture,” said Melissa Lea, Chief Global Compliance Officer at SAP. “To do so, you have to go beyond piecemeal applications, spreadsheets and email and do it through cloud-based, data-driven technology that engages employees at all levels.”
“Having dashboards, reporting and analytics that enable management to immediately identify risk at an individual, group and corporate levels are a must,” according to Michael Rasmussen, Principal Analyst of GRC 20/20. “Convercent delivers on providing employee and stakeholder engagement on GRC at all levels of the organization. Convercent uses intuitive interface design, interactive and relevant content, mobility and collaboration to provide greater operational and contextual awareness of GRC across the enterprise.”
Available in more than 50 languages and accessible on any mobile device, Convercent delivers on this need by providing an all-in-one platform.
To learn more about Convercent, please visit www.convercent.com.
Through the industry’s first intelligent dashboard, Convercent provides multi-dimensional insight into an organization’s health. No other solution gives users an integrated suite for managing company policies, tracking employee education and streamlining case management — all while aligning with company values. Hundreds of companies rely on Convercent to systematically align corporate values with individual behavior to create thriving, productive and compliant cultures of engaged, high-performing employees. Based in Denver, Convercent is backed by SAP Ventures, Azure Capital, Rho Capital Partners and Mantucket Capital.
About SAP Ventures:
SAP Ventures, with more than US$1.4 billion under management, is an investment firm that seeks to partner with outstanding entrepreneurs and leading venture firms worldwide to build industry-leading businesses. SAP Ventures is an independent investment organization affiliated with SAP AG, the leading global enterprise software company. SAP Ventures leverages its relationship with SAP and its ecosystem for the benefit of its portfolio companies and underlying fund managers. SAP Ventures was founded in 1997 and has invested in more than 125 companies across five continents. For more information, please visit: www.sapventures.com.