Kyriba Corp., a provider of Web-based cash and treasury management solutions, has raised $7 million in new VC funding. Coface was joined by return backers GRP Partners and Banque Populaire. The company has now raised around $43.5 million since 2001.
Kyriba Corporation, the leader of web-based cash and treasury management solutions, announced today that it received new funding subscribed by its current shareholders and by Coface, a new investor.
“Kyriba's international positioning and proven experience in the Financial Software as a Service (SaaS) industry fits well with the Coface mission to be a global business-to-business trade facilitator,” stated Jerome Cazes, CEO of Coface. “I am sure that this is a first step towards a successful strategic partnership. We see a lot of potential in coupling the Coface and Kyriba solutions to promote a very innovative offer to the marketplace.”
“Adding Coface as a strategic investor and on our Board of Directors will bring many synergies to Kyriba,” said Jean-Luc Robert, Chief Executive Officer of Kyriba Corporation. “Coface facilitates Trade Receivables Financing which is a very hot topic during the current Credit Crisis and an important part for an efficient cash management. Coface, by its global presence, will greatly facilitate our international expansion.”
After doubling its growth and adding 56 new customers in 2007, Kyriba will utilize the additional funding to accelerate growth and client acquisition efforts in North America, Europe, and Asia-Pacific.
About Kyriba Corporation
Kyriba is a leading provider of Treasury solutions delivered under the Software as a Service (SaaS) model. Customers use the automated online system to better control their daily cash management tasks including bank balances, transaction reporting, payments, cash positioning / forecasting, automated general ledger posting and investment portfolio reporting. The system automatically collects bank statements and facilitates automated cash, bank, and ledger reconciliations through Kyriba's daily bank connectivity monitoring service. The solution also meets stringent Sarbanes-Oxley 404 audit trail, workflow, and control requirements and provides seamless integration with third-party applications. Founded in 2000 and based in San Diego, New York, Paris, Milan, and Rio de Janeiro, Kyriba serves a global client base of more than 130 corporate treasuries, insurance companies and financial institutions.
About Coface Holding
Coface Holding, Natixis' Trade Receivables line, brings together Coface and Natixis Factor. Coface Holding offers its 120,000 customers four product lines to fully or partly outsource trade relationship management and to finance and protect their receivables: credit insurance, company information and ratings, receivables management and factoring. Abroad, Coface Holding is present throughout Coface's network of specialized brokers and local partners within the CreditAlliance Network. Thanks to the worldwide local service delivered by 7,000 staff in 65 countries, over 45% of the world's 500 largest corporate groups are already customers of Coface.
About BRED Banque Populaire
BRED Banque Populaire is the largest regional bank within Banque Populaire Group, one of the leading banking networks in France. BRED Banque Populaire is a cooperative bank, with a total shareholder equity of 1,840 million Euros with a “Aa3/P1“ rating by Moody's and “A1+“ short term rating by S&P. Based on a jurisdiction including Paris area, Normandy region and French overseas territories, BRED Banque Populaire has developed a strong know-how to service demanding large corporate and economic institutions. As such, BRED Banque Populaire is known, for its strong innovation ability, for creating high value services, especially for cash flow management and dedicated e-business services. Key figures 2006: over 3,500 employees, 737,000 customers serviced through 330 branches, net banking income – 777 million Euros, net profit