Salt Lake City-based Steton Technology Group, a provider of compliance auditing SaaS technology, has closed $7.5 million in Series B financing. The investor was Access Holdings.
SALT LAKE CITY, Nov. 3, 2015 /PRNewswire/ — Steton Technology Group, Inc., the world’s leading provider of compliance auditing SaaS technology, today announced the completion of a $7.5 million Series B financing backed by Access Holdings, a private equity firm based in Baltimore and Toronto. Including Series A financing in September 2014, Access Holdings has invested a total of $30 million into Steton to support product innovation, accelerated sales, and market expansion.
Steton’s growth has been driven by increased demand for brand protection among global organizations. Compliance auditing programs are heavily analyzed by executive leaders under pressure to deliver quality and positive customer experiences in today’s highly digital environment.
“Compliance and quality management solutions represent an enormous, yet neglected market,” said Kevin McAllister, managing partner of Access Holdings. “Existing solutions are hard to use, painful to implement, or too narrowly focused for today’s highly scrutinized service and retail organizations. Steton is the most powerful product with tremendous penetration into the world’s biggest brands.”
With millions of stakeholders responsible for internal auditing programs in food service, hotel, and retail stores worldwide, the company has identified the high opportunity for growth. Steton provides a full suite of applications that give companies greater visibility, intelligence, and control over their quality and compliance auditing programs.
“Financial backing from Access Holdings allows Steton to accelerate growth, particularly around product development and industry adoption,” said Frank Maylett, president and CEO of Steton. “Steton has real business impact that helps our customers succeed, and with resources allocated appropriately we will shape and define the future of compliance auditing programs.”
Steton mobile and cloud-based software helps organizations improve the quality, safety, and sustainability of their products and services.
Steton serves more than 285,000 users in 120 countries and territories speaking 40 languages:
105,000 food service restaurants
27,000 hotels and resort properties
13,000 grocery and retail stores
Steton customers range from regional chains to the world’s largest brands.
Founded in 1997, Steton was the first company to deliver business performance software that enables companies to run more efficiently, stay in compliance and strengthen brand consistency across the enterprise. Steton is now considered the industry standard for food service, hospitality and retail. Approximately 1.7 million assessments and 200 million questions are answered annually with Steton’s cloud-based software. Enterprises use this enhanced visibility in each aspect of their operation to continuously monitor processes, identify problems, implement corrective action and repeat successes. With greater, actionable business intelligence, companies can become high-performing organizations, increase same-store revenues and uncover strengths they can leverage enterprise wide. Steton is headquartered in Salt Lake City, Utah. For more information, visit www.steton.com.