Convercent, provider of a compliance management dashboard, has raises $10m in series B funding led by SAP Ventures.
Convercent, a US-based technology provider of a compliance management dashboard for compliance professionals, has raised $10m in series B funding led by SAP Ventures, the growth stage investment firm affiliated with Germany-based software company SAP; also participating in the round were existing investors Azure Capital, Rho Capital Partners, and Mantucket Capital. City National Bank also increased its debt facility to Convercent.
Previously, in January 2013, Convercent raised $10.2m in its series A round.
Doug Higgins, SAP Ventures managing director, who is joining the Convercent board, said: “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. 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.”
Patrick Quinlan, Convercent chief executive officer, said: “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. 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.”
Melissa Lea, Chief Global Compliance Officer at SAP, said: “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. 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.”