Convercent closes $10M round to speed leadership in biz ethics, compliance

Wednesday February 15, 2017 Tags: Denver, Convercent, Sapphire Ventures, Tola Capital, Doug Higgins, Patrick Quinlan, Kurt Drake

DENVER -- Convercent, a leading provider of SaaS enterprise ethics and compliance management software, today announced it closed a $10 million round of funding.

Existing investors Sapphire Ventures and Tola Capital led the round that brings Convercent's total capital raised to $47 million.

Convercent said it will use the funding to fuel its growth, including investments in innovation and expansion of its sales and marketing worldwide.

"We believe no other company enables enterprises to operationalize ethics and compliance programs with such depth and impact," said Doug Higgins, Sapphire Ventures managing director.

"Many global brands already trust Convercent to power company-wide initiatives. As more companies put ethics and compliance at the top of the corporate agenda, we feel there's a tremendous opportunity for Convercent to lead the way.

“2016 was an exceptional year for Convercent as it responded to market demand. We believe now is the time to invest further to take advantage of this market and fuel more growth."

"It's proven that those companies that proactively focus on ethics are more successful in the long run,” said Patrick Quinlan, Convercent’s co-founder and CEO.

“Plus, today's business environment is highly regulatory and punitive to those companies that aren't prepared. The most successful companies have the best of intentions to put in ethical programs, but they struggle to integrate this with their daily operations for success.

"This funding is a vote of confidence that will fuel our ability to deliver on our suite of cloud applications and eliminate obstacles deterring companies from living their values each and every day."

Convercent's enterprise ethics and compliance management solution enables companies to proactively manage their ethics and compliance programs using an intuitive SaaS application. At the same time, it helps those companies instill ethical business practices in consistently addressing the needs of their employees, customers and partners.

Hundreds of customers, including Ruby Tuesday, Zenefits, Kimberly-Clark Corporation and PPG Industries, use Convercent to proactively manage and measure compliance, as well as operationalize business ethics.

"Convercent's products and services will give us the tools and information we need to measure our ethics and compliance program and continuously improve our performance in living out the Kimberly-Clark values globally," said Kurt Drake, ‎chief ethics and compliance officer, Kimberly-Clark Corporation.