Convercent raises $11M in Series C round to drive compliance innovation

Tuesday June 7, 2016 Tags: Denver, Convercent, Stacey Giard, Tola Capital, Sheila Gulati, Patrick Quinlan, Doug Higgins, Sapphire Ventures

DENVER -- Convercent,  a leading provider of enterprise compliance management software, today announced it raised $11 million in Series C funding led by Tola Capital, which invests in the next generation of enterprise software companies, with participation from Sapphire Ventures and other existing investors.

As part of the round, Stacey Giard, COO and principal of Tola Capital, will join the company's board of directors. 

The latest round of funding will be used to enhance Convercent's predictive analytics and reporting to facilitate proactive compliance management, while expanding its global sales and marketing efforts, the company said. 

"Compliance is a board-level issue for every company,” said Sheila Gulati, Tola’s managing director. “But compliance only works if it's effectively driven through the whole organization, as every employee has a role to play. 

"Convercent's software enables compliance for the whole organization with an easy-to-implement solution that delivers immediate value and visibility. We are thrilled to be working with the Convercent team to deliver analytics enabled corporate compliance solutions."

"The world is rapidly changing and the outcomes of compliance reflect this," said Patrick Quinlan, Convercent CEO. "This recent financing, and the investors behind it, speak volumes about the importance of the compliance industry and its impact on business.

“It also sends a strong message to chief compliance officers everywhere about our commitment to building the most innovative and effective compliance tools to help them manage successful programs that keep pace with rapid modernization." 

Respected brands, including Airbnb, AMC Entertainment, LinkedIn, PETCO, Ruby Tuesday, Under Armour and Zenefits are taking a proactive role to improve compliance and ethics in their companies, while providing visibility into the impact of their initiatives.

With Convercent, companies can integrate risks, policies, training, conflicts of interest disclosures, and helpline case management resulting in real-time data reporting, the company said.

"As corporate compliance continues to grab headlines, the need for Convercent's technology solution has become ever more urgent," said Doug Higgins, managing director at Sapphire Ventures.

"We are proud to have been partnering with Convercent on its innovation and growth agenda since first investing in 2013. We look forward to supporting the company's market leadership through our enterprise connections and to celebrating the team's continued success in the months and years ahead."