Thursday October 24, 2013 0 commentsDENVER - Convercent, creators of integrated culture and compliance solutions, today announced it has raised $10 million in Series B funding led by SAP Ventures.
In conjunction with the investment, SAP Ventures Managing Director Doug Higgins will join Convercent's board, the company said.
Also taking part in the funding round were existing investors Azure Capital, Rho Capital Partners and Mantucket Capital. City National Bank continued its support of Convercent with an increase in its debt facility.
"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," said Higgins.
"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."
"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," said Patrick Quinlan, Convercent CEO.
"As a VC firm focused on enterprise software opportunities, SAP Ventures' proven team and focus on customer acquisition can't be beat. We plan to take full advantage of this unique aspect of the venture partnership as we continue our market growth and innovation."