Approva Attracts $14 Million to Fund Next Phase of Growth
Investment to accelerate product investments, expand sales and marketing
August 25, 2009 - Reston, VA
Approva® Corporation (http://www.approva.net/), the leading provider of continuous controls monitoring software, today announced that it has completed a $14 million financing round that will accelerate investments and help drive the next phase of the company’s growth. The funding is being provided by Approva’s existing investors: Columbia Capital, New Enterprise Associates, Novak Biddle, Sierra Ventures and Gold Hill Capital.
“This investment provides strong validation of Approva’s strategy and market leadership,” said John Becker, Approva’s chief executive officer. “These additional funds provide operating capital that we will use to launch our next generation of products, expand our sales channel and enhance our marketing programs.”
Approva’s continuous controls monitoring applications enable companies to automatically identify and respond to business exceptions that impact their performance. Using Approva, companies are able to identify and prevent cash leaks from inappropriate payments, reduce fraud, automate compliance obligations and flag accounting errors when they occur to ensure they do not impact financial statements.
“We see tremendous growth in the continuous controls monitoring (CCM) market,” said Tim Guleri, Managing Director at Sierra Ventures. “With organizations looking to squeeze every penny in unnecessary cost and inefficiency out of their operations, CCM applications offer an attractive return on investment since they can fund themselves based on the inefficiency and waste they uncover.”
About Approva
Approva ® Corporation is the industry-leading provider of continuous controls monitoring software and is the industry standard at Big-4 audit firms. We enable business, finance, IT and audit professionals to automate controls across SAP, Oracle, JD Edwards, PeopleSoft and other legacy ERP applications. Global companies such as Bayer, DirecTV, Discovery Communications, First Advantage, Honeywell, Pratt & Whitney and T-Mobile rely on Approva to reduce compliance risk, increase operational efficiency and flag exceptions to their business controls. Approva has certified integrations with Microsoft, Sun Microsystems, IBM and SAP to provide a holistic GRC solution. For more information, visit http://www.approva.net or call us at +1-703-956-8300.