Approva Corporation Closes $8.05 Million in Series B Funding; Leading Vendor of Continuous Controls Monitoring Software Continues Aggressive Market Expansion and Product Development Plans.
VIENNA, Va.--(BUSINESS WIRE)--March 22, 2004
Approva(R) Corporation, the leader in enterprise controls management software for ERP-enabled business processes, today announced the company has raised $8.05 million in a Series B round of investment that included the participation of all prior investors. Approva will use the funds to make significant investments in sales, marketing and product development. The Series B financing was provided by Columbia Capital, New Enterprise Associates and Novak Biddle Venture Partners.
"Approva has proven its ability to solve real pain points around helping Global 2000 customers reduce business risk," said Arun Gupta of Columbia Capital. "Approva has distinguished itself through its market execution, compelling product vision and world class team building."
Since its founding in January 2002, Approva has raised approximately $15 million in venture financing. The company's flagship BizRights(TM) software suite helps to continuously monitor automated business processes and controls inside mission-critical applications such as SAP(R), PeopleSoft(R) and Oracle(R).
"The financial commitment from our existing investors is a strong validation of Approva's progress and potential," said Prashanth (PV) Boccasam, CEO of Approva. "Great companies such as the Colgate-Palmolive Company and McCormick & Company have recognized the need for continuous control monitoring. In the face of new legislative requirements such as Sarbanes-Oxley, continuous visibility into business processes is more important then ever. This capital infusion allows us to remain aggressive while maintaining solid cash reserves and a strong balance sheet."
Over the next year, Approva expects to increase its product and market investment to advance its leadership in the enterprise controls management market. Already, a number of leading companies have recently entrusted the continuous monitoring of their internal controls to BizRights, including Wm. Wrigley Jr. Company, and Microsoft.
About Approva Corporation
Approva Corporation is a leader in enterprise software solutions for continuous monitoring of ERP-enabled business processes. Continuous monitoring is becoming increasingly critical as companies consolidate their ERP instances, upgrade to new versions, and roll-out ERP to more users. Complying with government regulations, such as The Sarbanes-Oxley Act of 2002, amplifies the need for companies to increase the frequency, accuracy, and depth of their audit process. In contrast to existing point-in-time tools and manual solutions, Approva BizRights(TM) product suite is the only integrated monitoring business application that is continuous, business-friendly, and proactive. Our business user-oriented solutions help financial executives, business managers, and auditors continuously identify, document, test, manage, and monitor business controls. The end results are greater visibility into business risk, compliance, and efficiency. Approva: Greater Visibility. Better Control. For more information visit us at www.approva.net.
About Approva's investors:
Columbia Capital has been partnering with early-stage ventures to build communications and technology enterprises for more than twelve years. The firm has invested more than $700 million in leading communications and technology ventures. Their most recent private equity fund of $856 million was raised in August of 2000 bringing the total dollars under management to $1.4 billion.
New Enterprise Associates
Founded in 1978, NEA has grown to ten partnerships managing $6 billion of capital. NEA is a classic venture capital investor, concentrating on early stage companies in the areas of information technology and medical and life sciences. The firm typically invests in 20 to 30 new companies each year, and traditionally supports their companies through multiple rounds of financing.
Novak Biddle Venture Partners
Novak Biddle Venture Partners was established in 1997 to provide equity financing and assistance to the management of young, information technology companies. NBVP is backed by a number of the country's most prestigious limited partners, and has over $350 million under management. While the firm focuses primarily on early stage opportunities, later stage companies and spin outs are also represented in the portfolio.