Approva Secures $15 Million in New Funding; Sierra Ventures Investment Recognizes Explosive Growth of Leading Enterprise Controls Management Software Company.VIENNA, Va. -- Approva(R) Corporation, the leader in enterprise controls management software, today announced that it has raised $15 million in a Series C round of venture capital financing To start an own company or to bring a new product to the market, the venture may need to attract financial funding. There are several categories of financing possibilities. If it is a small venture, then perhaps the venture can rely on family funding, loans from friends . The round was led by new investor Sierra Ventures, with participation from previous investors Columbia Capital, New Enterprise Associates (NEA NEA abbr. 1. National Education Association 2. National Endowment for the Arts NEA (US) n abbr (= National Education Association) → Verband für das Erziehungswesen ) and Novak Biddle Venture Partners. Tim Guleri, managing director at Sierra Ventures, will join Approva's board of directors. The new investment brings Approva's total funding to over $30 million, the largest investment in the enterprise controls software marketplace. "We believe that compliance and business improvement software is an enormous growth market, and after looking at this sector, we are convinced that Approva's team, vision, impressive customer traction Traction Definition Traction is the use of a pulling force to treat muscle and skeleton disorders. Purpose Traction is usually applied to the arms and legs, the neck, the backbone, or the pelvis. and scalable architecture is the best combination we've seen," said Tim Guleri, managing director, Sierra Ventures. "By analyzing information across multiple financial systems such as SAP, Oracle and PeopleSoft, Approva's approach is breaking new ground, giving financial and business managers unprecedented insight into their business, and we're excited to be a part of this growth opportunity." Approva's unique architecture is the first to continuously analyze users, configurations and transactions, providing customers with a comprehensive view into both compliance and efficiency issues. By automating the testing and monitoring of internal controls and business processes, Approva customers reduce the costs of Sarbanes-Oxley compliance, improve the quality of their audits, and enhance their operational efficiencies. "Attracting an investor of the caliber of Sierra Ventures is strong validation of Approva's strategy and customer acceptance," said Prashanth (PV) Boccasam, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Approva. "Our recent customer wins, such as General Motors, Siemens Westinghouse Siemens Power Generation, Inc (SPGI) is a power generation company based in the United States. Run by the German Siemens AG Corporation, Formerly Siemens Westinghouse, SPGI, was formed by the acquisition of the Westinghouse Electric Corporation by the Siemens power generation , DirecTV and many others, are proof that Approva is fast becoming the industry's leading choice for continuous monitoring of controls and business processes. Our scalable, application-independent, collaborative platform is helping major companies improve their compliance efforts and their overall cost competitiveness. We are excited about working with Sierra Ventures and welcome Tim Guleri to the Approva team." About Approva Corporation Approva Corporation enables large organizations to transform compliance efforts into competitive advantage. By offering unique, continuous and actionable Giving sufficient legal grounds for a lawsuit; giving rise to a Cause of Action. An act, event, or occurrence is said to be actionable when there are legal grounds for basing a lawsuit on it. insight into business processes, Approva software provides sustainable compliance and delivers improved control, increased profit and enhanced shareholder confidence. The patent-pending Approva BizRights(R) platform is the first product to allow all corporate compliance stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. -- including business managers, auditors, and information technology specialists -- to collaboratively manage controls and optimize related processes. BizRights provides continuous, independent visibility into ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. activity, producing business-friendly reports that both business and IT managers can act upon. The software correlates user, transaction and system setting data against pre-defined and configurable rules to proactively pinpoint control violations and business exceptions. Valuable risk analysis ranks the impact of potential violations for improved prioritization. With BizRights, companies can resolve issues faster, prevent new control conflicts and create complete audit trails for change management. Global brands such as Colgate-Palmolive, Wrigley, Pratt & Whitney and others are reducing the cost of compliance, minimizing business risk and increasing operational efficiency with Approva solutions. For more information, visit us at www.approva.net. About Sierra Ventures Sierra Ventures, founded in 1982, is a privately held venture capital firm focused on investments across all areas of the Information Technology sector from semiconductors to enterprise software. Sierra Ventures has managed eight venture capital partnerships and currently has more than $1 billion of capital under management. Some of the firm's investments include Combinet (acquired by Cisco), StrataCom (acquired by Cisco), ConvergeNet (acquired by Dell), Quinta A division of Seagate that was originally an acquisition and then absorbed into the company by 1999. Quinta was the developer of Optically Assisted Winchester (OAW) technology. See OAW. (acquired by Seagate), Intuit in·tu·it tr.v. in·tu·it·ed, in·tu·it·ing, in·tu·its Usage Problem To know intuitively. [Back-formation from intuition. (INTU INTU Intuit, Inc. (stock abbreviation, AMEX) ), OnLink (acquired by Siebel), Healtheon (merged with WebMD), AmeriGroup (AGP (Accelerated Graphics Port) A high-speed 32-bit port from Intel for attaching a display adapter to a PC. It provides a direct connection between the card and memory, and only one AGP slot is on the motherboard. ), Micromuse (MUSE), Active Software (acquired by WebMethods), Centex (acquired by WorldCom), and Interact Commerce (acquired by Sage). More information is available at http://www.sierraventures.com. |
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