In January of 2014, I had to stand in front of my company and lay off over 30 employees with families and homes and bills and extreme talent for this industry. We had grown too fast and gotten ahead of ourselves. That day was the hardest day of my CEO career, but it was necessary to bring us to this point in time. From that day to today we have focused relentlessly on making sure that every action, every decision was focused on creating world-class Compliance Software for our customers and it has led to very real success.
Today, we are pleased to share our Series C funding round secured $11 million. What this means to our employees, clients, and shareholders is we are no longer in start-up survival mode – it’s now about who we are going to become; it’s the time in which Convercent comes to age; it’s our seismic shift.
Early stages of any company are not about big picture strategy, it’s about how to get from point A to point B without collapsing; the here and now, rather than tomorrow or next quarter or next year. If you’ve ever seen HBO’s “Silicon Valley,” or run a business of your own, you know what I’m talking about – it’s about doing whatever it takes to get to cash-flow break-even. The difference in this round and this moment in time is that we as a company now get to focus on the three, the five, the seven-year plan ahead, and this, I firmly believe will strengthen us as a continued valued partner for all of our clients and clients-to-be.
By mid-summer, we are looking to expand our engineering team by 10, with the expectation to grow our sales and marketing teams. We will remain hyper-focused on engineering that delivers excellence and innovation to our product and end-user experience.
Pushing the compliance industry to innovate
Being an ethically-driven company is becoming more important, especially for the incoming workforce. Consumers want to purchase products they know were not only produced ethically but made by ethical people. Businesses want to do business with ethical companies. If you are not, you’re missing an opportunity to positively grow in new ways.
With tools like Convercent, the view of compliance has changed. Compliance professionals are no longer seen as the nay-sayer – rather they are the trusted advisor. Every single person in compliance is looking to protect the company, make the company money, strengthen the reputation of the company — and Convercent empowers them to do so.
But yet, the job of a compliance officer is not easy. As the last member of the C-suite, a chief compliance officer is responsible for wearing many hats, they are usually rooted in an HR role or legal function or are in compliance by happenstance. And with regulatory pressure from the Department of Justice and the Security Exchange Commission, they are still being hazed into the C-suite, if you will, to prove themselves. Convercent helps them do so with real-time reporting and valuable program metrics.
Coupled with the complexity of operating in a global market, hiring a new wave of employees with different expectations and the growing amount of communication technology and the job of the compliance officer only gets more difficult daily, to say the least. Convercent is helping companies across the globe bring their program into world-class status.
The underlying strength we have established throughout the last three years is the absolute foundation of where we go from here. We’re excited about what the future holds for us and for the compliance industry. Onward and upward.