Convercent, creators of integrated culture and compliance solutions, today announced it has raised $10M in Series B funding led by SAP Ventures, the independent venture capital firm affiliated with SAP AG (NYSE: SAP) and backers of other innovative technology leaders such as Box, LinkedIn, and FitBit. SAP Ventures Managing Director Doug Higgins will join the Convercent board.
“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,” Higgins said. “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 Convercent CEO Patrick Quinlan. “As a VC firm focused on enterprise software opportunities, SAP Ventures’ proven team and focus on customer acquisition cannot be beat. We plan to take full advantage of this unique aspect of the venture partnership as we continue our market growth and innovation.”
Convercent gives compliance professionals the ability to proactively guide, measure and improve an organization’s health to create a true culture of compliance. With Convercent, everything comes together—ethics, policies/content, training and investigations—giving compliance professionals a clear view of the integrity of the organization as it relates to ethics and compliance health at any given time.
The Innovation Needed for Modern Compliance
“The modern compliance executive must manage compliance operations holistically, in an increasingly complex regulatory environment, all the while showing results in the board room and connecting internal departments such as HR and audit to drive an ethical culture,” said Melissa Lea, Chief Global Compliance Officer at SAP. “To do so, you have to go beyond piecemeal applications, spreadsheets and email and do it through cloud-based, data-driven technology that engages employees at all levels.”
“Having dashboards, reporting and analytics that enable management to immediately identify risk at an individual, group and corporate levels are a must,” according to Michael Rasmussen, Principal Analyst of GRC 20/20. “Convercent delivers on providing employee and stakeholder engagement on GRC at all levels of the organization. Convercent uses intuitive interface design, interactive and relevant content, mobility and collaboration to provide greater operational and contextual awareness of GRC across the enterprise.”
Available in more than 50 languages and accessible on any mobile device, Convercent delivers on this need by providing an all-in-one platform.
To learn more about Convercent, please visit www.convercent.com.