DENVER, Dec. 19, 2017 (GLOBE NEWSWIRE) — Convercent, the leading provider of ethics and compliance software, today announced it has closed a $25 million round of funding. The round was led by Rho Ventures alongside other existing investors Sapphire Ventures and Tola Capital. This latest funding comes after a record-breaking year of growth across all aspects of the company. Third quarter highlights include significant customer growth, international expansion in EMEA, and notable executive hires.
“Businesses recognize that strong corporate ethics is essential to business success. In today’s environment, with corporate compliance scandals continuing to dominate headlines, the focus on ethics and compliance will only continue to increase, and leaders are looking for a solution to address these ethical challenges head-on,” said Habib Kairouz, managing partner, Rho Ventures. “Convercent is a proven ethics solution, and their platform gives companies the insight they need to make corporate ethics a reality. As more companies get serious about prioritizing ethics, we believe the opportunity for Convercent to make an impact will only grow.”
Convercent will use this latest round to fuel increased innovation, improvements, and application development for the Ethics Cloud Platform. Convercent saw massive growth across all areas of the company in the last quarter. Highlights include:
- Increased International Footprint: Convercent brought on Daryl Cornelius as Director of EMEA to boost the company’s European customer base and grow the internal team in the UK, France, and beyond.
- Expanded Leadership Team: Ryan Pryor, a proven sales executive, brings 15 years of experience to lead the team in Denver as Head of Inside Sales.
- Customer Acquisition & Retention: In Q3, Convercent surpassed 100% effective customer retention rate for the ninth straight quarter. The company added 29 new customers to their growing community of nearly 600 global brands. New customers include Healthgrade, Coty Services UK, and Orion Health.
- Revenue & Company Growth: The company saw 60% YOY revenue growth and expanded the team in Denver amidst preparations to move into a new HQ in March 2018.
- Industry Recognition: Convercent was recognized as one of the fastest growing companies in technology by its listing on the Deloitte 2017 North America Technology Fast 500 list.
“We’re delighted to have Rho Ventures as the lead investor in this funding round of our accelerated growth. We’re at an inflection point where the world’s biggest companies are acknowledging the critical role ethics plays in a company’s long-term success. A single, negative social media post can send a company’s reputation and earnings into a tailspin. Businesses that don’t adapt to today’s higher ethical standards won’t survive,” said Patrick Quinlan, co-founder and CEO of Convercent. “We’re committed to partnering with companies who want to live up to those higher standards. With Convercent, business leaders can move beyond a reactive approach, make data-driven decisions about ethics and compliance, and drive a company’s long-term success and sustainability.”