Convercent closes $10 million round to accelerate leadership in business ethics and compliance worldwide
Convercent, the leading provider of SaaS enterprise ethics and compliance management software, today announced it has closed a $10 million round of funding. This latest round comes after a record-breaking year across all aspects of the company. Existing investors Sapphire Ventures and Tola Capital shared the round that brings Convercent’s total capital raised to $47 million. Convercent will use the funding to fuel its explosive growth, including investments in innovation and expansion of its sales and marketing worldwide.
“We believe no other company enables enterprises to operationalize ethics and compliance programs with such depth and impact,” said Doug Higgins, managing director at Sapphire Ventures. “Many global brands already trust Convercent to power company-wide initiatives. As more companies put ethics and compliance at the top of the corporate agenda, we feel there’s a tremendous opportunity for Convercent to lead the way. 2016 was an exceptional year for Convercent as it responded to market demand. We believe now is the time to invest further to take advantage of this market and fuel more growth.”
“It’s proven that those companies that proactively focus on ethics are more successful in the long run. Plus, today’s business environment is highly regulatory and punitive to those companies that aren’t prepared. The most successful companies have the best of intentions to put in ethical programs, but they struggle to integrate this with their daily operations for success,” said Patrick Quinlan, co-founder and CEO, Convercent. “This funding is a vote of confidence that will fuel our ability to deliver on our suite of cloud applications and eliminate obstacles deterring companies from living their values each and every day.”
Convercent’s enterprise ethics and compliance management solution enables companies to proactively manage their ethics and compliance programs using an intuitive SaaS application. At the same time, it helps those companies instill ethical business practices in consistently addressing the needs of their employees, customers and partners. Hundreds of customers, including Ruby Tuesday, Zenefits, Kimberly-Clark Corporation and PPG Industries, use Convercent to proactively manage and measure compliance, as well as operationalize business ethics.
“Convercent’s products and services will give us the tools and information we need to measure our ethics and compliance program and continuously improve our performance in living out the Kimberly-Clark values globally,” said Kurt Drake, chief ethics and compliance officer, Kimberly-Clark Corporation.
Convercent Posts Record Results for 2016
The funding follows on the heels of a record-setting year for Convercent:
- Dramatic Revenue Growth: Convercent posted 125 percent year-over-year growth in bookings in 2016, both due to strong new customer acquisition and growth from existing customers.
- 200 Percent Increase in Customer Growth: Convercent experienced accelerated customer growth with a more than a 200 percent year-over-year increase in new customer acquisition for 2016. The company added more customers in Q4 2016 than in all of 2015.
- 106 Percent Effective Customer Retention Rate: In addition to growth in new customer acquisitions, the company experienced strong expansion from its installed customer base in 2016 with a 106 percent effective retention rate.
- Global Expansion With New EMEA Headquarters: To meet increasing worldwide demand, Convercent expanded to EMEA with its international headquarters in the United Kingdom. The office will enable Convercent to be on the ground to make existing and new customers successful.
- Major Product Announcement with Convercent 4.0: The company released Convercent 4.0, which introduced an integrated way of managing compliance, including enhancements to conflicts of interest management, case escalation routing and in-app multilingual support.
“What keeps me up at night is making sure we’re doing the right thing as a company and supporting every single one of our employees every day. Convercent makes that a reality,” said James Vitrano, General Counsel and Vice President Global Franchise DevOps of Ruby Tuesday. “Convercent’s platform gives us the capability to reach our employees and communicate with them in an efficient, effective manner. It helps us to provide necessary transparency for our employees, as well as accountability to the outside world.”