Convercent, Compliance Software in the Cloud, Lands $10 Million From SAP Ventures
You can now add compliance to the growing list of things that companies can do with software that runs in the cloud.
Compliance is the nitty-gritty business of making sure that every employee has been trained on, say, the latest ethics policies, then keeping a record of it all. It’s also the business of “hotlining,” or creating a way for employees to report a violation when they know about it, or to complain when they’ve been sexually harassed, and then track the case from there.
A new Denver-based company called Convercent said today that it has landed $10 million in a Series B investment led by SAP Ventures. It’s the first deal from the new $650 million SAP Ventures II fund announced earlier this month. Prior investors Azure Capital, Rho Capital Partners and Mantucket Capital also participated. Convercent’s total capital raised is now north of $20 million.
Convercent’s approach is to carefully track employees at every level of training, and note that they have seen the latest documents and other content used in the training process. When there’s trouble, the software also tracks the investigation process from beginning to end.
The old way was via spreadsheets and other piecemeal products. No wonder companies shell out billions in fines every year.
Convercent’s customers include real-estate giant Re/Max, restaurant chain Le Pain Quotidien, clothing designer Fossil and Del Monte Foods.