PRESS RELEASE - Aveksa Inc receives a $10 million investment
Aveksa, Inc., the market-leading provider of enterprise access governance solutions, announced today that it closed a $10 million Series C round of financing. FTV Capital led the round, reaffirming its strong commitment to Aveksa, which has emerged as the industry leader for governing user access to information resources for sustainable compliance and risk management. The round also includes continued participation from FirstMark Capital and Charles River Ventures. Aveksa will use the capital to expand its global operations, sales, marketing and product development efforts.
“The ability to maintain appropriate, compliant user access across the enterprise continues to grow significantly due to increased regulatory demands, made all the more complex by the active merger and acquisition environment in the financial industry,” said Liron Gitig, Principal of FTV Capital. “We believe that Aveksa has both the management team and technology in place to deliver on a substantial market opportunity in access governance and compliance management, and we continue to be excited about the opportunity to help the company extend its leadership position in the market.”
The $10 million Series C round highlights an impressive year of record growth, innovation and industry recognition for Aveksa. Leading Global 2000 organizations have chosen Aveksa’s highly scalable solutions to implement policy-driven processes for governing access across thousands of applications, hundreds of thousands of users and hundreds of millions of user entitlements across the enterprise. In Aveksa’s fourth year of operations, the company doubled its customer count, further strengthened and expanded its partner alliances as well as increased sales by nearly 350 percent over the previous fiscal year.
“Leading companies worldwide are recognizing the need for an automated and strategic approach to access governance that reduces the time, cost and complexity for managing the business risks associated with providing users with access to information resources,” said Arun Oberoi, CEO of Aveksa. “The continued support of FTV Capital, FirstMark Capital and Charles River Ventures provides tremendous validation of the growth opportunity that Aveksa represents, even in the current economic climate. We look forward to working closely with them as we build upon Aveksa’s market and technology leadership, and deliver industry pace setting solutions for access governance.”
Aveksa was recently selected by Red Herring as one of the Top 100 private technology companies in North America based on its innovation, management quality, depth of partners and customers, and strength of financial backing. Based on its success in a high-growth market and game-changing technology, Aveksa was named a Northeast 100 Top Private Company by AlwaysOn.
About FTV Capital
FTV Capital is a multi-stage private equity firm that invests in high-growth companies offering a range of innovative solutions. FTV Capital provides entrepreneurs with unique access to its Global Partner Network, a group of the world’s foremost financial institutions that have invested in FTV Capital and its portfolio companies for more than a decade. Founded in 1998, FTV Capital has more than $1 billion under management and has offices in San Francisco and New York. For more information, please visit www.ftvcapital.com.
About FirstMark Capital
Based in New York City, FirstMark Capital has established itself as a venture leader with a strong, national reach over its twelve year history. FirstMark invests in companies that are creating new markets with innovative technology solutions or rethinking existing markets by applying a novel business model. With nearly $2 billion in capital commitments, FirstMark’s team of investment and operations professionals have decades of real-world experience and leadership in core technology markets, making the firm uniquely qualified to offer industry insight, relationships and the operational expertise to build lasting businesses. Select historical investments include: Netgear, Inc. (NASDAQ: NTGR); First Advantage Corp. (NASDAQ: FADV); StubHub, Inc (Acquired by eBay, Inc.); Netegrity, Inc. (Acquired by CA Inc); Flarion, Inc. (Acquired by Qualcomm, Inc.); OutlookSoft Inc. (Acquired by SAP AG); Analex Corp. (Acquired by QinetiQ); Vallent (Acquired by IBM); Syndesis (Acquired by Subex) and Navic (Acquired by Microsoft). For more information, please visit www.firstmarkcap.com.
About Charles River Ventures
Charles River Ventures is one of the nation’s oldest and most successful early-stage venture capital firms with approximately $2.1 billion under management. CRV is dedicated to helping exceptional entrepreneurs turn their ideas into the next category leaders in high growth technology and media sectors. Since its founding in 1970, CRV funds have been ranked among the industry’s top performers. CRV has offices in Boston, MA and Menlo Park, CA. For more information, visit www.crv.com.
Aveksa provides the most comprehensive, enterprise-class, access governance, risk management and compliance solution. Aveksa automates the on-boarding, change management, monitoring, reporting, certification and remediation of user entitlements and roles; enables role discovery and lifecycle management; and delivers unmatched visibility into the true state of user access rights. With Aveksa, business, security and compliance teams can effectively collaborate and enforce accountability. Our growing customer base includes Global 2000 organizations in financial services, healthcare, retail, transportation and manufacturing. For more information, go to www.aveksa.com.