Aveksa Closes $12 Million in Series B Expansion Funding
Series B Round Led by FTVentures; Funding to Boost Marketing, Business Development for Company’s Enterprise Access Governance Solutions
WALTHAM, MA – January 23, 2008 – Aveksa, Inc. www.aveksa.com, the market-leading provider of enterprise access governance solutions, announced today that it has raised $12 million in Series B funding led by FTVentures. The capital will be used to fuel the market expansion of Aveksa’s access governance solutions as well as scale general operations to support recent customer wins and a growing sales pipeline.
The Series B round was led by FTVentures, a growth capital investor with 40 of the world’s leading financial institutions as its strategic limited partners. Also participating in the Series B round are Pequot Ventures, led by Partner Amish Jani, Charles River Ventures, led by Partner Austin Westerling and Barry Bycoff, Aveksa’s chairman of the board. Pequot, Charles River and Bycoff were previous investors in Aveksa’s Series A round. As part of the Series B funding, Mark Lotke, partner leading the Software Investment Team at FTVentures, will join Aveksa’s board of directors.
“As enterprises strive to implement a strategic approach to access governance that will ensure accountability and visibility while minimizing business risk, Aveksa has seen an overwhelming demand for its solutions,” said Deepak Taneja, CEO of Aveksa. “FTVentures has a great track record of investment in growth companies and brings to the table a global network of capital, alliances and experience that will help Aveksa expand to new markets worldwide. Its participation, as well as the continued support from Charles River Ventures and Pequot Ventures, will be instrumental in fueling Aveksa’s rapid growth and market leadership.”
“The need to provide robust, integrated compliance visibility into access controls across the enterprise is of critical importance to FTVentures’ global financial services partner network,” said Mark Lotke of FTVentures. “Aveksa has emerged as one of the industry leaders with its significant domain expertise, deep understanding of these complex business problems and its substantial technology lead. We look forward to partnering with Aveksa’s outstanding management team to leverage our experience with growth companies and our vast financial services industry connections to help support the company’s expansion goals.”
“We believe Aveksa is the best choice in the marketplace for enterprise access technology that addresses the security and business needs of companies today,” said Amish Jani of Pequot Ventures. “Aveksa has seen tremendous customer growth in the last year and as the demand for this technology continues, we look forward to continuing to lend our support and experience to help them dominate the space.”
“Aveksa has developed an innovative solution for reducing the time, cost and complexity for companies to effectively manage access to information resources while reducing risk and meeting compliance regulations,” said Austin Westerling of Charles Rivers Ventures. “Aveksa’s demonstrated market leadership and rapidly expanding customer base are important reasons for our continued support for their growth and expansion.”
The $12 million Series B round for Aveksa highlights an impressive year of record growth that started off with the launch of Aveksa 3, the latest version of the company’s enterprise access governance solution, and concluded with adding a number of high profile Fortune 500 accounts to its customer list.
In November, Aveksa was named a finalist for two prestigious IT security awards from SC Magazine. Aveksa was selected as a finalist in the Excellence Award for Rookie Security Company of the Year and the company’s Aveksa 3 Access Governance Platform was also named a finalist in the Reader Trust Award for Best Identity Management Solution. The SC Magazine Award winners will be named in April 2008.
Aveksa provides the only comprehensive, enterprise-class, access governance, risk management and compliance solution. Aveksa automates the 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 leading Fortune 200 organizations in financial services, healthcare, transportation and manufacturing. For more information, go to www.aveksa.com.
FTVentures provides growth capital to companies seeking to finance organic expansion, recapitalizations, build-ups and buyouts. The firm invests in business services and software companies that derive value from its unmatched Global Partner Network, which includes 40 of the world’s leading financial institutions. FTVentures’ Global Partner Network provides the firm with a unique vantage point into the business driven and operating challenges of the global enterprise. Founded in 1998, FTVentures currently has over $1 billion under management with offices in San Francisco and New York. For more information, please visit www.ftventures.com.
About Pequot Ventures
Pequot Ventures, a New York City-based venture capital firm with nearly $2 billion in capital commitments, is focused on today’s most dynamic and innovative technology companies. For more than a decade, Pequot Ventures has partnered with talented entrepreneurs and experienced managers to build market-leading enterprises. Pequot brings energy, insight and substantial sector expertise to create competitive, sustainable businesses and long-term value. Select investments include: Netgear, Inc. (NASDAQ: NTGR); First Advantage Corp. (NASDAQ: FADV); StubHub, Inc (Acquired by eBay, Inc. (NASDAQ: EBAY)); Netegrity, Inc. (NASDAQ: NETE) / Acquired by CA Inc. (NYSE: CA)); Flarion, Inc. (Acquired by Qualcomm, Inc. (NASDAQ: QCOM); and OutlookSoft Inc. (Acquired by SAP AG (NYSE: SAP)). Sector-focused, Pequot Ventures has particular expertise in the high-growth data, analytics and information services, vertical industry solutions, infrastructure and emerging media and advertising markets.
About Charles River Ventures
Founded in 1970, 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. Over the past 10 years, 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.
David Bowker or David McKee