Approva, a company that develops software for continuously monitoring financial controls at businesses, has completed a $14 million financing round.
Existing investors Columbia Capital, New Enterprise Associates, Novak Biddle, Sierra Ventures and Gold Hill Capital provided the extra funding. Approva CEO John Becker said the funds would be used as operating capital for launching the Reston, Va.-based companys next generation of products, expanding its sales channel, and enhancing its marketing programs.
Approvas continuous controls monitoring applications help companies identify and respond to business exceptions that affect their performance. Companies are able to identify and prevent cash leaks from inappropriate payments, reduce fraud, automate compliance obligations and flag accounting errors before they make an impact on the financial statements.
The company said its software is used at the Big Four audit firms and lists corporate customers such as Bayer, DirecTV, Discovery Communications, First Advantage, Honeywell, Pratt & Whitney and T-Mobile. The software is able to work with SAP, Oracle, JD Edwards, PeopleSoft and legacy ERP applications, and has certified integrations with Microsoft, Sun Microsystems, IBM and SAP.
