AuditSolutions has changed its name to Lavante and closed on $5 million in venture capital funding.
In tandem with the name change, the company is focusing more on recovering money from accounts payable. It has also hired a CFO, Bob Habig, formerly CFO of collaboration technology provider Avistar Communications. The Series B funding round came from VC firms Venrock and ATA Ventures.
Lavante CEO Joe Flynn plans to use the money to further develop the companys technology for recovering money from accounts payable. Lavante has a vendor information management system that creates a view of a companys entire vendor population, helping it negotiate better pricing terms.
The recession has compelled a cash-is-king revolution in AP departments, said Flynn.
He has also hired a new vice president of sales to market the software more widely.
