Movaris Secures New Round of Funding

Movaris, a provider of financial control management and compliance software, has secured a $10 million round of financing from VC firms Adobe Venture and Granite Venture. Movaris said that the funding would go towards increasing personnel and the reach of their sales, professional services and development departments that deal with SOX and other financial control management applications. "Many public companies went through Sarbanes-Oxley once and did it manually," said Eric Keller, chief executive for Movaris. Today, "about 7,500 public companies have to comply with Sarbanes-Oxley now or by the end of this year." Keller said that these same companies "are looking to do it more effectively and efficiently this time through."