Lumigent Raises $6M In VC Funding For GRC TechnologyLumigent Raises $6M In VC Funding For GRC Technology
Software automates compliance reporting and other manual regulatory activities associated with primary business applications
January 26, 2009
ACTON, MA - January 26, 2009 - Bucking the downward trend in today's global economy, Lumigent Technologies, Inc., the first to market with GRC business control systems, today announced that it has secured a new, $6 million round of funding from North Bridge Venture Partners. The new era of U.S. regulatory reform, as well as the management renaissance at Lumigent, led the investment in Lumigent's mission to drive down the cost of regulatory compliance.
"In times of economic distress, venture financing is hard to come by," said John H. Capobianco, president and CEO of Lumigent. "Many funds are not completing their rounds with companies because of the economy. Clearly, North Bridge Venture Partners is a firm believer in us. They understand that we have a great product, great people, a great market, and a great strategy for building this company into something spectacular that can serve all of our shareholders."
Michael Skok, general partner, North Bridge Venture Partners, said, "Lumigent has earned our support by delivering quick payback to customers, and it's clear the need for their products is growing. They are meeting customers' regulatory needs by automating compliance in their packaged applications, like PeopleSoft, as well as by enabling auditing of their custom business applications. We're also pleased to see Lumigent being pulled into deals by application partners, like Deltek, as they prove strong added value. Combine this with the highly experienced team John has built and the energy they have around building a market-leading company, and you have a recipe for success."
Investing in the Right Plan, People
The North Bridge Venture Partners investment comes at a time when overall venture capital financing is slowing down due to the economic downturn, according to The Wall Street Journal. Lumigent, however, has attracted its venture capital with a compelling, straightforward plan for using automation to drive down the costs of compliance reporting and other manual regulatory activities associated with primary business applications.
Better, Lumigent's plan is unfolding in a business and political environment that promises increased regulatory pressures and high compliance costs. Specifically, the incoming Obama administration has identified financial regulatory reform as a key priority, and former Speaker of the House Newt Gingrich points to an estimated $4.36 million in yearly SOX compliance costs paid by the average company. Lumigent's sophisticated software offers cost advantages to organizations using finished AppGRC systems or homegrown Audit DB solutions to automate regulatory compliance tasks previously done by hand.
To execute its product and marketing strategies, Lumigent has expanded its executive team to include industry veterans with proven skills at creating and dominating new markets. In addition to Capobianco, who is in charge of establishing and executing the company's vision, the Lumigent team includes:
* Fred Edling, CFO, is responsible for overall financial strategy;
* Tom Stiling, EVP sales and partners, oversees all sales efforts for direct customers, ISVs, and OEM relationships;
* Ronald Nall, EVP products and services, directs all enhancements to products and support; and
* Paul Campaniello, VP marketing, is responsible for Lumigent's overall marketing and sales support programs.
For more information on AppGRC, see http://www.lumigent.com/solutions/appgrc.html, or for general information on Lumigent, visit www.lumigent.com.
Recent News and Resources
* Lumigent Offers Regulatory Relief with AppGRC for PeopleSoft Financial Management; http://www.lumigent.com/news_events/press_releases.html?newsid=243
* Lumigent Boosts Speed, Performance of Audit DB; http://lumigent.com/news_events/press_releases.html?newsid=239
* Lumigent Launches AppGRC Suite; http://www.lumigent.com/news_events/press_releases.html?newsid=205
Commentary: Business GRC: Thinking Outside the IT GRC Box; http://www.lumigent.com/news_events/Executive%20Commentaries/Lumigent_Commentary%20-%20Business%20GRC_081121_final.pdf
Market Brief: Application GRC: The Rise of Automated Business Compliance; http://www.lumigent.com/Lumigent_Market%20Brief_081010_pre%20final.pdf
* Executive team; http://lumigent.com/about/management.html
* AppGRC screenshots; http://www.lumigent.com/files/appgrc_screenshots.zip
Lumigent helps CFOs, CIOs, controllers, and other business executives reduce the cost of meeting Governance, Risk and Compliance (GRC) requirements for their primary business applications. Organizations worldwide use Lumigent's AppGRC(tm) software solutions to automate compliance reporting in some of the most heavily regulated industries, including financial services, healthcare, manufacturing, and government. Lumigent improves operational efficiencies and mitigates business and financial risk by providing complete visibility into application data activity and automating application-aware controls to maintain the integrity of critical business information. For more information, please visit www.lumigent.com.
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