Convercent

Convercent
Type	Privately held
Industry	Governance, Risk Management, and Compliance
Headquarters	Denver, Colorado, US
Key people	Patrick Quinlan, CEO
Website	www.convercent.com

Last updated March 21, 2019

Convercent is a Denver, Colorado-based software company that helps companies design and implement compliance programs.^[1] The company's Convercent governance, risk management and compliance (GRC) software integrates the management of corporate compliance risk, cases, disclosures, training and policies.

In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant laws, policies, and regulations. Due to the increasing number of regulations and need for operational transparency, organizations are increasingly adopting the use of consolidated and harmonized sets of compliance controls. This approach is used to ensure that all necessary governance requirements can be met without the unnecessary duplication of effort and activity from resources.

Software

The company's software is delivered using the software as a service model.^[2]

Software as a service is a software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted. It is sometimes referred to as "on-demand software", and was formerly referred to as "software plus services" by Microsoft. SaaS is typically accessed by users using a thin client, e.g. via a web browser. SaaS has become a common delivery model for many business applications, including office software, messaging software, payroll processing software, DBMS software, management software, CAD software, development software, gamification, virtualization, accounting, collaboration, customer relationship management (CRM), Management Information Systems (MIS), enterprise resource planning (ERP), invoicing, human resource management (HRM), talent acquisition, learning management systems, content management (CM), Geographic Information Systems (GIS), and service desk management. SaaS has been incorporated into the strategy of nearly all leading enterprise software companies.

Funding

In January 2013, Convercent received $10.2 million in funding, led by Azure Capital Partners and Mantucket Capital and with participation from City National Bank.^[3]

Azure Capital Partners, founded 2000, is an early stage venture capital firm that invests in the information technology industry using an investment research approach to venture capital investing. Azure Capital Partners was founded by Mike Kwatinetz, Paul Ferris, Paul Weinstein, and Cameron Lester.

In October 2013, Convercent raised $10M in Series B funding led by Sapphire Ventures] (formerly SAP Ventures),^[4] with participation from existing investors Azure Capital Partners, Rho Capital Partners, and Mantucket Capital.^[5]

Sapphire Ventures is a Silicon Valley-based venture capital company that invests in growth-stage technology companies, early-stage venture funds globally.

Rho Capital Partners is a venture capital firm that actively invests in companies related to technology, new media, cleaning technology and healthcare.

Customers

Convercent has hundreds of customers in more than 130 countries, including Philip Morris International, CH2M Hill and Under Armour.^[6]

Philip Morris International Inc. (PMI) is an American multinational cigarette and tobacco manufacturing company, with products sold in over 180 countries outside the United States. The most recognized and best selling product of the company is Marlboro.

CH2M HILL, also known as CH2M, was a global engineering company that provided consulting, design, construction, and operations services for corporations, and federal, state, and local governments. The firm's headquarters was in Meridian, an unincorporated area of Douglas County, Colorado, in the Denver-Aurora Metropolitan Area.

Under Armour, Inc. is an American company that manufactures footwear, sports, and casual apparel. Under Armour's global headquarters are located in Baltimore, Maryland with additional offices located in Amsterdam, Austin, Guangzhou, Hong Kong, Houston, Jakarta, London, Mexico City, Munich, New York City, Panama City, Paris, Pittsburgh, Portland, San Francisco, São Paulo, Santiago, Seoul, Shanghai, and Toronto.

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References

↑ Rogers, Bruce. "Convercent CEO Breaks the Rules to Grow His Company". Forbes. Retrieved 5 June 2013.
↑ "The start-ups that will help your company avoid becoming the next Uber". latimes.com. 2017-08-03. Retrieved 2017-08-08.
↑ "Convercent Raises $10.2M To Help Companies Promote The Good And Manage The Bad". Tech Crunch. Retrieved 29 January 2013.
↑ "SAP Ventures Changes Name to Sapphire Ventures, Expands Focus". Wall Street Journal. Retrieved 16 October 2014.
↑ "Denver's Convercent Closes $10M Series B Round Led by SAP Ventures". Xconomy. Retrieved 24 October 2013.
↑ "Convercent Announces Customer Wins". Compliance Week. Retrieved 14 August 2014.

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[1] Rogers, Bruce. "Convercent CEO Breaks the Rules to Grow His Company". Forbes. Retrieved 5 June 2013.

[2] "The start-ups that will help your company avoid becoming the next Uber". latimes.com. 2017-08-03. Retrieved 2017-08-08.

[3] "Convercent Raises $10.2M To Help Companies Promote The Good And Manage The Bad". Tech Crunch. Retrieved 29 January 2013.

[4] "SAP Ventures Changes Name to Sapphire Ventures, Expands Focus". Wall Street Journal. Retrieved 16 October 2014.

[5] "Denver's Convercent Closes $10M Series B Round Led by SAP Ventures". Xconomy. Retrieved 24 October 2013.

[6] "Convercent Announces Customer Wins". Compliance Week. Retrieved 14 August 2014.