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As almost every new hire knows, companies are seriously interested in training their employees on everything from security to ethics to protect themselves in the event of, say, a harassment lawsuit. That training, however, isn’t worth much unless there’s a record of successful completion. But when employees number in the hundreds or even thousands, keeping track of who’s been trained and who hasn’t becomes a huge chore.
Denver-based Convercent aims to help companies educate employees in ethics, while also giving them a way to report workplace incidents quickly and anonymously. The cloud-based solution is meant to put companies in a position to prevent problems, rather than simply reacting to them. Late last week, Convercent announced a $10 million Series B led by SAP Ventures, taking their total funding to date over $25 million. Doug Higgins, Managing Partner at SAP Ventures, will also be joining the board, marking the first time anyone from that company has taken such a position with a Colorado company.
“The recent series B round marks an exciting time for not just Convercent, but Denver overall,” said Patrick Quinlan, CEO of Convercent, citing the vote of confidence issued by Higgins’ addition to the board. “A strong, strategic partner is key to rapidly growing a company that’s out to change a legacy, huge area of business. To us, that's SAP Ventures because of their dedication to our business development. The time and resources they’re investing into expanding Convercent will ultimately bring more opportunities and economic impact to Denver and further establish us as a world-class city for innovation.”
Today, Convercent has more than 70 full-time staffers serving its 374 customers. On average, these customers have 3,200 employees — complete with plenty of compliance opportunities of their own.
Where companies worry about legal and regulatory risks incurred in the workplace, Convercent provides a way to manage relevant activity easily and securely. Thanks to its basis in the cloud, the platform is available to managers, who can track reports and activity from their computers, to employees, for whom the iPhone app provides a way to anonymously send in a complaint.
“Convercent is poised to become a market leader in the governance, risk and compliance industry, with an unwavering vision of how compliance professionals can truly manage their organization’s compliance health in a space wracked with technological fragmentation and billions of dollars in annual fines,” Higgins says.
For Quinlan, this new funding is a means to build on an already solid team. Hiring is a focus, but so is maintaining an atmosphere that keeps employees happy.
“Our plans center on building an incredible company doing something no one else is thinking about for the compliance industry. We’ll use this latest round to continue the growth we’re already seeing, from engineering to sales,” Quinlan says, adding, “We’ll continue offering one of the best places to work in Denver, cultivating one of the best corporate cultures in tech.”
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