MetricStream says its governance, risk and compliance (GRC) solutions are gaining more traction from new and existing investors.
The Palo Alto, California-based risk management software solutions provider this week said it has secured $60 million in new financing to further accelerate company innovation. Sageview Capital led the Series D funding round, with participation from existing investors Goldman Sachs and Kaiser Permanente Ventures.
"The funding will help MetricStream boost product development and innovation, with particular emphasis on our core GRC apps and cloud offering," MetricStream COO Gaurav Kapoor told Talkin' Cloud. "It will also help us extend our market leadership in large enterprise as well as mid-market companies, as we expand our global field presence as well as partnerships with consulting firms, system integrators and resellers."
Kapoor said the additional funds will also go to fueling the company's channel initiatives, including partner enablement, geographic expansion and partner support, and R&D investments to enable partners to sell more.
"This investment will help support the expansion of our global field presence, as well as our partnerships with consulting firms, system integrators and resellers," he said. "Additionally, MetricStream University will expand its reach to train and certify thousands of GRC professionals on MetricStream within our channel partner network."
"MetricStream is aggressively expanding its channel partner base," Kapoor said. "We expect that to at least double in the next year."
Additional funding to "support M&A activities in the future could be accessed from private or public sources," he said. "With MetricStream’s expanding customer base, and recent funding, we are self sufficient to support expansion and growth strategies."
As a result of the new funding, Ned Gilhuly, co-founder and managing partner of Sageview Capital, will join MetricStream’s board of directors.