Axentis LLC Closes $5.4 Million Financing Round Led By J.P. Morgan Partners And Key Principal Partners
Summary
Funds will be used for additional marketing and sales activities and continue the technical expansion of the market leading GCM solution CLEVELAND, OHIO – March 3, 2003 – Axentis LLC, the leader in governance and compliance management (GCM) software that meets the Federal governments mandated compliance standards, closed its Series B financing on Friday, February 28, 2003. Given the greater focus on effective governance and compliance management due to passage of laws such as Sarbanes-Oxley, the Patriot Act and HIPAA specifically, and the general media focus on corporate wrongdoing in general, boards of directors and senior management are looking for new more automated and measurable ways to not just get into, but stay in compliance to applicable laws, regulations and best practices. Effective governance and compliance is becoming a critical driver to maintaining enterprise value and is now receiving appropriate budget and focus." Buck French, General Partner and leader of the software investment group at J.P. Morgan Partners and an Axentis director, stated, "We are extremely excited about the momentum that Axentis has shown during the past year. The space is extremely dynamic and Axentis is poised to lead the entire governance and compliance software industry to new levels."