While consumer-product Web 2.0 sites flail and fail, many boring back-end business IT companies are doing just fine despite tough times. Reston, Va.-based Approva has closed another round of funding from its existing investors, which include several firms with Valley offices: New Enterprise Associates, Sierra Ventures and Gold Hill Capital. This time, Approva secured $14 million. I think this is its fourth round, but I’m waiting to hear back on that.
Approva makes continuous controls monitoring software, which keeps a real-time eye on corporate IT systems to watch for violations of corporate policies that could mean either an attempted theft, a violation of complicated Sarbanes-Oxley Act regulations, or just an accidental duplicate payment. Approva’s Controls Intelligence Suite can also provide a continuous audit that automates the tracking of IT systems configurations for bad or suspicious events. That frees up human auditors to investigate identified problems, rather than hunting for the problems themselves.
Approva has none of the public-eye popularity of Facebook or Twitter, but its software guards against what could be expensive errors in accounting and user access and makes it easier to follow the complicated auditing rules imposed by Sarbanes-Oxley in 2002. Yes, many large companies are still struggling to meet SarbOx rules seven years later. It’s hard to believe if you work at a startup, but it’s true. Many of the companies reaching for Approva can’t afford to not buy a solution.
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