Kyriba secures ten million dollar funding round

Kyriba secures ten million dollar funding round

Kyriba Corporation, an affiliate of XRT, has received $10 million in funding from new investors, including GRP, American Express Company, Mangrove Capital Partners and BIH, an investment arm of Commerzbank.

The company, which operates a Web-based platform for the distribution of high value financial applications, was established in January 2000 with joint funding from XRT (50%), via its Belgian affiliate CERG Finance Benelux, and E-Capital (50%), an investment company controlled by Alain Fraiberger, chairman of the supervisory board of XRT. Both companies have committed to a participation of up to $1.5 million in subsequent capital increases under certain conditions (each contributing up to $750,000 to this amount).

Following this round, XRT and E-Capital's share ownership interests in Kyriba will be 21.9 per cent and 20.4 per cent, respectively, before dilution stemming from the company's stock option plans and prior to future capital increases to which XRT and E-Capital may subscribe.

Nathaniel Fraiberger, founder, president and CEO of Kyriba Corporation, will be named chairman of the board and general manager of Kyriba Corporation's French subsidiary, Kyriba Sarl.

Kyriba develops and operates a Web-based platform dedicated to the distribution of B2B financial applications and to relationship management of corporate finance departments with their financial partners and banks. The solution offered by Kyriba is built around a secure applicative infrastructure, enabling financial service providers to distribute their products and services across multiple, high value-added applications.

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