Preventsys Inc., the leader in security risk management and automated compliance reporting, today announced that it has secured an additional $7 million dollars in funding.
Current investors Enterprise Partners Venture Capital, Apax Partners and Utah Ventures led the round. The additional funding will be used to accelerate the company's revenue growth, expand its global channel and partner presence and further its product lead in proactive risk management and automated compliance reporting.
Compliance is fast becoming one of the greatest motivators for risk management, security and corporate governance in IT history. According to Gartner, 60 percent of U.S. firms with less than $5 billion in assets will have aligned their corporate risk management to regulatory requirements by 2008.
To capitalize on this market momentum, the board of directors has appointed Patrick Harr to serve as the company's chief executive officer and drive the next growth phase for Preventsys.
"Patrick has consistently demonstrated the ability to lead teams, accelerate revenue growth and build company value in extremely competitive markets. His proven track record, extensive enterprise experience and customer focus will be invaluable to guiding the company through its next growth stage," said Carl Eibl, managing director of Enterprise Partners and Board member of Preventsys.
Harr brings more than 13 years of marketing, business development and general management experience to Preventsys and has held key executive roles in successful enterprise security software and storage networking startups as well as Global 1000 companies.
"Preventsys has a great opportunity to help customers who need to implement sustainable and automated security compliance reporting," said Patrick Harr, chief executive officer for Preventsys. "We provide the only solution that can consolidate multi-vendor assessment information, enabling our customers to integrate new and existing security tools without ever having to change their security process or reports. This is critical to our marquee customers at leading financial institutions who use our proactive risk management system to dramatically cut the time and costs associated with manual auditing and compliance reporting."