Kyriba Raises $10.6M in Growth Financing from Iris Capital and Existing Investor BRED
San Diego, CA / Paris, France, October 7th, 2010 – Kyriba, the leader of Software-as-a-Service (SaaS) cash and treasury management solutions, announced today that it has secured $10.6 million in growth financing. The round was led by Iris Capital, a pan-European growth and late-stage investor, alongside existing investor BRED Banque Populaire. Proceeds will be used to support the strong demand for Kyriba’s service in the US and Europe and to further expand its market coverage. Kyriba’s strength as both a company and a brand is its focused approach to cash management. One hundred percent of Kyriba’s resources are dedicated to a single solution, offering innovation and the latest technology developments at a very rapid pace.
Jean-Luc Robert, CEO of Kyriba, declared, “Kyriba already operates on a global scale and this latest round of investment, led by Iris Capital and our existing investor BRED Banque Populaire, will enable us to accelerate the rollout of our SaaS solution in the US and Europe, as well as mine new revenue streams. We are delighted to welcome Curt Gunsenheimer to our board of directors. There is no greater endorsement of our business model than continued investment in our growth.”
Curt Gunsenheimer, Partner of Iris Capital, stated: “Kyriba’s SaaS solution offers treasurers a very compelling ROI proposition, unmatched by traditional software vendors, combined with superior quality of service and customer responsiveness. This has resulted in hundreds of corporations and financial institutions switching to Kyriba, in just a few years.” He added, “The current funding will enable the company to accelerate its growth further while continuing to deliver excellence in support and service to current customers.”
About Iris Capital
Iris Capital is a pan-European growth capital fund manager specializing in media, communication and IT. Since its inception in 1986, the Iris Capital team has invested more than €800 million. Iris Capital targets opportunities in service or technology companies seeking growth capital in order to realize their strategy. Iris provides active support to its portfolio companies on the basis of its strong sector specialization and experience. Based in Paris and Düsseldorf, the Iris Capital team has invested to date in 18 European countries. For more information on Iris Capital: www.iriscapital.com
About Bred Banque Populaire
BRED Banque Populaire (www.bred.fr), established in Ile de France, Normandy and in the overseas French territories, is one of the largest regional bank of BPCE Group. Bred Banque Populaire combines communicative advantages of a small bank with the resources of a major institution. This includes their competency with bankers’ large reference remitters (i.e. retail, social agencies, power distribution, telecom operators, etc.). BRED is recognized in the banking world for its innovative capabilities that result in services with high added value, particularly in the field of electronic commerce.