Directories
Quick Searches
Find a Job
Quick Search
For Employers
Yahoo! HotJobs Local Search
Kyriba raises $7 million
By BRADLEY J. FIKES - Staff Writer | ∞
CARMEL VALLEY ---- Kyriba Corp., a maker of financial software, said Tuesday it has raised $7 million in its third funding round.
Software leased from Kyriba (pronounced kur-EE-buh) automates corporate cash management and accounting, including compliance with the Sarbanes-Oxley financial accountability law.
The company has raised a total of $31.4 million, including $24.4 million from two previous funding rounds, said Leslie Regino, the company's director of marketing. The new round comes from previous investors GRP and BRED Banque Populaire, along with a new investor, Coface.
Founded in 2000, Kyriba originally marketed its service to banks, then broadened its focus to other corporate customers, Regino said.
The software gives corporations the ability to track what's happening with their cash or assets, enabling them to plan for the most efficient use of their money and spot problems before they become serious, Regino said.
"Large corporations have relationships with many banks, and within those banks they may have hundreds of accounts," Regino said. "They need a solution that's going to help them manage all that bank activity and all of their cash, and do forecasting.
"They can say, 'OK, I've got this $50 million loan due today, but I've also got $100 million coming in from various sources, and what's my position going to be at the end of the day? Am I in an investment position, or am I in a borrowing position?' "
Being able to track cash is especially important in today's uneasy financial environment, Regino said.
"In the credit crisis, the biggest problem right now is liquidity," she said. "Knowing where all your money is at any point in time is a real advantage."
The software does more than just calculate a company's financial position, Regino said; it allows companies to perform transactions such as wiring transfers to their accounts and paying invoices.
Customers lease use of the software from Kyriba, using a secure connection from a standard Web browser. Since the software runs on Kyriba's computers, customers don't have to install it or hire technical staff to maintain it, Regino said.
Based in Carmel Valley, Kyriba operates globally, with branches in New York, Paris, Milan, Italy, and Rio de Janeiro, Brazil.
Contact staff writer Bradley J. Fikes at (760) 739-6641 or bfikes@nctimes.com.
More Stories
Advertisement
- ESCONDIDO: Man shot dead at Fourth of July party (10602)
- TEMECULA: Protesters line intersection (6597)
- ESCONDIDO: 3 DUI arrests, 46 impounds at checkpoint (5389)
- ESCONDIDO: Border Patrol employee in custody after hatchet attack (5312)
- ESCONDIDO: City's dreams of an 'upscale' downtown may be dying (4975)
- HOUSING: Local median price up for third straight month (45)
- ESCONDIDO: Man shot dead at Fourth of July party (44)
- FALLBROOK: Peruvian chocolatier living sweet American dream (29)
- ESCONDIDO: Border Patrol employee in custody after hatchet attack (29)
- ESCONDIDO: Victim's roommate recalls July 4 shooting, friends gather for vigil (27)
Advertisement