Wednesday, May 28, 2008

Kyriba is a leading provider of Treasury solutions delivered under the Software as a Service has received new funding

What Company Is Offering:
Kyriba is a leading provider of Treasury solutions delivered under the Software as a Service (SaaS) model. Customers use the automated online system to better control their daily cash management tasks including bank balances, transaction reporting, payments, cash positioning / forecasting, automated general ledger posting and investment portfolio reporting. The system automatically collects bank statements and facilitates automated cash, bank, and ledger reconciliations through Kyriba’s daily bank connectivity monitoring service. The solution also meets stringent Sarbanes-Oxley 404 audit trail, workflow, and control requirements and provides seamless integration with third-party applications.

How Much They Got From VCs:

Kyriba Corporation, the leader of web-based cash and treasury management solutions, announced today that it received new funding subscribed by its current shareholders and by Coface, a new investor.

“Kyriba’s international positioning and proven experience in the Financial Software as a Service (SaaS) industry fits well with the Coface mission to be a global business-to-business trade facilitator,” stated Jerome Cazes, CEO of Coface. “I am sure that this is a first step towards a successful strategic partnership. We see a lot of potential in coupling the Coface and Kyriba solutions to promote a very innovative offer to the marketplace.”

“Adding Coface as a strategic investor and on our Board of Directors will bring many synergies to Kyriba,” said Jean-Luc Robert, Chief Executive Officer of Kyriba Corporation. “Coface facilitates Trade Receivables Financing which is a very hot topic during the current Credit Crisis and an important part for an efficient cash management. Coface, by its global presence, will greatly facilitate our international expansion.”


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