Compliance11 Inc., a Chicago-based provider of regulatory compliance management solutions, has raised $6 million in Series B funding. Talon Capital Partners and KVG Partners co-led the round.
Compliance11™, Inc. a leading provider of regulatory compliance management solutions, announced today that it has secured a Series B round of funding for $6 million. The deal was led by Talon Capital Partners, LP in Chicago, Illinois and KVG Partners. The funding allows Compliance11 to further accelerate its rapid growth.
“We believe Compliance11 is the leader in supplying SaaS compliance products to the financial services industry. This financing allows Compliance11 to accelerate its growth while continuing to develop new applications for it suite of software products,” said Bill Wolf of Talon Capital Partners.
“We have invested in several similar companies in the past and like what we see in the structure of Compliance11,” said Dick Kiphart of KVG Partners. “The management team is methodical. The product is rich, robust and secure. Retention is almost perfect. The market is ready. It is just a matter of getting the product in front of more customers.”
“It is the perfect storm: rampant fraud in the industry, aggressive regulators, new technology dramatically reducing costs and several new competitors,” describes Tad Mitchell, President and COO of Compliance11. “Everyone is going to automate in the next two years. We are already the fastest growing company in this space. This funding helps us to move even more quickly.”
Compliance11, Inc. is a leading provider of regulatory compliance management solutions. The Compliance11 Supervisory Suite addresses a critical need for compliance officers to meet current regulatory and supervisory guidelines. The SaaS application automates and effectively manages employee personal trading, affirmations & disclosures, gifts and case management. For additional information visit www.compliance11.com.