Kyriba Corporation, pioneering web-based cash and treasury management solutions, today announced that it received new funding led by BRED Banque Populaire, one of the leading French banks in the payment industry and an important bank for the swift network. Over $14.4 million was invested in the oversubscribed round by BRED Banque Populaire and existing investors, including GRP Partners.
Kyriba is the only international provider of pure Software as a Service (SaaS) solutions for global cash and liquidity management supporting more than 100 corporate clients, 5000 users, and 15 million transactions processed annually.
Kyriba doubled its annual revenues and added a record number of customers in 2006, and is poised to rapidly grow its global customer base and product offerings with the assistance of the new financing. "Kyriba has a compelling treasury management solution that successfully competes with the functionalities being provided by banks or other technology providers, said Yves Jacquot, [Directeur GÃ©nÃ©ral Ajoint] of BRED Banque Populaire. "The Kyriba solution is uniquely positioned to meet the needs of both middle and large-market companies with a robust set of cash and liquidity management tools."
"We are excited to add BRED Banque Populaire as a strategic investor and have their contribution of their industry knowledge on our Board of Directors," said Jean-Luc Robert, Chief Executive Officer of Kyriba Corporation. "BRED offers innovative web-based technology solutions to its corporate banking customers."
Kyriba will utilize the additional funding to accelerate growth in North America and Europe, to expand sales and marketing activities and extend international hosting operations.