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News and Information Article
Company raises $6 million in funding; industry veteran creates compelling
new technology
WALTHAM, Mass., and SAN FRANCISCO, June 14 // -- Aveksa
officially launched its business today as a provider of identity-driven,
compliance automation software. The company was established to help
customers ease the burden of regulatory compliance by enabling them to
automate and continually monitor access-related controls that are critical
for complying with Sarbanes Oxley, HIPAA, GLBA, Basel II and other security
and privacy regulations.
The company also announced that it has closed $6 million in a Series A
round of venture funding led by Charles River Ventures and Pequot Ventures.
The funds will be used for product development, business development,
recruiting and general operations. As part of the funding, Barry Bycoff, a
partner with Pequot Ventures and former CEO of Netegrity, and Austin
Westerling, a partner with Charles River Ventures, will join the companys
board of directors.
"We invested in Aveksa after spending six months alongside the company
discussing costs associated with compliance with more than 50 vice
president or C-level customer prospects," said Austin Westerling, partner,
Charles River Ventures. "We are confident that there is a very fertile
market here and Aveksa has assembled a world-class team to execute."
"Companies are frustrated with the increasing number of regulations and
the escalating cost of compliance. Not only do they need to reduce costs
but they need to measure their state of compliance to fully understand
their business risks," said Barry Bycoff, partner, Pequot Ventures. "We are
confident that Aveksas technology provides the solution to meet these
challenges, and its leadership will capitalize on the opportunity to build
a successful company."
Using Aveksas open, independent business-assurance layer, compliance,
risk and security professionals can take a "comply-once," cross-regulatory
approach to automate many of the historically manual, access-related
compliance tasks. The unified identity view Aveksa creates is used to
analyze entitlements and activity and to execute business rules that
prevent and detect compliance violations. With this insight, companies gain
enterprise- wide visibility into compliance issues that can affect their
business, like segregation of duties, fraud or other questionable activity.
"Our enterprise clients have expressed a desire to reduce the cost of
compliance and create more automated compliance processes that help reduce
risk," said Trent Henry, senior analyst, The Burton Group. "Instead of
engaging separate projects for each regulation, companies are looking to
implement a common, cross-regulatory approach that can test controls and
acquire relevant data with far less manual labor."
The Aveksa Team
Aveksa was founded in late 2004 by Deepak Taneja, former CTO and vice
president of engineering at Netegrity. Since that time, he has focused on
R&D and has built an executive team with more than 40 years of combined
experience in identity management, compliance, security, storage and
application development.
"Over the years in my career, it has become clear to me that security
is not only a matter of concern for IT, but strategic to business as a
whole," said Deepak Taneja, founder and CEO of Aveksa. "After spending more
than a year speaking with customers about the complexity of security and
the demands imposed by regulatory compliance, I founded Aveksa to provide
companies with a solution that reduces the burden on IT and allows
businesses to use technology to meet many of their primary objectives."
About Aveksa
Aveksa is a leading provider of identity-driven, compliance automation
software. Using Aveksa solutions, companies can reduce the burden and cost
of compliance with Sarbanes-Oxley, HIPAA, GLBA, Basel II and other
regulations. Funded by Charles River Ventures and Pequot Ventures, Aveksa
was founded by identity management and compliance experts with domain
expertise in helping organizations achieve security and identity related
compliance. Aveksa headquarters are located in Waltham, Mass. with a
development office in Bangalore, India. For more information please contact
Aveksa at http://www.aveksa.com .
Contact:
Traci Massaro
Aveksa Inc.
Tvhpublicrelations@comcast.net
978-255-1231
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