Kyriba Raises $18.2M to Grow Services for Corporate Finance Clients
Kyriba, a cloud-based provider of cash-management software for multi-national corporations and other customers, says today it has raised $18.2 million in a Series B round of financing that will be used to enhance its technology and fuel further growth. A new investor, Daher Capital, led the round, and was joined by existing investors Bred Banque Populaire and Iris Capital.
Kyriba was spun off from the French financial software supplier XRT in 2000, and was initially based in Paris. When Jean-Luc Robert became CEO in 2003, the company relocated its headquarters to San Diego, where he was already living, according to spokesman Tim Wheatcroft. Kyriba has raised more than $50 million since 2007, including the $18.2-million round announced today, according to Crunchbase.
Today Kryiba has more than 700 customers, including Qualcomm, Cymer, Expedia, DRS Technologies, Interpublic Group, and The New York Times. The company employs over 200 in offices in Paris, London, Tokyo, New York, Hong Kong, and Rio de Janeiro.
Kyriba’s automated cloud-based system enables customers to better control their daily cash management tasks, including maintaining bank balances, tracking transactions, cash positioning and forecasting, automated general ledger posting, and investment portfolio reporting. Kyriba says its system also complies with the 2002 Sarbanes-Oxley Act, including stringent audit trail, workflow, and control requirements. The company says it provides a full suite of cash and liquidity, treasury, risk management and supply chain finance solutions for CFOs and treasurers.
In an e-mail, Kyriba’s Wheatcroft says, “The treasury management industry is growing quickly, and has massive potential. In fact, in about 50 percent of new implementations, the incumbent platform is Excel spreadsheets—even in billion-dollar-plus companies. Although spreadsheets are a ubiquitous and free cash management tool, they require huge amounts of manpower to update, are prone to human error, and have no audit trail. As the risk-averse CFO and treasurer are now following the rest of the enterprise towards cloud apps, SaaS-based treasury management systems look to have a great future.”