Sigma Partners, Granite Ventures & Adobe Ventures Fund Oversight's Development & Sales Efforts
ATLANTA Sept. 22, 2004 - Oversight Systems Inc. today announced the closing of $7.6 million in Series A financing from Sigma Partners, Granite Ventures and Adobe Ventures to accelerate Oversight's sales growth and product development.
"Executives and auditors in today's $1 billion enterprises demand transparency of business activities and visibility into the effectiveness of controls across operating units and business systems," said John Mandile, managing partner with Sigma Partners. "Oversight's solution reduces the manpower required to monitor and test Sarbanes-Oxley 404 controls, eliminates the costs of payment errors and provides the information needed to improve process efficiency."
In March, Oversight Systems introduced the industry's first transaction integrity monitoring system. Oversight's customers include Fortune 500 companies that rely on Oversight to reduce compliance costs, boost efficiency in financial operations and minimize financial loss from errors, misuse and fraud.
"Sigma Partners, Granite Ventures and Adobe Ventures provide the financial base for Oversight to build out our development team and business relationships to amplify our already impressive sales growth," Oversight CEO and co-founder Patrick Taylor said.
About Oversight Systems, Inc.
Atlanta-based Oversight Systems monitors business processes with real time detective controls. Oversight's Transaction Integrity Monitoring solutions analyze activities across multiple financial systems to reduce compliance costs, minimize financial loss and boost operational efficiency. Oversight empowers financial executives to authoritatively satisfy the heightened scrutiny of regulators and investors, reduce the costs of re-work from errors and improve financial operations. With a team of seasoned executives from information security, fraud examination, business intelligence and financial systems integration, Oversight Systems designs its solutions to combine the benefits of an auditor and fraud examiner validating every business transaction.
About Sigma Partners
Sigma Partners was founded in 1984 and closed its sixth fund of $600 million in February 2001. With industry-leading results over all phases of the business cycle, Sigma Partners is proud of the caliber of our limited partners, such as MIT, Harvard, Yale, Stanford and, Princeton. Sigma Partners seeks to combine its capital, experience, and active involvement with the ideas and capabilities of outstanding entrepreneurial teams to develop highly successful businesses.
About Granite Ventures
Granite Ventures, LLC, formerly H&Q Venture Associates, LLC, is a leading early-stage technology venture capital firm with approximately $650 million in capital under management. Granite Ventures was formed in July 1998 as an independent venture capital firm spun out of Hambrecht & Quist, now J.P. Morgan. Granite Ventures manages general venture capital funds and corporate funds in partnerships with technology industry leaders Adobe Systems Incorporated and Texas Instruments Incorporated. Granite Ventures has invested in more than 60 companies, including such software industry leaders as Siebel Systems and Vignette Corporation.
About Adobe Ventures.
For the past 19 years, Adobe Systems has been at the forefront of the software and Internet revolution - spawning new markets for supporting technologies and inspiring entrepreneurs. Continuing in this tradition, Adobe formally launched a targeted venture capital partnership in 1994 with Granite Ventures, LLC (formerly H&Q Venture Associates) to invest in innovative companies strategic to Adobe's business. The strength and experience of Adobe, partnered with the endorsement and investing experience of Granite Ventures, makes the Adobe Ventures funding model unique, and allows the entrepreneur access to additional resources within one program.