UPDATE - Convercent Posts Record First Quarter 2017

UPDATE - Convercent Posts Record First Quarter 2017

Leader in Ethics and Compliance Cloud Software Reaches Nearly 600 Customers, Names Tony Wessels as Chief Marketing Officer and Introduces Industry-First Insights Dashboard

DENVER, CO--(Marketwired - May 23, 2017) - Convercent, the leading global provider of SaaS enterprise ethics and compliance management software, today announced record-breaking results in the first quarter of 2017. Highlights include $10 million in funding, an expanded leadership team, the release of Convercent Insights, and the addition of more than 30 new enterprise customers, including Tesla Inc. and Johnson Controls.

"The growth we're experiencing at Convercent is a testament to the ethical transformation happening at a global scale in business right now. It points to the pressure companies are under to build successful ethics, compliance, and values into the core of their organizations," said Convercent CEO Patrick Quinlan. "By expanding our team and enhancing our data analytics capabilities, we can partner with even more global organizations to help them live out their true ethics and values."

Highlights include:

• Significant Customer Acquisition: Convercent brought its overall customer count to nearly 600 organizations. New customers in Q1 include Bayer Corporation, BMC Software, GATX Corporation, Packers Sanitation Services Inc., Eddie Bauer, Tesla Inc., and Johnson Controls.
• More Than 100 Percent Effective Customer Retention Rate: In addition to growth in new customer acquisitions, the company experienced strong expansion from its existing customer base with a more than 100 percent effective retention rate in Q1.
• Industry-First Dashboard With Convercent Insights: The company released Convercent Insights, a new application in Convercent's Ethics Cloud. Insights synthesizes company-wide ethics and compliance data to enable compliance professionals to identify issues before they escalate, make better and faster decisions, and showcase the success of their program to company leadership.
• New Marketing Leadership: The company added Tony Wessels as Chief Marketing Officer. Wessels brings to Convercent more than 20 years of experience in building world-class marketing organizations at enterprise software companies. Most recently, Wessels served as the head of marketing at supply chain intelligence company FusionOps, playing a pivotal role in the company's growth and generating 200 percent of sales pipeline goals. Prior to FusionOps, Wessels was the vice president of marketing at Coupa, helping the company grow to more than 450 customers across 40 countries in just three years and supporting 100 percent year-over-year revenue growth.
• $10 Million Funding: The company closed $10 million in February to increase investments in product innovation and expand sales and marketing efforts worldwide. Existing investors Sapphire Ventures and Tola Capital shared the round to bring total capital raised to $47 million.

"In my work experience, I have found Convercent to be the most customer-centric company I've interacted with. They view and treat their customers as partners, rather than clients, and are equally committed to ensuring our success," said Patrick Burns, Loss Prevention Manager at Cinemark. "Convercent has certainly been a key element in our compliance programs for the company. It has everything to do with them being focused on listening to their customers, designing an interface that is user-friendly, meets our analytics and data control needs, and creating a program that makes each of our employees feel comfortable and safe using the system."