NEW HAVEN, Conn., Aug. 21, 2014 (GLOBE NEWSWIRE) -- Continuity Control™, a New Haven, Conn.-based provider of a compliance management system for community financial institutions, announced today that it has raised $10 million in growth funding to continue extending its industry-leading technology platform and regulatory intelligence.
The round, which resulted in double the $5 million funding Continuity Control was originally seeking, was led by River Cities Capital Funds, a growth equity firm investing in information technology and healthcare companies. Additional investments came from BancVue, a national provider of banking products, marketing solutions and consulting services for community financial institutions, and the family of IBM founder Thomas Watson. Rik Vandevenne, a director with River Cities, will join the Continuity Control board.
"We are very excited to welcome River Cities, BancVue and the Watson family to our team of investors. The interest generated in this round of investment further validates our vision for compliance management and the opportunity it represents in the community financial industry," said Andy Greenawalt, co-founder and CEO of Continuity Control. "This funding will allow us to accelerate functionality enhancements to our industry-leading platform, so we can continue to reinvent the way compliance management is handled."
"Continuity Control empowers community financial institutions to streamline the complex and burdensome regulatory compliance process, freeing them up to focus on what they do best," says Vandevenne. "The company's rapid growth and innovative solution is a true testament to the stellar management team – we are eager to be a part of the opportunity to further expand the company's reach."
Founded in 2008 by a group of technology, banking and compliance experts, Continuity Control raised $5.2 million in earlier rounds. The company has expanded quickly, experiencing revenue growth of more than 300 percent between 2013 and 2014 alone. With more than 23,000 users currently on its cloud-based platform, Continuity Control plans to hire 40 additional staff members in the coming year to support the company's growth.
"This funding will fuel significant investments in research and development," Greenawalt added. "The faster we progress, the sooner we'll fulfill our mission to eliminate the tedious, manual effort historically involved with compliance management, allowing community financial institutions to get back to the business of banking."
To learn more about Continuity Control, take an online tour and register for compliance-related webinars, visit www.continuity.net/rethink.
About Continuity Control
Continuity Control is a compliance management system for community banks and credit unions that has been engineered to reduce the time, cost and risk impacts of regulation. This single, unified system automates the entire regulatory lifecycle — managing regulatory updates, policies, procedures, risks, vendors, audits, business continuity and exam preparation along with compliance strategy and planning. Built by bankers and former examiners, the system's advanced software has been coupled with expert personalized service to help community financial institutions quickly adapt to regulatory change, streamline the workload and ensure compliance.
Source: Continuity Control