DENVER, Feb. 27, 2018 (GLOBE NEWSWIRE) -- Convercent, the leading provider of ethics and compliance software, today announced record results in 2017 and confirmed the company’s upcoming relocation to a new global headquarters in Denver, CO. Highlights from the year include significant customer growth, international expansion in EMEA, and notable executive hires, as well as new funding. Convercent plans to use the financing and momentum to focus on global growth and to fuel increased innovation and application development for the Ethics Cloud Platform.
“The past year brought an unprecedented surge in attention and urgency around business ethics. Within just the last few months of 2017, we saw more voices than ever speaking out about workplace ethics through powerful movements like Time’s Up, #metoo, and others,” said Patrick Quinlan, Convercent CEO and co-founder. “There’s no question: instill core business ethics or your company will not succeed. The customer growth and momentum we’ve seen at Convercent is further validation that ethical transformation is here to stay, and it’s only growing.”
Convercent closed the year with record customer growth, now serving more than 600 companies globally. New customers in 2017 include Johnson Controls, Sodexo, and Tesla. The company itself also grew, increasing headcount more than 50 percent year-over-year to a total of 124 employees, including several new executives and a newly expanded UK team as part of Convercent’s growth in EMEA.
Q4 2017 highlights include:
- Expanded Leadership Team: Convercent added VP of Finance Jonathan Kalstein and Senior Director of Employee Experience Robert Seggelke to the leadership team in Q4 to build out the company’s customer service and fuel business growth.
- Customer Acquisition: the company added nearly 30 new customers in Q4 2017, including Herbalife Ltd., National-Oilwell Varco, Inc., and Southwire Company, Inc.
- Customer Retention: Convercent’s effective retention rate in Q4 was above 100 percent and has remained so for 10 consecutive quarters.
- Funding: the company closed a $25 million round of funding in December 2017, bringing total capital raised to $71.2M. The latest round was led by Rho Ventures – alongside other existing investors Sapphire Ventures and Tola Capital – and will fuel increased innovation, improvements, and application development for the Ethics Cloud Platform.
- Hosted Industry-Leading Event: Convercent hosted one of the ethics industry’s largest events in October 2017 at Converge17, a gathering of more than 200 ethics leaders and decision makers. Keynote speakers included ethics & compliance activist Hui Chen (former DOJ Counsel to the White House), Colorado Governor John Hickenlooper, and VP, Chief Ethics & Compliance Officer at Kimberly-Clark, Kurt Drake. Pre-register here for Converge18, taking place October 9-11 in Colorado.
As a leading global provider of ethics and compliance software, Convercent weaves ethics and values into everyday operations at some of the world's largest and most admired companies. Its Ethics Cloud Platform, which is comprised of a suite of applications including Convercent Insights, Convercent Helpline, Convercent Campaigns, Convercent Disclosures and Convercent Third Party, leverages a global dataset to deliver business leaders the insights they need to make proactive, informed decisions about their company's ethical health. Companies use Convercent to engage with employees, understand organizational risk and create opportunities for stronger, sustained business performance.
Convercent has more than 600 global customers including Microsoft, Tesla, Four Seasons Hotels and Resorts, Capgemini and Under Armour. Customers span all industries, regions and sizes and represent a growing breed of business leaders who care deeply about driving ethics to the center of their organizations. Convercent is based in Denver, CO, with an international office in London. The company is backed by Sapphire Ventures, Tola Capital and Azure Capital Partners.