PALO ALTO –MetricStream, a developer of Governance, Risk and Compliance (“GRC”) applications and solutions, has completed a $65 million financing round led by Clearlake Capital Group. EDBI, a Singapore-based global fund, joined Clearlake as a new investor, and existing investors including Goldman Sachs, Sageview Capital, and others also participated in the round.
Prashant Mehrotra, Partner at Clearlake, will join MetricStream’s board of directors
MetricStream’s solutions improve business performance by streamlining and strengthening an enterprise’s risk management, corporate governance, regulatory compliance, vendor governance, and quality management practices. MetricStream’s solutions enable customers to navigate the complex regulatory landscape and ensure they are appropriately managing risk through a cloud-delivered platform. Its solutions significantly simplify GRC workflows by automating manual tasks, providing customers with a tangible return-on-investment. MetricStream serves enterprise and mid-market customers around the world, across a variety of verticals including financial services, healthcare, energy and utilities, technology and more.
“We appreciate the strategic investment from Clearlake Capital, EDBI, and our existing investors. We are also delighted to welcome Prashant to MetricStream’s Board of Directors,” said Gunjan Sinha, Executive Chairman of MetricStream. He continued, “Clearlake has deep sector knowledge from their extensive experience investing in software companies, and we believe they will be a valuable strategic partner as we look to accelerate growth. With Clearlake and support from our other investors, MetricStream will continue to lead the GRC market with a sharp focus on customer success and innovation across all areas of the business in order to make GRC simple, pervasive, and delivered in the cloud.”
“This investment will enable us to accelerate our global growth and industry leadership,” said Shellye Archambeau, CEO of MetricStream. She continued, “As organizations shift their thinking from risk as a compliance issue, to risk as a performance and decision-making input, they are turning to MetricStream as their strategic and long-term technology partner. MetricStream enables organizations to preserve their corporate integrity, protect their brands and reputations, and perform exceptionally.”
“As enterprises increasingly seek to implement integrated risk management programs to mitigate the impact of uncertainty on business performance, the demand for integrated and scalable GRC solutions will continue to accelerate,” said Mehrotra. “We believe MetricStream’s strong focus on customer success as well as its culture of product innovation uniquely position the company to be the industry’s preferred GRC platform solution. We look forward to partnering with the management team and implementing the Clearlake O.P.S.® framework to support the company’s exciting growth trajectory and to drive consolidation.”