Existing investors join Clearlake Capital and EDBI in supporting MetricStream’s growth, global expansion, and innovation
November 6, 2017 | Palo Alto, California: MetricStream, the independent market leader in Governance, Risk, and Compliance (GRC) applications and solutions, announced today that it has completed a $65 million financing round. The round was led by Clearlake Capital, a leading private investment firm based in Santa Monica, California, with participation from EDBI, a Singapore-based global fund, and contributions from existing investors including Goldman Sachs, Sageview Capital and others. In conjunction with the transaction, Prashant Mehrotra, Partner at Clearlake Capital, will join MetricStream’s board of directors.
The funding will enable MetricStream to accelerate its global growth, enhance its customer support and success, expand into Asia through Singapore, drive innovation in the industry, and increase GRC application adoption with its latest product, M7.
“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 Prashant Mehrotra of Clearlake. He continued, “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.”
KPMG Corporate Finance LLC served as the financial advisor to MetricStream for this financing round.
MetricStream, the independent market leader in enterprise and cloud applications for Governance, Risk, Compliance (GRC) and Quality Management, makes GRC simple. MetricStream apps and solutions improve business performance by strengthening risk management, corporate governance, regulatory compliance, vendor governance, and quality management for hundreds of thousands of users in dozens of industries, including Financial Services, Healthcare, Life Sciences, Energy and Utilities, Food, Retail, CPG, Government, Hi-Tech and Manufacturing. MetricStream is headquartered in Palo Alto, California, with an operations and R&D center in Bangalore, India, and sales and operations support in 12 other cities globally. (www.metricstream.com)
Clearlake Capital Group, L.P. is a leading private investment firm founded in 2006. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.®. The firm’s core target sectors are software and technology-enabled services; industrials and energy; and consumer. Clearlake currently has over $3.5 billion of assets under management and its senior investment principals have led or co-led over 100 investments. More information is available at www.clearlake.com