By Allan Maurer

EXCLUSIVE REPORT ATLANTA – Oversight Systems has raised slightly more than $4.5 million to close its B round at $14.5 million from its existing investors, Adobe Ventures, Granite Ventures, Sigma Partners and Imlay Investments Inc. The funds are slated for general working capital and supporting the growth of the company, which sells automated transaction auditing software, says Jack Nichols, chief financial officer.

Founded in 2003, the company raised the first $10 million of the B round in 2008. It previously raised $6.3 million from angel and venture backers. The company, a graduate of Georgia Tech’s Advanced TEchnology Development Center, was ranked seventh on a list of the top 20 most promising companies in America by Forbes magazine.

The 63-employee firm plans to do some additional hiring later in sales and customer service, Nichols says.

Oversight’s software provides continuous controls monitoring for transactions and master data,
resulting in greater transparency and control in business processes.

This eliminates the opportunity for fraud, misuse and error, saving companies millions of dollars in process improvements.

The software monitors business controls for corporate and government procure-to-pay, company card, master data and other operations by working with a broad range of ERP and financial systems, including Oracle’s EBusiness Suite and SAP.

Oversight says most of its custoemrs see a return on their investment within a few months of deployment.

Oversight sells its software on perpetual license on premises, but most of its customers buy it as Software as a Service. Costs can run from $15,000 for a one time historical analysis to hundreds of thousands for a fullblown implementation.

The firm’s clients are generally fairly large with north of $500 million in revenue with centralized financial functions and include companies as diverse as Pfizer and McDonalds.

In additon to the recognition by Forbes, which required a substantial vetting process, the company has won other awards and recognitions. It was one of the Red Herring Toip 100 Global Technology companies for 2009.

For TechJournal South’s 2008 profile of the company, see:

Oversight Systems virtually audits daily transactions

http://www.techjournalsouth.com/news/article.html?item_id=5338

Online: www.oversightsystems.com

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