Oversight Systems Closes $7.6 million in Series A Financing
Sigma Partners, Granite Ventures & Adobe Ventures Fund Oversight's Development & Sales Efforts
ATLANTA - Sept. 22, 2004 - Oversight Systems Inc. today announced the closing of $7.6 million in Series
A financing from Sigma Partners, Granite Ventures and Adobe Ventures to accelerate Oversight's sales growth
and product development.
"Executives and auditors in today's $1 billion enterprises demand transparency of business activities and
visibility into the effectiveness of controls across operating units and business systems," said John
Mandile, managing partner with Sigma Partners. "Oversight's solution reduces the manpower required to
monitor and test Sarbanes-Oxley 404 controls, eliminates the costs of payment errors and provides the
information needed to improve process efficiency."
In March, Oversight Systems introduced the industry's first transaction integrity monitoring system.
Oversight's customers include Fortune 500 companies that rely on Oversight to reduce compliance costs,
boost efficiency in financial operations and minimize financial loss from errors, misuse and fraud.
"Sigma Partners, Granite Ventures and Adobe Ventures provide the financial base for Oversight to build out
our development team and business relationships to amplify our already impressive sales growth," Oversight
CEO and co-founder Patrick Taylor said.
About Sigma Partners
Sigma Partners was founded in 1984 and closed its sixth fund of $600 million in February 2001. With
industry-leading results over all phases of the business cycle, Sigma Partners is proud of the caliber of
our limited partners, such as MIT, Harvard, Yale, Stanford and, Princeton. Sigma Partners seeks to combine
its capital, experience, and active involvement with the ideas and capabilities of outstanding
entrepreneurial teams to develop highly successful businesses.
About Granite Ventures
Granite Ventures, LLC, formerly H&Q Venture Associates, LLC, is a leading early-stage technology venture
capital firm with approximately $650 million in capital under management. Granite Ventures was formed in
July 1998 as an independent venture capital firm spun out of Hambrecht & Quist, now J.P. Morgan. Granite
Ventures manages general venture capital funds and corporate funds in partnerships with technology industry
leaders Adobe Systems Incorporated and Texas Instruments Incorporated. Granite Ventures has invested in
more than 60 companies, including such software industry leaders as Siebel Systems and Vignette Corporation.
About Adobe Ventures.
For the past 19 years, Adobe Systems has
been at the forefront of the software and
Internet revolution - spawning new markets
for supporting technologies and inspiring
entrepreneurs. Continuing in this tradition,
Adobe formally launched a targeted venture
capital partnership in 1994 with Granite
Ventures, LLC (formerly H&Q Venture Associates)
to invest in innovative companies strategic
to Adobe's business. The strength and experience
of Adobe, partnered with the endorsement
and investing experience of Granite Ventures,
makes the Adobe Ventures funding model unique,
and allows the entrepreneur access to additional
resources within one program.
About Oversight Systems, Inc.
Oversight takes continuous monitoring to the next level by combining an audit data warehouse, advanced analytics and workflow into a single, integrated, application. By inspecting each step of individual transactions across systems, Oversight identifies errors, control violations and fraud to drive higher levels of performance and compliance. Oversight's platform automates the entire life cycle finding problems in business processes, fixing those problems and proving the problems were resolved. Oversight is the solution of choice for those CFO's, CIO's and CISO's serious about compliance and enhancing their financial performance. For more information, visit www.oversightsystems.com.
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