Wednesday, February 25, 2009

Aveksa adds $10M to coffers in C round

By Galen Moore

Aveksa Inc. has closed a $10 million Series C round, the Waltham-based maker of enterprise access governance software reports. Returning investor FTV Capital, formerly called FTVentures, led the round. FTV was joined by fellow return investors FirstMark Capital, formerly called Pequot Ventures, as well as Charles River Ventures.

Founded in 2004, Aveksa says it will use the funds to expand global operations, sales, marketing and product development.

In a press release on the funding, FTV Capital principal Liron Gitig cited a market opportunity in the “active merger and acquisition environment in the financial industry.”

Aveksa CEO Arun Oberoi said the company’s product reduces the cost of managing user access to data. According to the company, Aveksa doubled its customer count in 2008.

The company’s last venture round, also worth $12 million, came in January 2008. With the latest round, Aveksa’s total venture investment to date adds up to $30 million.