Prashanth Boccasam founded Approva raises $ 5 M

VIENNA, VA: Approva Corporation, the makers of enterprise controls management software for ERP-enabled business processes, today announced it has secured additional financing of up to $5 million in a combination of growth capital and lines of credit from Silicon Valley Bank, the primary subsidiary of Silicon Valley Bancshares, and Gold Hill Capital.

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“2004 was a record year for Approva,” said Prashanth (PV) Boccasam, president and CEO of Approva. “In addition to the support of major investors such as NEA, Columbia Capital and Novak Biddle, we are delighted to expand our relationship with Silicon Valley Bank and Gold Hill. This additional capital will help us accelerate our sales, marketing, services and product expansion as we kick off another year of strong growth in 2005.”

The Sarbanes-Oxley Act requires companies to report on the effectiveness of their internal controls. Approva’s software, BizRights, is used by Global 2000 companies to help them automate and enhance their internal controls and compliance efforts as well as to improve their business process efficiency.

“Having worked with Approva since inception, we are pleased to support the company's growth plans through new financing,” said Shawn Goozman, senior relationship manager, Silicon Valley Bank's Northern Virginia office. “Silicon Valley Bank's mission is to help entrepreneurial technology and life science companies prosper, so we are proud of Approva's success and are pleased to extend our relationship with the company.”