Jasvir Gill raises $15 million

By siliconindia staff writer   |   Monday, 26 July 2004, 07:00 Hrs
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CALIF: Virsa Systems, the leader in real-time, 24/7 security and controls software -- for authorization of transaction privileges and verification of financial controls in corporate computer systems -- gets $15 million in growth capital from two of Silicon Valley's premier venture funds, Kleiner Perkins and Lightspeed Venture Partners.

Founded in 1996, Virsa has grown rapidly from internal sources and generated consistently positive cash flow from domestic sales of software that is increasingly a tool of corporate governance. The company has accepted this growth capital to drive global sales of its real-time Continuous Compliance Suite(TM) and to accelerate completion of its next generation solutions for financial controls, governance and regulatory compliance.

Virsa's Continuous Compliance Suite(TM) assesses system risk in real-time and stops security and controls violations before they occur. With the first and only real-time, 24/7 solution certified for SAP, it has built a customer list of blue chip, technology savvy multinationals. "This is the gold standard for blocking fraud and malicious behavior, while maintaining continuous compliance with Sarbanes-Oxley," notes Ravi Mhatre, a Lightspeed General Partner. "We are very excited about Virsa's prospects and anticipate a rapid growth trajectory."

"Venture investors rarely see opportunities with this much traction in under-served, but hot markets," remarks Ray Lane, former president and COO of Oracle Corporation, now a Kleiner Perkins General Partner. "The product's benefits are compelling. CEOs and Boards can confidently assure shareholders that financial controls are in place and that real-time mechanisms are keeping the system clean 24/7. CFOs will see a reduction in compliance costs. With the sector's largest installed base, Virsa is already the de facto standard for continuous compliance in system security and controls."

"The next generation products we have in development today are open-platform, real-time solutions purpose-built to improve the economics of compliance and to strengthen shareholder confidence in corporate controls," notes Jasvir Gill, Co-Founder and CEO of Virsa Systems. "As we expand our current product line and ramp up distribution to meet global demand, the broad industry knowledge and global reach of Lightspeed and Kleiner Perkins are important elements in the realization of our vision."

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