Approva

Founded in 2001 by PV Boccasam, Approva emerged as a provider of continuous controls monitoring software. The company's core business centered on developing software that helped enterprises automate their business processes, manage and mitigate risks related to fraud, and ensure regulatory compliance. Approva's software was designed to enable companies to monitor various controls across multiple applications, serving the finance, audit, and IT departments of large corporations. Some of its notable clients included Bayer, DirecTV, Honeywell, Kraft, Northrop Grumman, Siemens, and T-Mobile.

From its headquarters in Reston, Virginia, Approva successfully navigated the enterprise software market for a decade. The company's growth was supported by significant venture capital funding, raising a total of $55.7 million over 10 rounds from investors such as New Enterprise Associates, Sierra Ventures, and Novak Biddle Venture Partners. The first funding round occurred in February 2002, with the last-disclosed Series C round in August 2009 for $14 million. This financial backing enabled the company to scale its operations and enhance its product offerings in the governance, risk, and compliance (GRC) sector.

The company's journey as an independent entity concluded in September 2011 when it was acquired by Lawson, which was later acquired by Infor. This transaction was characterized as an acqui-hire, indicating the value placed on Approva's team and their expertise in addition to its technology. At the time of its acquisition, Approva provided a suite of controls intelligence software that automated both IT and financial controls for major enterprise applications, solidifying its position within the application software and business-to-business services industries.

Keywords: continuous controls monitoring, GRC software, risk management, regulatory compliance, enterprise software, fraud mitigation, financial controls, IT controls, audit software, B2B services