Kyriba Raises $18.2M to Grow Services for Corporate Finance Clients

Kyriba, a cloud-based provider of cash-management software for multi-national corporations and other customers, says today it has raised $18.2 million in a Series B round of financing that will be used to enhance its technology and fuel further growth. A new investor, Daher Capital, led the round, and was joined by existing investors Bred Banque Populaire and Iris Capital.

Kyriba was spun off from the French financial software supplier XRT in 2000, and was initially based in Paris. When Jean-Luc Robert became CEO in 2003, the company relocated its headquarters to San Diego, where he was already living, according to spokesman Tim Wheatcroft. Kyriba has raised more than $50 million since 2007, including the $18.2-million round announced today, according to Crunchbase.

Today Kryiba has more than 700 customers, including Qualcomm, Cymer, Expedia, DRS Technologies, Interpublic Group, and The New York Times. The company employs over 200 in offices in Paris, London, Tokyo, New York, Hong Kong, and Rio de Janeiro.

Kyriba’s automated cloud-based system enables customers to better control their daily cash management tasks, including maintaining bank balances, tracking transactions, cash positioning and forecasting, automated general ledger posting, and investment portfolio reporting. Kyriba says its system also complies with the 2002 Sarbanes-Oxley Act, including stringent audit trail, workflow, and control requirements. The company says it provides a full suite of cash and liquidity, treasury, risk management and supply chain finance solutions for CFOs and treasurers.

In an e-mail, Kyriba’s Wheatcroft says, “The treasury management industry is growing quickly, and has massive potential. In fact, in about 50 percent of new implementations, the incumbent platform is Excel spreadsheets—even in billion-dollar-plus companies. Although spreadsheets are a ubiquitous and free cash management tool, they require huge amounts of manpower to update, are prone to human error, and have no audit trail. As the risk-averse CFO and treasurer are now following the rest of the enterprise towards cloud apps, SaaS-based treasury management systems look to have a great future.”

Author: Bruce V. Bigelow

In Memoriam: Our dear friend Bruce V. Bigelow passed away on June 29, 2018. He was the editor of Xconomy San Diego from 2008 to 2018. Read more about his life and work here. Bruce Bigelow joined Xconomy from the business desk of the San Diego Union-Tribune. He was a member of the team of reporters who were awarded the 2006 Pulitzer Prize in National Reporting for uncovering bribes paid to San Diego Republican Rep. Randy “Duke” Cunningham in exchange for special legislation earmarks. He also shared a 2006 award for enterprise reporting from the Society of Business Editors and Writers for “In Harm’s Way,” an article about the extraordinary casualty rate among employees working in Iraq for San Diego’s Titan Corp. He has written extensively about the 2002 corporate accounting scandal at software goliath Peregrine Systems. He also was a Gerald Loeb Award finalist and National Headline Award winner for “The Toymaker,” a 14-part chronicle of a San Diego start-up company. He takes special satisfaction, though, that the series was included in the library for nonfiction narrative journalism at the Nieman Foundation for Journalism at Harvard University. Bigelow graduated from U.C. Berkeley in 1977 with a degree in English Literature and from the Columbia University Graduate School of Journalism in 1979. Before joining the Union-Tribune in 1990, he worked for the Associated Press in Los Angeles and The Kansas City Times.