April 20, 2009 – AuditSolutions is now Lavante, Closes 5M in Series B Financing
Leader in On–Demand Profit Recovery Expands Services, Names New CFO and VP of Sales
SAN JOSE, Calif. – April 20, 2009 – Lavante, formerly AuditSolutions, today announced a Series B funding round, two key new management hires, and a new name. These developments come as Lavante continues to experience rapid company growth. This growth is occurring as a result of expanding services and software offerings that go well beyond traditional profit recovery (see “Lavante Delivers On-Demand Vendor Information Management for AP Departments”). New and prestigious account wins provide solid validation of the company’s compelling value proposition.
In today’s economy, companies cannot afford to miss opportunities to recover cash. In a market dominated by traditional and labor-intensive AP auditing processes that only deal with a sample of vendors, AP departments are challenged to cope with the inefficiencies of a large and constantly-changing vendor population. With Lavante’s software and innovative approach, Fortune 1000 companies are finding they can recover up to three times the amount of cash typical of more traditional approaches. In addition, Lavante’s Vendor Information Management system provides an accurate, up-to-date view of a company’s entire vendor population, creating new opportunities for negotiating better pricing and terms. Lavante’s solutions are empowering people in the procurement-to-payables process to make a more strategic contribution to their corporation.
- Growth – Lavante is the fastest growing firm in the industry, recovering millions of dollars that its clients would otherwise have lost. Lavante has generated an average of over 50% revenue growth each year since 2006. The most recent quarter ending March 31, posted growth of more than 90% compared to the year-ago quarter. The upward revenue trend is projected to continue in 2009 as more companies discover the benefits of the Lavante solution.
- Funding – Lavante and its investment partners Venrock and ATA Ventures closed the company’s Series B financing on April 8, 2009. The incremental $5 million of capital will allow the company to accelerate its business operations through additional management, sales, and operational hires.
- CFO and Vice President of Operations – Bob Habig joined Lavante in January. Habig brings a background of building organizational capabilities in both early-stage and larger, complex corporations. Immediately prior to joining Lavante, Habig served as the CFO of Avistar Communications, Inc. (Nasdaq: AVSR), a company providing collaboration technology. Previously, he held CFO positions at two early-stage, VC-backed technology companies and senior financial management positions at First Data Corporation and AlliedSignal Corporation. Habig began his career at PepsiCo, where he held 10 positions over his 15-year tenure in the Pepsi-Cola Company.
- Vice President of Sales – Ryan Harmon, who joined Lavante April 13, has more than 10 years of sales management experience, most recently as the vice president of sales, Western Americas for Coremetrics, a provider of online marketing and business optimization solutions. Prior to Coremetrics, Harmon held a variety of enterprise sales leadership positions at WebEx Communications, where he helped grow WebEx from a start-up SaaS provider to an industry leader with more than $350 million in revenue, and Jasper Wireless, a global GSM carrier, where as the senior director of North American sales he established the initial sales team.
- Name Change – “Lavante”, derived from “uprise” and “forward” in Italian, reflects the company’s vision of delivering innovative products and services that go well beyond traditional recovery audits, including world-class vendor management services, real-time audit transparency, in-depth instead of just sampled recovery reviews, on-demand access to results and more. The company’s goal is to empower procure-to-pay professionals to work strategically, not just tactically.
Joe Flynn, Founder and CEO, Lavante
“The recession has compelled a cash-is-king revolution in AP departments. Our name change from AuditSolutions to Lavante reflects our recognition that the only way this revolution can succeed is through pioneering technology such as our industry-leading recovery automation and vendor information management tools. I’m pleased our investors agree with us and are supporting our vision.”
Bob Habig, CFO and VP Operations, Lavante
“Having experience as a CFO of public and private companies large and small, I can really appreciate the transformational benefits that Lavante’s technology is delivering to the procure-to-pay process. In this economy, any approach that generates significant cash and productivities for a finance and accounting team, without reliance on a reduction-in-force, is magic. Lavante is experiencing significant growth, bringing on-board great clients and setting the stage for continued success. It’s wonderful to be part of this team and this culture.”
Pete Thomas, Managing Director, ATA Ventures
“Joe Flynn is assembling a great team and building a brand that promises to drive continued expansion. Customers of Lavante are thrilled with the ease of setup, and see benefits not only in the amount of cash they recover, but also in how easy it is to manage the daily tracking through the Lavante real time dashboard. We’ve enjoyed being a participant in this journey, and look for continuing success at Lavante.”
Tony Sun, Partner, Venrock
“Lavante represents a classic case of technology and innovation applied to a fairly arcane, but cash-rich industry. The Lavante value proposition of generating cash and profits has proven to be compelling for companies – especially in this economy.”
Lavante, formerly AuditSolutions, is a leading provider of on–demand profit recovery and vendor information management. Lavante helps Fortune 1000 companies to enhance productivity and cash flow by automating communication with vendors and by creating an automated method to reclaim and prevent profit loss due to typical transaction errors. For more information, visit www.lavante.com. Follow us on twitter at twitter.com/lavanteinc.