Lumigent Closes $3M Funding Round to Cap 2009 Success

Online, January 20, 2010 (Newswire.com) - Lumigent Technologies, Inc., the GRC business apps company, today announced it has capped its success in 2009 by closing a new, $3 million round of funding from North Bridge Venture Partners. Using the new funds to accelerate its expansion, Lumigent enters 2010 propelled by across-the-board momentum in its product, partner and customer portfolios as well as reinforcements to its executive team.

"The audit and regulatory compliance burden on businesses continues to grow, in an era of increased risk," said RedMonk analyst James Governor. "Better business controls and governance processes are needed, but reactive, manual and costly approaches dominate. AppGRC® is designed for continuous audit, a more systematic approach to business systems compliance, with automated, policy-based reporting."

Lumigent accomplishments in 2009 include:

• New products - Lumigent launched AppGRC for PeopleSoft Financial Management®, the industry's first automated GRC control application for Oracle's PeopleSoft Enterprise Financial Management Solutions. The company also introduced AppGRC for Deltek Costpoint 2.0® and an enhancement release of the core technology Audit DB® 6.2.
• New partners - To expand the reach of its AppGRC solutions, the company established partnerships with Deltek (AppGRC for Deltek Costpoint) and BTRG (AppGRC for PeopleSoft Financial Management).
• New customers - Lumigent welcomed 15 new customers to the AppGRC family, meeting its 2009 plan.

Further, over the course of the last year, Lumigent dedicated time to refining its AppGRC factory, the facilities and standardized processes the company uses to generate new AppGRC systems for target applications in as little as six weeks. To date, AppGRC solutions have demonstrated their stability in production environments with no downtime problems. Likewise, the company improved its relationships with customers who continue to depend on Audit DB for data auditing, policy management, and database assessment.

"For us, 2009 was a year of proof," said John H. Capobianco, president and CEO of Lumigent. "Remember, AppGRC launched an entirely new product category just over a year ago, and we completely retooled the company to support it. Our 2009 results demonstrate how eager organizations are to drive down operational risk and the costs of auditing and compliance reporting - savings that are backed up by a proven ROI. The continuing funding by North Bridge reflects the confidence and commitment of our investors. 2010 will be an exceptional year for Lumigent, our partners, and of course, our customers."

Building on its 2009 momentum, Lumigent enters 2010 with a reinforced executive team, which now includes:

• Lisa Mastrangelo, CFO, responsible for overall financial strategy and planning; and
• Rick Ruskin, VP sales, responsible for overall sales strategy and execution, including channel strategy.

For more information on Lumigent, visit www.lumigent.com and the Lumigent blog at http://www.lumigent.com/blog/. Follow Lumigent on Twitter at @Lumigent.

Additional Resources

Lumigent website: http://www.lumigent.com

Lumigent blog: http://www.lumigent.com/blog/

Lumigent on Twitter: http://www.twitter.com/Lumigent

AppGRC: http://bit.ly/AppGRC

Lumigent press releases: http://www.lumigent.com/news_events/press_releases.html

Lumigent executive commentaries: http://www.lumigent.com/news_events/executive_commentaries.html

Artwork: http://www.lumigent.com/news_events/artwork.html