Aveksa Closes $12 Million in Series B Expansion Funding

Wed Jan 23, 2008 8:00am EST

* Reuters is not responsible for the content in this press release.

Series B Round Led by FTVentures; Funding to Boost Marketing,
    Business Development for Company's Enterprise Access Governance
WALTHAM, Mass.--(Business Wire)--Aveksa, Inc. (www.aveksa.com), the market-leading provider of
enterprise access governance solutions, announced today that it has
raised $12 million in Series B funding led by FTVentures. The capital
will be used to fuel the market expansion of Aveksa's access
governance solutions as well as scale general operations to support
recent customer wins and a growing sales pipeline.

   The Series B round was led by FTVentures, a growth capital
investor with 40 of the world's leading financial institutions as its
strategic limited partners. Also participating in the Series B round
are Pequot Ventures, led by Partner Amish Jani, Charles River
Ventures, led by Partner Austin Westerling and Barry Bycoff, Aveksa's
chairman of the board. Pequot, Charles River and Bycoff were previous
investors in Aveksa's Series A round. As part of the Series B funding,
Mark Lotke, partner leading the Software Investment Team at
FTVentures, will join Aveksa's board of directors.

   "As enterprises strive to implement a strategic approach to access
governance that will ensure accountability and visibility while
minimizing business risk, Aveksa has seen an overwhelming demand for
its solutions," said Deepak Taneja, CEO of Aveksa. "FTVentures has a
great track record of investment in growth companies and brings to the
table a global network of capital, alliances and experience that will
help Aveksa expand to new markets worldwide. Its participation, as
well as the continued support from Charles River Ventures and Pequot
Ventures, will be instrumental in fueling Aveksa's rapid growth and
market leadership."

   "The need to provide robust, integrated compliance visibility into
access controls across the enterprise is of critical importance to
FTVentures' global financial services partner network," said Mark
Lotke of FTVentures. "Aveksa has emerged as one of the industry
leaders with its significant domain expertise, deep understanding of
these complex business problems and its substantial technology lead.
We look forward to partnering with Aveksa's outstanding management
team to leverage our experience with growth companies and our vast
financial services industry connections to help support the company's
expansion goals."

   "We believe Aveksa is the best choice in the marketplace for
enterprise access technology that addresses the security and business
needs of companies today," said Amish Jani of Pequot Ventures. "Aveksa
has seen tremendous customer growth in the last year and as the demand
for this technology continues, we look forward to continuing to lend
our support and experience to help them dominate the space."

   "Aveksa has developed an innovative solution for reducing the
time, cost and complexity for companies to effectively manage access
to information resources while reducing risk and meeting compliance
regulations," said Austin Westerling of Charles Rivers Ventures.
"Aveksa's demonstrated market leadership and rapidly expanding
customer base are important reasons for our continued support for
their growth and expansion."

   The $12 million Series B round for Aveksa highlights an impressive
year of record growth that started off with the launch of Aveksa 3,
the latest version of the company's enterprise access governance
solution, and concluded with adding a number of high profile Fortune
500 accounts to its customer list.

   In November, Aveksa was named a finalist for two prestigious IT
security awards from SC Magazine. Aveksa was selected as a finalist in
the Excellence Award for Rookie Security Company of the Year and the
company's Aveksa 3 Access Governance Platform was also named a
finalist in the Reader Trust Award for Best Identity Management
Solution. The SC Magazine Award winners will be named in April 2008.

   About Aveksa

   Aveksa provides the only comprehensive, enterprise-class, access
governance, risk management and compliance solution. Aveksa automates
the monitoring, reporting, certification and remediation of user
entitlements and roles; enables role discovery and lifecycle
management; and delivers unmatched visibility into the true state of
user access rights. With Aveksa, business, security and compliance
teams can effectively collaborate and enforce accountability. Our
growing customer base includes leading Fortune 200 organizations in
financial services, healthcare, transportation and manufacturing. For
more information, go to www.aveksa.com.

   About FTVentures

   FTVentures provides growth capital to companies seeking to finance
organic expansion, recapitalizations, build-ups and buyouts. The firm
invests in business services and software companies that derive value
from its unmatched Global Partner Network, which includes 40 of the
world's leading financial institutions. FTVentures' Global Partner
Network provides the firm with a unique vantage point into the
business driven and operating challenges of the global enterprise.
Founded in 1998, FTVentures currently has over $1 billion under
management with offices in San Francisco and New York. For more
information, please visit www.ftventures.com.

   About Pequot Ventures

   Pequot Ventures, a New York City-based venture capital firm with
nearly $2 billion in capital commitments, is focused on today's most
dynamic and innovative technology companies. For more than a decade,
Pequot Ventures has partnered with talented entrepreneurs and
experienced managers to build market-leading enterprises. Pequot
brings energy, insight and substantial sector expertise to create
competitive, sustainable businesses and long-term value. Select
investments include: Netgear, Inc. (NASDAQ: NTGR); First Advantage
Corp. (NASDAQ: FADV); StubHub, Inc. (Acquired by eBay, Inc.);
Netegrity, Inc. (Acquired by CA Inc.); Flarion, Inc. (Acquired by
Qualcomm, Inc.); OutlookSoft Inc. (Acquired by SAP AG); Analex Corp.
(Acquired by QinetiQ); Vallent (Acquired by IBM) and Syndesis
(Acquired by Subex). Sector-focused, Pequot Ventures has particular
expertise in the high-growth data, analytics and information services,
vertical industry solutions, infrastructure and emerging media and
advertising markets. For more information, please visit

   About Charles River Ventures

   Founded in 1970, Charles River Ventures is one of the nation's
oldest and most successful early-stage venture capital firms with
approximately $2.1 billion under management. CRV is dedicated to
helping exceptional entrepreneurs turn their ideas into the next
category leaders in high growth technology and media sectors. Over the
past 10 years, CRV funds have been ranked among the industry's top
performers. CRV has offices in Boston, MA and Menlo Park, CA. For more
information, visit www.crv.com.

For Aveksa
Schwartz Communications
David Bowker or David McKee, 781-684-0770

Copyright Business Wire 2008