SRA Watchtower Raises $4 Million in Capital to Accelerate Growth During First Round of Funding
Richmond, Virginia, March 25, 2021 -SRA Watchtower, a leading provider of enterprise risk and performance management software (WatchtowerTM) and consulting solutions, announced today it has raised $4 Million in capital during its first round of equity funding. The new capital is designed to accelerate the company’s growth and provide the means to hire top talent, ramp up product development and enhance data analytics while building out a more robust technology partner ecosystem and sales and marketing team.
Following the initial months of the Covid-19 pandemic, SRA Watchtower began experiencing strong sales momentum and annual recurring revenue (“ARR”). During the first quarter of 2021, ARR grew 35% and is expected to double for the full fiscal year. SRA Watchtower is finding that financial institutions are looking to implement a more intuitive and integrated risk management solution that provides a transparent and panoramic view of risk to better manage their business.
“Our innovation, strategic partnerships, and overall customer momentum have been critical in driving our growth,” said Michael B. Glotz, Co-founder and CEO of Strategic Risk Associates. “By giving our customers unparalleled insights into their data, we equip them with an agile solution to make real-time decisions and navigate risk.”
SRA Watchtower believes that investing in people and product innovation are key drivers to growth. Leading the vision for SRA Watchtower’s technology strategy will be newly appointed Chief Technology Officer, Joe George. He comes to SRA Watchtower with over 20 years of experience as an Information Technology leader and a track record of building high performing teams and industry leading systems. George has been a leader at two organizations that have moved into the Fortune 500 through innovation, digital transformation, industry disruption and a focus on delivering actionable data to customers and business partners.
SRA Watchtower continues to make a significant investment in Watchtower’s Integrated Risk Management (IRM) and GRC capabilities, helping clients to monitor control execution and assurance testing to track actual risk in real time. The goal is for SRA Watchtower’s clients to have better hindsight, insight and foresight into their organization’s risks and opportunities through advanced data analytics. Investment in these capabilities has already resulted in early client adoption and new client acquisitions over the last quarter.
Watchtower key features to help identify risks include: Credit, Operational, Strategic, Reputational, Liquidity, IT, Vendor, and Compliance Risks and documenting related controls across the business unit, compliance, and audit functions.
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