Movaris – Profile
HQ: Cupertino, CA
Management: Eric Keller is CEO and President. According to his bio, “Most recently, he has served as the CEO of a high-technology startup… .” Note to Keller’s PR handlers: This is one of the most unhelpful and conspiracy theory-provoking lines we’ve ever encountered in an executive bio. What startup? Why not mention the name? What happened? The rest of the bio certainly seems top notch.
Investors: Just closed $10M Series C. Adobe Ventures and Granite Ventures co-led the round. Previous investors MDV-Mohr Davidow Ventures and Redpoint Ventures participated.
Business Model: Enterprise software that helps organizations achieve compliance with Sarbanes-Oxley requirements. Makes financial control management faster and more cost-effective.
Competitors: PeopleSoft/Oracle, RippleTech, OpenPages, Certus
Dirt: Companies like Movaris owe their existence to the crooks at Enron and WorldCom. Accounting scandals at those famously corrupt institutions brought about Sarbanes-Oxley, which holds CEOs and CFOs accountable for producing financial statements that accurately portray a company’s financial state. According to estimates, automated SOX compliance costs anywhere from $100K and $1M, so Movaris should be able to land some nice enterprise deals on the high end.