Kyriba, a US-based cloud-based treasury management services provider backed by strategic and financial investors, has set up a joint venture in Japan with external investors.
Kyriba is the majority shareholder of Kyriba Japan, with local venture investor and services corporation SunBridge, and angel investors Marc Benioff (chief executive of software provider Salesforce) and Steve Singh (chairman of Concur) as minority direct investors. SunBridge, which has invested over $100m in more than 65 portfolio companies, hasJapan joint ventures with Salesforce and Concur.
Allen Miner, chief executive and founder of SunBridge, said: “The Kyriba solution’s ability to combine global cash visibility, treasury productivity, and risk management on a single web platform is a critical requirement for Japanese enterprises doing business internationally as well as for multi-national corporations doing business in Japan.”
Kyriba is backed by venture capital firms Iris Capital and GRP Partners (in turn backed by limited partners including retailer Carrefour, bank Credit Suisse and Vulcan Ventures, the investment company of Microsoft co-founder Paul Allen), French regional bank BRED Banque Populaire and trade receivables unit Coface.