MetricStream, a US-based governance, risk and compliance (GRC) service provider for data, has raised an undisclosed amount from local investment bank Goldman Sachs.
Shellye Archambeau, chief executive at MetricStream, said: “This strategic investment led by Goldman Sachs will further enable us to accelerate our innovation and market leadership.”
David Campbell, vice-president in the merchant banking division of Goldman Sachs, said: “GRC is a core part of every business today and we are pleased to have MetricStream in our portfolio.”
MetricStream’s existing investors include placement agent Advanced Equities, which, like Goldman Sachs, has been investigated by the US regulator for allegedly misleading investors. Advanced Equities paid $1m to settle the Securities and Exchange Commission allegations without admitting or denying the charges and filed an application in November to withdraw its registration as a broker dealer and started winding down its operations.
Goldman Sachs paid $550m in fines in the aftermath of the credit crisis and was a case study in the US Senate’s report, Wall Street and the Financial Crisis: Anatomy of a Financial Crisis published in April 2011.
Venture capital firms Kleiner Perkins Caufield & Byers, Integral Capital Partners and Blade Ventures are also listed as investors in MetricStream, which was formed out of the merger with Zaplet and recapitalization in 2004.
In an interview last year, Gunjan Sinha, chairman of MetricStream, said Advanced Equities was the primary investor in the merger that had received an aggregate $25m by then.