MetricStream, a US-based governance, risk, compliance and quality management services provider backed by healthcare consortium Kaiser Permanente, closed a $65m round on Monday featuring investment banking firm Goldman Sachs.
Clearlake Capital led the round, which included fellow investment firm Sageview Capital and EDBI, the investment arm of government agency the Singapore Economic Development Board.
Founded in 1999, MetricStream has developed a cloud-based platform that helps businesses streamline the process of meeting their governance, risk and compliance requirements.
The company’s software is used in many industries including financial services, healthcare, energy, government and manufacturing. The funding will be used to accelerate growth and global expansion.
MetricStream has raised approximately $195m in equity funding in total, according to press releases and securities filings. It merged with business management software developer Zaplet in 2004 and brought in $2.5m in debt financing from Gold Hill Capital and Montage Capital in 2009.
Goldman Sachs invested an undisclosed amount in the company in 2013 and took part in its $60m series D round the following year together with Kaiser Permanente’s corporate venturing unit, Kaiser Permanente Ventures, and Sageview Capital.
MetricStream’s earlier investors include VC firms Kleiner Perkins Caufield & Byers and Blade Ventures.
Shellye Archambeau, CEO of MetricStream, said: “As organisations shift their thinking from risk as a compliance issue to risk as a performance and decision-making input, they are turning to MetricStream as their strategic and long-term technology partner.
“MetricStream enables organisations to preserve their corporate integrity, protect their brands and reputations and perform exceptionally.”