Convercent has raised $10.2 million for its compliance software that helps companies promote the good and manage the bad. The round was led by Azure Capital Partners with Mantucket Capita participating in the round.
Convercent uses social, mobile and the tenants of the consumer user interface and mobile apps to the often antiquated world of compliance and corporate ethics.
The software replaces what is often just a .pdf file that people have to read when they get hired.
Convercent uses semantic web technologies to link disparate data sets that help anticipate issues and be proactive instead of reactionary to bad things that happen inside companies. The technology aggregates unstructured data and builds analysis around it.
It visualizes a corporation’s data so the compliance officer can get a broad or detailed picture of the organization.
Current providers like Ethics Point rely on heavy enforcement tactics to enforce corporate policies. It focuses on making sure employees go through corporate training and materials.
Convercent says it can anticipate issues that may arise through its granular views of the organization and where the trouble spots are surfacing.
With young people entering the workforce, companies will have to provide ways for them to use mobile apps to stay connected to the values of a company. Brands like Starbucks depend on its brand value for success. Without engaging employees, there can be a disconnect that can reflect on the company.
With Convercent, a customer can give employees an app that they can use on an iPhone or Android device which provides all the information they need to get familiar with the values the company espouses. For example, employees post pictures of volunteering and other types of corporate activities.
Convercent is part of a new wave of companies disrupting the human resources market. The challenge for Convercent is building a deep analytics and collaborative platform in a market the major enterprise companies have their sights on. Companies like IBM will leverage their analytics and social technologies to build their own solutions to solve compliance issues.