Company Announces New Compliance Service Offering to Help Employers Track, Manage and Verify Their Licensed Employees
LOS ANGELES, CA / ACCESSWIRE / December 1, 2022 / Certemy, a leading provider of Software-as-a-Service (SaaS) employee compliance and credentialing management software for employers and professional credentialing organizations, today announced the successful closing of a $9.7 million Series B funding round led by Numeta Capital and Apis Holdings.
Certemy also announced a new Compliance service offering targeted at enterprise and mid-market employers with large credentialed workforces, expanding upon its existing Credentialing platform that has been targeted at certification and licensing boards. Certemy plans to use the new capital to expand its sales, marketing, and product development efforts targeted at this very large enterprise market opportunity.
"About one-third of all employees require a credential or license to work," said Zorik Gordon, Certemy CEO. "Today, employers do not have an easy way to track, manage, and verify the credentials of their employees. This can often create significant compliance issues for the employer. This funding will allow us to accelerate our ability to provide employers with a leading-edge, SaaS-based solution to solve a very real compliance problem that has historically been solved via disparate spreadsheets and manual processes."
"We see a real untapped market opportunity in the employee compliance market", said Nima Shahian, Founder and Managing Partner of Numeta Capital, and recently appointed member of Certemy's board of directors. "Credentialing is an extremely fragmented industry, with thousands of different certification and licensing boards that make it very difficult for employers to keep track of the status of their employees' credentials not to mention the changing requirements of the credentialing boards. Certemy provides a unique, software-based solution to these problems.".
"We are excited to be partnering with the Certemy team on this often-underappreciated market opportunity", said Jay Calhoun, Managing Partner of Apis Holdings, and recently appointed member of Certemy's board of directors. "The Certemy team has grown and taken public previous technology companies, and we believe that experience will provide them with an edge in pioneering this new space."
The Certemy Employee Compliance platform allows employers to do the following:
- Track: Track employee license and certification expirations and renewals via real-time notifications, dashboards and reports. Ensure employees are fully licensed and certified at all times. Eliminate the risks and costs of non-compliance, including fines, lawsuits, and lost business. Avoid last-minute scrambles and costly expirations.
- Manage: Guide employees and managers step-by-step through their credential applications and renewals via Certemy's flexible compliance workflow engine. Eliminate the errors, delays, lost productivity, and last-minute scrambles that occur when employees are required to completely self-manage their licenses and certifications.
- Verify: Certemy's primary source verification (PSV) platform automatically checks thousands of data sources daily to verify employee credential status between renewals. Quickly detect when an employee license or certificate has been revoked or suspended by a state licensing board or a professional certification board.
The Series B funding included the conversion of a prior series of convertible notes. Investment banking advisory services were provided by Venero Capital Advisors Ltd. Legal services were provided by Blank Rome LLP.
To learn more about the Certemy credentialing and compliance platform, visit www.certemy.com.
About Certemy
Certemy is a leading provider of cloud-based employee compliance and credentialing management software for employers and professional credentialing organizations. For employers with large credentialed worforces, Certemy's Compliance platform allows enterprises to track, manage, and verify the credentials of their employees. For certification and licensing boards, Certemy's Credentialing platform provides an end-to-end solution allowing those boards to manage their initial application and license renewal workflows via a cutting-edge, SaaS-based platform. The Certemy team has over a hundred years of combined experience working with large credentialing organizations and launching and scaling successful technology companies. To learn more, visit www.certemy.com.
About Numeta Capital
Numeta Capital is a growth equity firm that partners with enterprise software companies through minority and majority investments typically ranging between $5 million and $50 million. In addition to capital, Numeta provides tactical expertise in helping companies navigate transformational growth and capitalize on strategic opportunities. Numeta combines extensive investment experience with deep operational expertise in enterprise software and seeks to collaboratively partner with exceptional management teams to produce innovations that delight customers and inspire employees. The firm's strategy and operating experience allows for a flexible approach to transaction types and investment structures, including growth capital, structured equity, growth buyouts, recapitalizations, and divestitures. To learn more, visit www.numetacapital.com.
About Apis Holdings
Apis Holdings makes growth-oriented investments in software, data and technology-enabled services. To learn more, visit www.apisholdings.com.
CONTACT: [email protected]
SOURCE: Certemy, Inc.