Friday, August 22, 2008
Kyriba Predicts Growth For SaaS, Despite Economy
San Diego-based Kyriba Corporation, which develops software-as-a-service for managing cash and foreign exchange for companies, said earlier this week that it is predicting higher than expected market growth for its solutions, despite the economy. According to the firm, whose products are used by CFOs and controllers to manage their foreign exchange and cash, it is seeing stronger and forecasted growth. The firm attributed the growth, and predicted higher than expected growth for its market, as companies are looking towards software-as-a-service instead of licensing software, purchasing hardware, and using IT personnel to manage systems. Venture-backed Kyriba's services are used to automate cash, bank, and ledger reconciliation and other related cash management functions. The firm is venture backed by American Express, BIH, BRED Banque Populaire, Coface, GRP Partners, and Mangrove Capital Partners.