Reg D Filing: Novak Biddle Joins $9.1M Series E for Approva

According to the following Reg D filing, Approva raised $9.1M. Novak Bilddle Venture Partners':
http://www.sec.gov/Archives/edgar/data/116399...

Phillip Bronner is a board member. Philip Bronner joined Novak Biddle Venture partners in 1999 and is focused on investments in information technology. Prior to joining Novak Biddle he was founder of a media technology company. In addition, he served as a management consultant with McKinsey & Co. in New York advising high-tech clients on corporate strategy and worked as a software engineer at IBM.

At Novak Biddle, Phil serves as a director for Approva, Logic Library, Vision Chain and Securinex. He also leads Novak Biddle's investment in Panasas and is a board observer for 4GL School Solutions. Past board observer seats include: AnswerLogic (acquired by Primus), and NEW Customer Services Company.

Phil earned a BS in Computer Science from Carnegie Mellon University; a Juris Doctorate from the University of Pennsylvania's School of Law; and a Master of Business Administration from the Wharton School at the University of Pennsylvania.

Phil currently serves on the Alumni Advisory Board for Carnegie Mellon's School of Computer Science and is a board member for In2Books, a Washington, DC-based reading and literacy program.

Chief Executive Officer: John Becker

John is a seasoned technology professional who brings an extensive track record of success and more than 25 years of industry expertise to Approva. Prior to Approva John was the chief executive officer of Cybertrust. Under his leadership, Cybertrust grew to become the leading global provider of managed security services and was named by the Washington Business Journal as the fastest growing company in the Washington, DC region in 2006. Cybertrust was acquired by Verizon Business in July, 2007.

Prior to Cybertrust, Mr. Becker was chairman and chief executive officer of AXENT Technologies, Inc. (AXENT), a publicly traded information security software and services company. Mr. Becker was instrumental in leading AXENT from a startup in 1994 through an initial public offering in 1996, and its ultimate sale to Symantec Corporation in 2000 for approximately one billion dollars. Under Mr. Becker's leadership, AXENT achieved a five-year growth rate of more than 1,000% reaching $150 million in revenue with 750 employees across 24 offices around the world. AXENT was consistently recognized for achieving operational and financial excellence as a Deloitte & Touche Technology Fast 50 and a Fast 500 award winner. Mr. Becker is currently a member of the board of Arbor Networks and Sourcefire (NASDAQ:FIRE).

Company Overview

Approva® is the leading provider of continuous controls monitoring software and is the industry standard for three of the five largest audit and advisory firms. We automate both IT and financial controls for all of the major applications companies rely on to run their business, including Oracle, PeopleSoft and SAP. By using our software companies can reduce risk, prevent fraud, lower their compliance costs and identify areas of operational improvement.