Coface invests in Kyriba

Coface has provided funding for the international expansion of the Kyriba Corporation, a leader of web-based cash and treasury management solutions.

The trade receivables outsourcer has also been added to Kyriba's board of directors.

Coface's investment complemented funding subscribed by Kyriba’s current shareholders base, and the US$7mn raised will be utilised to accelerate growth and client acquisition efforts in North America, Europe, and Asia-Pacific.

"Kyriba’s international positioning and proven experience in the financial software as a service (SaaS) industry fits well with the Coface mission to be a global business-to-business trade facilitator,” comments Jerome Cazes, CEO of Coface.

 “Coface facilitates trade receivables financing which is a very hot topic during the current credit crisis and an important part for an efficient cash management. Coface, by its global presence, will greatly facilitate our international expansion,” comments Jean-Luc Robert, chief executive officer of Kyriba Corporation.