Company makes sales inroads and strategic acquisition
Rocky Hill, Conn., August 2, 2011 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, today announced that is has made a $250,000 investment in Continuity Control Inc. of New Haven, Conn., through its Eli Whitney Fund. CI’s investment is part of a $1.1 million funding round that was initiated by CI in 2010. CI’s initial investment in 2010 was $250,000. Also participating in this funding round are LaunchCapital, Top Floor, Club Circle Partners, Gnostic Ventures and individual investors.
"In the 11th year of my relationship with Connecticut Innovations, I am delighted to continue our longstanding partnership," said Andrew Greenawalt, founder and CEO of Continuity Control. "With increasing legislation and new guidance from the Federal Financial Institutions Examination Council, now more than ever it is essential for the nation’s community banks and credit unions to find a way to reduce the growing cost and resources associated with satisfying regulatory demands. Our partnership with CI is a great example of the state and private sector working together to promote innovative solutions."
Continuity Control provides regulatory compliance automation software solutions for small and mid-sized financial institutions. Using the company’s Bankers Assistant solution, community banks can capture, track and report vital information about their operations. Risk assessments, routine controls and audits, for example, are completed online, allowing bank staff members to take care of these requirements quickly and, in turn, reducing customers’ compliance costs. In short, Bankers Assistant helps customers readily meet growing federal regulatory and management requirements – and compete more effectively.
Continuity Control has established several partnerships with technology solution providers and continues to sell its integrated solution to financial institutions across the U. S. that currently lack the resources they need to effectively manage policies, procedures and audits.
“Continuity Control’s expanded sales force, as well as its recent acquisition of Compliance Info LLC, a provider of information regarding regulatory changes, has strengthened the company’s profile and boosted sales,” said Peter Longo, president and executive director of CI. “We’re encouraged by this progress and delighted to increase our support for Continuity Control.”
Robin Mayo, CI managing director of investments, represents CI on Continuity Control’s board of directors.
About Connecticut Innovations Inc. Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in early-stage Connecticut technology companies, university/industry research collaborations and technology transfer and collaborating with government, business, nonprofit and academic organizations to advance technology growth and promote public policies consistent with CI’s mission. Additionally, CI supports clean energy and energy efficiency initiatives through its administration of the Clean Energy Finance and Investment Authority. For more information on CI, please visit www.ctinnovations.com.
About Continuity Control Inc. Continuity Control is the leading provider of compliance automation technology to meet compliance, IT and safe and sound banking requirements of U.S. banks and credit unions. Powered by the company’s award-winning technology, the flagship Bankers Assistant program guarantees regulatory compliance and cost reduction. Recognized as a leading innovator by Bank Technology News, Celent and OnDemand, Continuity Control provides an alternative for community financial institutions facing the “merge or die” ultimatum with an ever-growing regulatory burden. To learn more or schedule an executive briefing, visit us at www.continuity.net.