SRA Watchtower Raises $4 Million in Capital to Accelerate Growth During First Round of Funding

Richmond, Virginia, March 25, 2021 -SRA Watchtower, a leading provider of enterprise risk and performance management software (WatchtowerTM) and consulting solutions, announced today it has raised $4 Million in capital during its first round of equity funding. The new capital is designed to accelerate the company’s growth and provide the means to hire top talent, ramp up product development and enhance data analytics while building out a more robust technology partner ecosystem and sales and marketing team.

Following the initial months of the Covid-19 pandemic, SRA Watchtower began experiencing strong sales momentum and annual recurring revenue (“ARR”).  During the first quarter of 2021, ARR grew 35% and is expected to double for the full fiscal year. SRA Watchtower is finding that financial institutions are looking to implement a more intuitive and integrated risk management solution that provides a transparent and panoramic view of risk to better manage their business.

“Our innovation, strategic partnerships, and overall customer momentum have been critical in driving our growth,” said Michael B. Glotz, Co-founder and CEO of Strategic Risk Associates. “By giving our customers unparalleled insights into their data, we equip them with an agile solution to make real-time decisions and navigate risk.”  

SRA Watchtower believes that investing in people and product innovation are key drivers to growth. Leading the vision for SRA Watchtower’s technology strategy will be newly appointed Chief Technology Officer, Joe George. He comes to SRA Watchtower with over 20 years of experience as an Information Technology leader and a track record of building high performing teams and industry leading systems. George has been a leader at two organizations that have moved into the Fortune 500 through innovation, digital transformation, industry disruption and a focus on delivering actionable data to customers and business partners.  

SRA Watchtower continues to make a significant investment in Watchtower’s Integrated Risk Management (IRM) and GRC capabilities, helping clients to monitor control execution and assurance testing to track actual risk in real time. The goal is for SRA Watchtower’s clients to have better hindsight, insight and foresight into their organization’s risks and opportunities through advanced data analytics. Investment in these capabilities has already resulted in early client adoption and new client acquisitions over the last quarter.

Watchtower key features to help identify risks include: Credit, Operational, Strategic, Reputational, Liquidity, IT, Vendor, and Compliance Risks and documenting related controls across the business unit, compliance, and audit functions.

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About SRA Watchtower

SRA Watchtower is a technology solution provider and risk management consulting practice serving Financial Services and Technology Industries. SRA Watchtower's proprietary technology and methodology was designed and built “by bankers, for bankers” enabling clients to navigate risk and drive growth. SRA Watchtower is a risk intelligence and intuitive performance management platform built to continuously inform, enlighten, and empower banking executives and boards. SRA Watchtower has helped hundreds of banks effectively navigate through significant risk events since the 2008 financial crisis. Learn more here.

Corporate Communications

Ryan Donelson

Senior Manager Marketing and Corporate Communications

Strategic Risk Associates

rdonelson@srawatchtower.com

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