Socialware said it landed $7 million in funding, in a round led by Morgan Stanley Expansion Capital.
Socialware, based in Austin, Texas, helps mutual fund, brokerage and other financial services firms keep track of communications they make or receive on social networks; and, keeps them in compliance with applicable company policy and industry regulation.
Since its founding in 2008, Socialware has had three rounds of capital fundraising, totaling more than $14 million, the company said.
The funding will be used to expand adoption of the company’s policy-enforcement platform, known as Compass.
“As large firms step forward to promote their social media strategies, organizations throughout financial services are now lining up to demonstrate their leadership in the race to social media engagement,” said Chad Bockius, CEO of Socialware. “This proves the competitive value firms are attributing to social networking.’’
Socialware has acquired more than 100 financial services customers including the Morgan Stanley Smith Barney brokerage, American Portfolios, Cambridge Investment Research, Guardian Life, and New York Life.
The release of its most recent product, Voices, provides tools for measuring lead generation in Facebook, LinkedIn and Twitter.
Socialware focuses on the financial services market.