Approva Closes Year with 37% Growth in Q4 2009 on Continued Strong Demand for Continuous Controls Monitoring (CCM) Applications
Company Builds Position as CCM Leader With Innovative Products & Recognition by Industry Analysts
January 28, 2010 - Reston, VA
Approva® Corporation (http://www.approva.net), the leader in continuous controls monitoring (CCM) and audit automation software, today announced results for the quarter ending December 31st, 2009. Revenue bookings for the quarter grew 37 percent on a year-over-year basis, reflecting Approva’s position as the industry standard application for CCM and auditing solutions and the strong, ongoing demand for such products through difficult economic conditions.
“While 2009 is a year that will long be remembered as a challenging economic environment, it will also be remembered as a year when continuous controls monitoring applications went mainstream – significantly reducing waste, fraud and abuse while positively impacting companies’ bottom lines and providing a strong return on investment,” said John Becker, CEO of Approva. “We are proud of our accomplishments in 2009 and look forward to building on our reputation for innovation and expanding our market share for CCM solutions in 2010.”
Approva is the first complete CCM solution to meet the demands of global enterprises to continuously monitor, test, validate and enforce business process controls and user behavior at the application layer to reduce costs, manage risk, and ensure process integrity across the enterprise. Approva’s innovative CCM suite ensures that the traditional point-in-time GRC processes within an organization becomes embedded as a dynamic and integral component of processes that span the finance, IT, audit and operational domains of an enterprise.
In addition to continued revenue growth, Approva achieved several significant operational milestones in 2009 including:
- New Product Launches & Software-as-a-Service (SaaS) Offerings: The company released a new version of its BizRights® Platform and Controls Intelligence Suite Version 5.0, providing the most accurate, actionable, and auditable information about key business risks such as duplicate payments, general ledger mistakes, overextended credit, non-compliant travel expenses and purchasing card misuse. For the first time, this release makes Approva’s product suite available on a software-as-a-service basis.
- Expanded Adoption by the Audit Community: During the course of 2009, Approva renewed and expanded the adoption of its products among “Big-4” auditors and regional audit firms. External audit firms used Approva’s applications to conduct more than 300 control assessments.
- Integration with Complementary GRC Applications: Approva announced and expanded several industry partnerships with complementary GRC vendors that enable customers to cost-effectively deploy integrated GRC solutions tailored to their own IT environments. New and expanded partnerships include agreements with CA, Microsoft, Wolters Kluwer and Thomson Reuters.
- Expanding Approva’s Position as the Controls Monitoring Standard: As the recognized global standard for independent controls monitoring and audit, Approva’s solutions are now used to monitor controls in more than 120 countries across 30 different applications.
- Customer Satisfaction: A recent customer survey confirmed that Approva has continued to scale its customer support and service operations so that it can deliver on its commitment to providing 100% customer satisfaction even as it continues to grow.
- Attracted Growth Capital: In addition to meeting continued strong demand for GRC and CCM software, Approva also attracted funding to fuel future growth. In August, the company announced that it completed a $14 million financing round that will accelerate new product development, augment Approva’s sales channel, bolster marketing efforts and help drive the next phase of the company’s growth.
- Analyst Recognition: Approva’s ongoing innovation and excellence in the CCM space was recognized by the independent advisory firm AMR Research which profiled Approva as part of a series of GRC software vendors. In the profile, AMR specifically highlighted the return on investment customers realize with Approva’s software and its adoption by Big Four audit firms. The profile, entitled “GRC Profile: Approva,” published June 22, 2009 and authored by John Hagerty and Dennis Gaughan, also highlighted Approva’s ability to identify, investigate and analyze anomalies in financial processes.
“With the clear indication of growth in CCM technologies in the coming year, Approva is uniquely well positioned to address the customer needs of finance, audit and IT organizations in the dynamic and rapidly evolving CCM market,” said Lenn Kurtzman, Approva’s chief financial officer. “Our strong 2009 performance coupled with our forthcoming product release in March will enable Approva to expand our reputation for innovation and sets the stage for continued growth in 2010.”
About Approva
Approva® Corporation is the industry-leading provider of continuous controls monitoring software and is the industry standard at Big-4 audit firms. We enable business, finance, IT and audit professionals to identify, manage and prevent business exceptions in order to reduce compliance risk, increase operational efficiency and prevent inappropriate payments. Global companies such as Bayer, DirecTV, Discovery Communications, First Advantage, Honeywell, Pratt & Whitney and T-Mobile rely on Approva to deliver actionable and auditable intelligence of control breakdowns across their business systems, processes and transactions. Approva has certified integrations with Microsoft, Sun Microsystems, IBM and SAP to provide a holistic Governance, Risk & Compliance (GRC) solution.
For more information, visit http://www.approva.net or call +1-703-956-8300.