Approva Achieves Record Growth, Reinforces Position as Industry Standard for Controls Monitoring and Audit
October 23, 2006 - Reston, VA
Approva® Corporation, the leader in continuous controls monitoring and audit software, today announced record results for the quarter ending September 30th, 2006. Revenue bookings grew more than 100 percent compared to the same quarter last year. With this growth, Approva’s products are now used to monitor and audit controls in more than 30 different applications across more than 100 countries.
“Our record-breaking results from the third quarter demonstrate that the market for controls automation and monitoring software is an increasingly exciting and dynamic growth sector,” said Prashanth (PV) Boccasam, Approva’s chief executive officer. “It is clear from the CIOs and CFOs that we interact with that our vision for delivering an independent, business-oriented controls monitoring and audit solution is resonating in the marketplace. Our successful execution and dedication to innovation and customer satisfaction have established Approva as the unrivaled market leader.”
During the quarter, Approva won eighty percent of all competitive engagements. New business generated in the quarter was well balanced across all regions and industry sectors. The majority of new customers chose Approva to monitor multiple ERP and business systems and enable continuous auditing of not only access controls but also master data controls, process configuration settings and sensitive transactions.
Some of the key milestones Approva achieved in Q3 include:
- Adoption by Audit Community: Approva has been used by external audit firms to conduct more than 100 independent control reviews. In addition, during the third quarter, the community of audit and controls professionals certified by Approva to deploy its solutions grew to more than 500 people. The extensive network of trained service professionals using Approva’s software demonstrates Approva’s position as the preferred solution for use by auditors and professional services firms in their client engagements.
- Expanded Use of Operational Controls: The majority of new agreements signed with customers during the third quarter included applications for testing and monitoring master data controls, process configuration controls and transactions.
- Innovation & Customer Satisfaction: More than twenty-five percent of existing customers have deployed or upgraded to the most recent version of Approva in the first three months that the product has been available. These customers are taking advantage of innovative new capabilities which allow them to monitor and audit a broader set of controls including system configuration settings. By the end of Q4, we expect a significant majority of customers to be live on the most recent release.
- Expansion Into Public Sector: Approva added new state and federal government customers, demonstrating the universal application of controls monitoring and audit solutions.
“A recent survey we conducted found that ninety-five percent of companies that use controls monitoring and audit software believe they will get business value beyond compliance,” said Rick Cobb, Approva’s chief operating officer. “We are energized by the momentum we are experiencing in the marketplace and continue to be are inspired by our customers’ successes as they turn compliance from a cost to an asset.”
“Approva continues to execute solidly against the business goals they have established for themselves,” said Phil Livingston, Approva’s vice-chairman and independent board director. “In addition to addressing SOX 404/302 requirements that are on the top of Audit Committees’ priority lists, Approva’s continuous monitoring and audit software also enables companies to significantly improve their operational effectiveness.”
About Approva
Approva® Corporation is the industry-leading provider of governance, risk and compliance (GRC) software and is the continuous controls monitoring standard for half of the Big-4 audit firms. We enable business, finance, IT and audit professionals to automate and strengthen business and IT controls across SAP, Oracle, JD Edwards, PeopleSoft and other legacy applications. Global companies such as Bayer, DirecTV, Discovery Communications, First Advantage, Honeywell, P&G, Pratt & Whitney, Siemens and T-Mobile rely on Approva to reduce compliance risk, increase operational efficiency and flag exceptions to their business controls. Approva has certified integrations with Microsoft, Sun Microsystems, IBM and SAP to provide a holistic GRC solution. For more information, visit http://www.approva.net.