Continued Growth Reinforces Approva’s Position as Leading Independent Provider of Controls Automation and Monitoring Solutions
July 17, 2006 - Reston, VA
Approva® Corporation (http://www.approva.net), the leader in enterprise controls management software, today announced continued growth and anticipates that 2006 revenues will double from 2005 levels. The company also reached significant milestones which reinforce its position as the preferred provider of solutions for designing, auditing and monitoring controls for SAP, Oracle, PeopleSoft and other applications.
“The first half of 2006 was a success for Approva,” said Prashanth (PV) Boccasam, Approva’s chief executive officer. “As we round out the first half of the year it is clear that our vision for delivering an independent, enterprise-class solution which enables IT, audit and finance professionals to independently test and monitor their controls is well-aligned with the overall growth and direction of the compliance market.”
Over the last three months Approva received widespread industry recognition for being one of the fastest growing and most successful private software companies. In July, AlwaysOn Network named Approva to its list of Top 100 Private Companies for the second year in a row. Companies which receive the award are recognized for their level of innovation, market potential, customer adoption, media buzz and investor value creation. In addition, Approva was named as a finalist for the “Hottest Buzz” award by the Northern Virginia Technology Council (NVTC).
New business generated in the second quarter included additional commitments by existing customers who expanded the breadth and scope of their controls monitoring programs. Approva also signed agreements with several new customers who chose Approva as their strategic vendor for controls automation and monitoring across SAP, Oracle, PeopleSoft, Hyperion as well as their legacy systems.
Over the last three months the company has also made progress on several strategic initiatives. Some of the key milestones Approva achieved in Q2 include:
- Launched New Version of BizRights: The company launched version 3.5 of its BizRights platform and Enterprise Controls Suite at the combined ASUG/SAPPHIRE event in Orlando on May 15th. The new release includes innovative enhancements which further reduce the cost of compliance and enable companies and their auditors to cost-effectively expand the scope of their controls automation and monitoring programs.
- New Solution for Auditors and Professional Services Firms: The release of a new solution designed specifically to meet the needs of our audit clients enables auditors and consultants to develop differentiated offerings that address compliance needs for specific industries and business processes and conduct internal and external audits and perform control reviews.
- Customer Successes: Approva’s customers presented detailed case studies of the benefits they have realized with Approva’s solutions and shared lessons learned with the SAP user community at ASUG, SAP’s annual user group meeting in Orlando, Florida.
- Strengthened Microsoft Integration: Approva achieved Microsoft Gold Certification status in June, which is the highest level status in Microsoft’s partner program. In addition, Approva participated as a launch partner for the Microsoft Office Business Applications Strategy.
- Growth of Approva Certified Professionals: The community of audit and controls professionals certified by Approva to deploy its solutions grew to more than 450 people. This extensive network of trained service professionals reinforces Approva as the preferred solution for use by auditors and professional services firms.
- Tighter Integration with Complementary Solutions: New integration packs for the leading Governance Risk & Compliance applications and Identity Management solutions lowered the costs for customers to implement integrated compliance programs and enabled them to maximize their investments in Approva software.
- Standards-Based Approach to Controls & Compliance: The launch of the Open Controls Framework (OCF) in May and the release of the BizRights Authoring Studios in June demonstrated Approva’s commitment to developing industry standards that simplify the way companies and auditors test and audit controls.
“The ultimate measure of success is the benefit to our customers’ businesses and bottom line improvements that they achieve with Approva’s solutions,” said Rick Cobb, Approva’s chief operating officer. “As we head into the second half of the year, we are inspired by our customers’ successes and are eager to continue to execute our strategy and build on the momentum we have created over the last six months.”
About Approva
Approva® Corporation is the industry-leading provider of Enterprise Controls Management software. We enable business, finance, IT and audit professionals to automate the on-demand testing, closed-loop remediation and continuous, exception-based monitoring of controls within and across their business systems. Using our solutions, customers are able to significantly increase visibility into their controls, streamline the audit process, cost-effectively sustain their compliance initiatives and reduce exposure to mistakes, fraud and inefficiencies for business processes such as procurement, sales and delivery, payroll and financial close. In addition, our automated solutions act as key preventative and detective controls, further strengthening our customers’ financial and operational control environments. Global companies such as Campbell Soup Company, Colgate-Palmolive, DirecTV, Discovery Communications, McCormick & Company, P&G, Pratt & Whitney, Siemens and Wyndham Hotels & Resorts rely on Approva BizRights® Platform and Enterprise Controls Suite to reduce compliance risk, increase operational efficiency and flag exceptions to their business controls.