Company Experiences Record-setting Growth in ERM Business
Waltham, MA, January 14, 2008 -- OpenPages, the leading provider of enterprise risk management solutions that optimize business performance, today announced impressive results for 2007. The company continued to expand rapidly into the market for enterprise risk management (ERM) solutions and achieved ERM revenue growth over 100% for 2007, driven by key competitive wins. Significant new customers throughout the year helped drive the business, including new customers in Q4 such as Brookdale, Interpublic Group, Memorial Sloan-Kettering, and the Research Triangle Institute. Reflecting its international success and the growing global demand for its ERM solutions, OpenPages also reported worldwide ERM revenue growth of 150% in 2007 with a significant growth in its international customer base, which includes the South African bank FirstRand Limited.
OpenPages' ERM revenue growth was driven by adoption of the full range of OpenPages risk and compliance solutions, including offerings for financial controls management, operational risk, policy and compliance management, IT risk and internal audit management. The growth was also driven by both existing and new customers addressing their broader ERM needs by leveraging the comprehensive set of risk and compliance solutions supported by the OpenPages Platform.
In addition to its significant ERM revenue growth, OpenPages also accomplished many important product innovation milestones in 2007 including the introduction of three new solutions for IT Risk and Compliance, Policy and Compliance Management, and Internal Audit. The company also continued to drive product innovation by enhancing its offerings to help organizations manage risk and compliance initiatives in the context of specific industry challenges. OpenPages industry solutions address risk management challenges in the banking, insurance, and energy and utilities industries, as well as other industries in which companies must take a proactive approach to risk and compliance management. The company's solutions enable a risk based approach to decision making that empowers management to effectively allocate resources across the enterprise, improving business performance.
Coupled with its strong financial performance in 2007, OpenPages demonstrated its governance, risk and compliance (GRC) category leadership through a bevy of awards and top rankings from industry experts, publications and business organizations. The company was lauded by industry organizations in 2007 for company growth, technology innovation and company leadership with award recognition by Red Herring 100, the Massachusetts Technology Leadership Council (MTLC), Deloitte Fast 50 New England and the Deloitte Fast 500. OpenPages' CEO Michael J. Duffy was also recognized for his long-time leadership of the company as an E&Y Entrepreneur of the Year for the New England region and a Top 100 Influencer in Finance by Treasury & Risk Magazine.
"2007 was an important year for the company, and we're very proud of what we've accomplished,” said Michael J. Duffy, President & CEO of OpenPages. "Not only has the company showed significant growth in the ERM category of the GRC market, but we are also very well positioned for long-term success. We've worked closely with our customers to expand our offering in ways that help proactively identify and manage their most significant risks to optimize business performance."
In addition to technology advances and company achievements in 2007, the company continued to be a leader in advancing the overall awareness and education about ERM by speaking at many industry gathering and by launching a blog about the subject. In the short time it's been in existence, the blog has become a resource for customers, partners, press and other industry watchers for the latest in enterprise risk management trends and key drivers. Written by risk management, compliance and audit experts at OpenPages, regular bloggers include Gordon Burnes, Patrick O'Brien, Mike Flouton, Scott Kwarta and Derek Titterington. For more information, please visit: www.openpages.com/blog.
About OpenPages
OpenPages(R) is the leading provider of enterprise risk management solutions that optimize business performance. OpenPages empowers the world's largest companies by unifying governance, risk and compliance across the enterprise and by incorporating risk management into day-to-day business processes. Founded in 1996, the company is headquartered in Waltham, Massachusetts, with international offices in Japan and the United Kingdom, and regional offices throughout North America.
For questions or for more information on OpenPages' enterprise risk management solutions, please click here or call us at 781.693.5999.
