OpenPages Continues Reign as Risk Management Leader in 2008January 14, 2009
January 14, 2009
Company Well-positioned for Growth in 2009
Waltham, Mass. — January 14, 2009 – OpenPages, the leading provider of enterprise GRC management solutions that optimize business performance, today announced strong growth in customer acquisition and revenue in 2008 and clear-cut leadership in risk management heading into 2009. Growing significantly throughout the year, OpenPages’ second half 2008 bookings increased by more than 50% over the first half of the year as the company continued to operate profitably.
OpenPages enterprise GRC management solutions were deployed in 2008 by many of the world’s leading companies to better manage risk across the business, reduce loss and improve operating performance. The company’s long list of new customers includes:
Allianz, Germany’s top insurance company and a leading global services provider in insurance, banking and asset management,
Aviva, the world’s fifth-largest insurance group and the biggest in the UK,
FirstRand, one of the largest financial institutions in South Africa,
InterContinental Hotels Group, the company with more guest rooms than any other hotel company in the world,
Interpublic Group, one of the world’s premier advertising and marketing services companies,
MasterCard, a leading credit card and payment solutions provider, and;
The Operational Riskdata eXchange Association (ORX), a consortium of 51 banks from around the world.
Despite the worldwide economic downturn, financial market turmoil and technology spending slowdown, OpenPages extended its leadership position in enterprise GRC management in 2008 with strong customer acquisition, growth and continued profitability. Some of the company’s other notable financial and operational achievements include expanding the European operation to address growing market need; signing up new distribution partners in Japan including BancTec, CAC and OKI; and increasing OpenPages licensed users to 500,000.
2008 was also a landmark year in terms of enhancing OpenPages’ technology offerings to address evolving customer needs. In April, OpenPages unveiled version 5.5 of its best-of-breed GRC platform. Additionally, the company announced the availability of OpenPages Hosting, a hosted offering of its leading governance risk and compliance (GRC) technology. In June, OpenPages received a patent for its highly configurable GRC platform. And in July, the company released OpenPages EHS, a solution for environmental, health and safety risk initiatives.
On the partnership front, OpenPages entered into several strategic agreements to help companies drive effective risk management in the year ahead. In September, OpenPages entered into a technology and co-marketing agreement with CCH TeamMate, which provides users with a streamlined approach to managing audit information across the enterprise. Additionally, in December, the Operational Riskdata eXchange Association (ORX), announced its selection of IBM and OpenPages to help transform and web-enable its operational risk loss data capture and analytic capabilities for its 51 member banks.
2008 was a year of outstanding industry recognition for the company as well. OpenPages was recognized by several industry analysts as the de facto leader in the governance, risk and compliance management market. This included being positioned in the leaders quadrant of the Gartner “Magic Quadrant for Enterprise Governance, Risk and Compliance Platforms” report as well as being positioned within the ‘Premier Division’ in the Chartis Research Operational Risk Management Systems 2008 report. OpenPages was also awarded the AlwaysOn Northeast 100 Top Private Company Award; ranked 12th in Chartis Research’s annual RiskTech 100 Surveyand was identified as a leading firm within the OpRisk & Compliance Operational Risk Software Survey 2008.
Supporting Quote from Michael J. Duffy, CEO & president, OpenPages
“We believe that 2009 will be the year that enterprise GRC platforms go mainstream. OpenPages is perfectly positioned for this opportunity as the company with the largest installed base of GRC platform customers and the most experience in successfully implementing cross-silo converged solutions for delivering enterprise class risk management on a single instance.”
OpenPages is the leading provider of integrated risk management solutions for global companies. OpenPages’ solutions empower a risk-based approach to identify and manage key business risks across the enterprise. This approach enables companies to focus on what’s important and to avoid unexpected outcomes while improving performance. Founded in 1996, the company is headquartered in Waltham, Massachusetts, with an international office in the United Kingdom, and regional offices throughout North America.