Growth driven by increase in spending on risk management
October 14, 2009
News Facts
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OpenPages, the leading provider of
integrated risk management solutions for global companies, today announced continued success for 2009, driven in large part by an increase in focus and spending on risk and compliance management by global organisations.
- For the quarter, OpenPages achieved a significant increase in bookings and revenue over Q2, which contributed to continued profitability. The company reported key wins in the US, UK and in South Africa for Q3 and continued strength in the financial services sector.
- The company continued expansion into South Africa including a key customer win at
The Absa Group Limited (Absa), one of South Africa's largest financial services groups offering a complete range of banking, assurance and wealth management products and services. In December, OpenPages will sponsor the first annual OpenPages African Network (OPAN) Summit in Johannesburg where the OpenPages African customer community will share experiences, discuss topics on risk and compliance and hear from OpenPages customers and executives.
- In addition to strong financial performance, OpenPages received numerous global industry accolades in the quarter as well:
- OpenPages was
positioned in the Leaders Quadrant for Gartner’s 2009 Enterprise Governance, Risk and Compliance Platforms Magic Quadrant
- Forrester Research
cited OpenPages as a Leader in Enterprise Governance, Risk and Compliance Platforms (EGRC)
- OpenPages was
recognised as a leading software company in the Enterprise Operational Risk Management Compliance, and Governance Solutions report by independent analyst group, Celent.
- OpenPages was also
cited as a leading provider of operational risk management (ORM) software in the Chartis Operational Risk Management Systems 2009 market analysis report.
- “Despite the difficult business environment that exists today, the GRC market continues to expand and grow, and OpenPages continues to evolve and expand to address governance, risk and compliance market requirements”, said Michael Rasmussen, President, Risk & Compliance Advisor,
Corporate Integrity. “As we head towards the latter half of 2009, OpenPages continues to show the strength of its company in a challenging market".
- Also in Q3, OpenPages continued its focus on harnessing the voice of the customer through customer events in the UK and US markets:
-
OPEN 2009 Summit – Hosted by Barclays and sponsored by OpenForum -- the OpenPages User Group, OPEN Summit is the annual meeting of the OpenPages European customer community. In addition to keynotes from Allianz, Barclays, Lloyds, ORX and Swiss Re, this year’s keynote sessions focused on how the political, regulatory and economic pressures of 2009 have reshaped the approach and measurement of risk management. Other themes addressed at OPEN included a discussion on what ‘Integrated Risk Management’ really means for firms in 2009/2010, and the growing importance of the converging nature of the various risk disciplines. The event concluded with an end-user
survey on spending and technology trends which found that while industry experts predict that overall IT spending may be flat or down next year,
over 89% reported investments in GRC technology will increase or at least remain the same in 2010.
- OpenPages also recently wrapped up its third-annual
Executive ERM Forum – a meeting of 20 high-level enterprise risk executives who gathered to discuss
current topics in enterprise risk management such as regulatory reform, emerging risks, risk reporting and quantification, convergence, and GRC implementation. The New York City event was attended by executives from a variety of industries, including banking, insurance, consumer products, travel and entertainment, and telecommunications.
- OpenPages also announced
a partnership with Network Frontiers to integrate the Unified Compliance Framework (UCF) with OpenPages Enterprise GRC Platform. The UCF data gives OpenPages customers access to the most comprehensive set of IT policies and controls that cross multiple regulations, thus reducing the time commitment and costs associated with complying with the slew of IT risk and compliance mandates.
Tweet this:
@OpenPages closes Q3 with strong revenue, profitability, driven by #GRC spending increase
http://bit.ly/rTq5PSupporting Quote from
Michael J. Duffy, President and CEO, OpenPages
“We are delighted to report another strong quarter for OpenPages. A big driver behind our success were wins in the US, UK and South Africa that led to continued profitability, with both revenue and bookings up significantly in Q3 over Q2. The survey that we conducted at
OPEN 2009 is indicative of what we are seeing in the marketplace: risk management spending is on the rise, and we’re expecting it to continue into Q4 and well into 2010 as companies enhance their risk management infrastructures.”
Supporting Resources
Link to OpenPages blog:
www.openpages.com/blogFollow us on Twitter:
http://twitter.com/openpagesLink to recent Customer Testimonials from OPEN
http://www.openpages.com/OPENSummit/
