SOURCE: Approva

October 08, 2007 11:34 ET

Approva Revenue Increases 43% With Increased Demand for Governance, Risk & Compliance Software

Expansion of SAP & Oracle Customer Base, Extended Use by Audit Firms and Award Winning Customer Support Mark Accelerated Adoption of Company's Solutions

RESTON, VA--(Marketwire - October 8, 2007) - Approva® Corporation (www.approva.net), the leader in continuous controls monitoring and audit automation software, today announced strong revenue growth for its fiscal third quarter. The company's revenue bookings grew 43% over the previous quarter. Growth was highlighted by a record number of transactions including software licensing agreements with Siemens AG, TXU, First Advantage, HealthMarkets, Logitech, Komatsu, Citizens Gas as well as significant additional licensing transactions with both current and new customers.

"We are pleased with our Q3 results and gratified that so many of the world's largest and most respected brands have put their confidence in Approva to automate their governance, risk and compliance (GRC) programs," said Approva CEO Prashanth "PV" Boccasam. "As companies formalize and expand their GRC programs it is clear that they view controls automation solutions as a core element of their strategies for implementing sustainable enterprise-wide GRC programs."

Approva's growth was well-balanced across regions and vertical industries. International revenue and revenue from Approva's products for monitoring controls in Oracle applications was particularly strong.

"One of the key factors that differentiates Approva from other vendors in the GRC market is our unique solution offering and the direct impact it has on our customers' financial audit cycle," said Steve Elliott, chief technology officer at Approva. "Our products have made segregation of duties, configuration change control, and business process control violations a thing of the past. This was evident in Q3 as a number of existing customers expanded their investment in Approva's products to address their operational controls within custom and legacy applications."

Proven Product Offerings Lead to Expanded Customer Base

The average size of transactions grew significantly this quarter as more companies chose to implement controls monitoring solutions globally and across multiple ERP systems. In addition, existing customers licensed additional products to extend their continuous controls monitoring and audit processes to new applications and further automate their processes for controls testing, remediation and sign-offs for SAP, Oracle, PeopleSoft and other ERP solutions as well as legacy and custom applications.

Worldwide License Agreement with Major Audit Advisory Firm and Expanded Use by Big 4 Audit Firms Reinforce Approva's Position as Industry Standard

A major audit advisory firm has licensed Approva BizRights™ platform and related solutions to support its internal audit, business and technology risk consulting services worldwide. The agreement will enable the audit advisory firm to design and test their clients' ERP controls.

Half of the "Big 4" accounting firms have fully deployed Approva's continuous controls monitoring suite of products across their global audit and consulting practices. In addition, more than 900 audit professionals across the major accounting firms have achieved Approva Certified Professional (ACP) status and are qualified to deploy and use the company's software.

Prestigious Industry Recognition for Excellent Customer Support

The Service and Support Professionals Association (SSPA), the largest and most influential association for technology services professionals recently recognized Approva as the winner of the Star Excellence Award for "Emerging Business Support." The Approva Support and Training organization was honored for exemplary customer support with software implementations and for maintaining customer satisfaction and loyalty through effective technical support.

Other recent industry recognition included the American Marketing Association's award for best integrated business-to-business marketing campaign, the Web Marketing Association's Standard of Excellence Award for the Approva corporate website and Approva's official blog Audit Trail; International Association of Business Communicator's prestigious Silver Inkwell Award for Online Communication; Approva CEO Prashanth "PV" Boccasam was selected as a Greater Washington Ernst & Young Entrepreneur of the Year finalist; and the company's full leadership team was selected as a finalist in the Northern Virginia Technology Council (NVTC) "Hottest Management Team" award.

About Approva

Approva® Corporation is the industry-leading provider of governance, risk and compliance (GRC) software for continuous controls monitoring and audit automation. We enable business, finance, IT and audit professionals to automate controls across SAP, Oracle, JD Edwards, PeopleSoft and other legacy applications. Our products are the controls monitoring standard for half of the Big-4 audit firms. 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 www.approva.net.


Editors Note: For company news and other information, please log onto to Approva's press room at www.approva.net/news.

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