SOURCE: Lavante

Lavante

February 02, 2010 14:01 ET

Recovery Audit Technology Leader Lavante Achieves Third Year of Record Growth

"Best Practice" Initiatives Announced for Accounts Payable Professionals

SAN JOSE, CA--(Marketwire - February 2, 2010) - Lavante, the leading provider of on-demand profit recovery and vendor information solutions for Fortune 1000 companies, today announced record growth in revenues and new client acquisition in 2009, along with new industry initiatives for 2010. Revenues grew over 50% year-on-year, while the number of new clients more than doubled in 2009 compared with 2008.

Despite a challenging economy, Lavante continues to generate significant growth and momentum as it changes the fundamental nature of the profit recovery audit industry. Increasingly, accounts payable and accounts receivable departments at Fortune 1000 companies are viewing Lavante services as an extension to their accounts payable departments; one that augments their stretched staffs, while fulfilling compliance and fiduciary responsibilities.

Lavante has also announced new Accounts Payable (AP) Best Practice initiatives aimed at helping to educate and promote discussion within the AP profession about its increasingly strategic role within the larger business organization. As part of this initiative, Lavante will team up with industry experts to offer topical and relevant quarterly webinars. The first educational webinar will feature industry expert and journalist Karen Kroll. The inaugural webinar will feature best practice solutions for maintaining costs through proper management of a supplier data base.

News Highlights

    --  Revenue Growth -- Revenue from existing and new clients grew more
        than 50% for 2009 compared to the year-earlier period. This
        continues a compound growth rate of over 50% per year for the past
        three fiscal years.
    --  Customer Growth -- The number of new customers acquired in 2009
        more than doubled compared to the previous year. New clients were
        all Fortune 1000 companies with the exception of the City of San
        Jose, the 10th largest city in the US.
    --  Best Practice Initiatives -- Lavante's initiatives are aimed at
        educating and fostering dialog among AP professionals on a
        wide-ranging set of issues such as: how to turn a recovery audit
        into a strategic audit for long-term impact; how to manage your
        vendor file to improve cash flow; and, other procure-to-pay trends
        and best practices. A variety of forums and venues will be used to
        promote this dialog including upcoming speaking sessions at
        National Association of Purchasing and Payables (NAPP) and
        International Accounts Payables Professionals (IAPP) shows, and
        online webinars.
    --  Educational Webinar -- Lavante will sponsor and co-present with
        Karen Kroll an IAPP educational webinar titled "Leveraging your
        Vendor File to Maximize Profit." Kroll is noted for contributions
        to such major publications as Business Finance, Journal of
        Accounting, and AP Matters Magazine, for which she wrote 2009's
        definitive industry article, "AP Navigates the Great Recession."
        The online webcast will be February 11 @ 12:00 PM EST. For details
        contact info@lavante.com

Quotes

Dave McPherson, San Jose's Deputy Director for the Department of Auditing, a 20 year veteran of the city's finance department.

"Lavante's unique profit recovery solution offers the best combination of product, service and price in the recovery audit industry."

Karen Kroll, Financial Author

"I enjoy collaborating with Lavante and I share their urgent desire to equip AP professionals with tools that will improve productivity and protect the bottom line."

Joe Flynn, Founder and CEO, Lavante

"I'm pleased with the growth momentum we've been able to sustain, now for over three years. Our expanding customer base is a testament to the value clients find in our unique recovery and vendor management products and services."

Related Links

IAPP Announces Accounts Payables Recognition Week Winners

Lavante Announces Tax ID Number (TIN) Management Service

Lavante Expands Management Team with Key Engineering Hire

New Software Previews Power of Lavante Strategic Recovery

Lavante Generates Rapid Growth in Tough Climate, Expands Management Team

Lavante Racks up 5M for Vendor Communication Services

Lavante Founder, President and CEO Joe Flynn Named One of Silicon Valley's Most Accomplished "Under 40" Executives

Lavante Awarded Top Honor at IAPP Conference

AuditSolutions is now Lavante, Closes 5M in Series B Financing

Lavante Delivers On-Demand Vendor Information Management for AP Departments

Lavante Vendor File Management

Lavante Strategic Recovery

Lavante TIN Management

About Lavante

Lavante is the leading provider of on-demand profit recovery audit software and services, and vendor information management software solutions. Lavante helps Fortune 1000 companies enhance cash flow, productivity, compliance and control. Lavante's innovative software automates the collection and analysis of information from a company's entire vendor community. The Strategic Recovery process combines this vendor knowledge and accounts receivable records with intelligent accounts payable audit algorithms to maximize cash recoveries. Lavante's SaaS-based software offerings provide on-demand, real-time visibility into the audit process and automate the updating and cleansing of vendor records. For more information, visit lavante.com. Follow us on twitter at twitter.com/lavanteinc.

Contact Information

  • Contact Information:
    Tom Flynn
    Lavante, Inc.
    800.893.0043
    Email Contact