SOURCE: OptionEase

OptionEase

March 23, 2010 09:05 ET

Boomi Chooses OptionEase as Equity Compliance Partner

Boomi Selection of OptionEase Technology Hinges on Deep Accounting Expertise, Availability for Daily Collaboration and Customer Service

SAN JUAN CAPISTRANO, CA--(Marketwire - March 23, 2010) -  OptionEase® Inc., the leader in on-demand software-as-a-service (SaaS) applications for fair-market-value accounting and compli­ance, today announced that Boomi®, The Integration Cloud Company™, is using OptionEase for equity administration, valuation and compliance. Boomi selected OptionEase not only for its SaaS-based, comprehensive technology solution, but also for the constant availability of OptionEase support and the company's eagerness to serve Boomi as a partner, not just a vendor.

In 2007, Boomi began migration of its software integration solution to a SaaS platform, now the company's 100-percent focus. The move to cloud computing was well received, and Boomi steadily added customers, partners and venture capital investors. The Excel-based reporting on which Boomi had relied for FAS 123® [now ASC Topic 718] regulation compliance was no longer adequate.

"It was clear to me after viewing the OptionEase demo that the solution was built by people who have a deep understanding of the rules and regulations of accounting," said Sue Vestri, corporate controller of Boomi. "That expertise enables OptionEase to support Boomi throughout the audit process, and that is what I look for in building the company. I don't want to change partners every year. We're looking for people to grow with us, and OptionEase is just the type of company we know we can count on moving forward." 

Boomi counts the return on its investment in OptionEase in time and money saved by eliminating Excel spreadsheets for equity accounting and reporting. When Vestri needs to produce documentation now, OptionEase enables her to create a report in minutes, with less possibility for human error than present in Boomi's previous system. 

"Audits are complicated and can be challenging to a growing company relying on inadequate technology or untested partners," said Kim Kovacs, CEO and co-founder of OptionEase. "We designed our technology solution and our always-available customer service and support to help companies like Boomi take on new challenges and grow their businesses without struggling with complex compliance issues."

About OptionEase, Inc.

OptionEase (www.optionease.com) is leading the evolution of SaaS-delivered regulatory applications in the highly complex governance, risk and compliance (GRC) marketplace. The company's first product was designed specifically for audit compliance under FAS 123® (ASC Topic 718) and now encompasses a full suite of end-to-end equity management tools. This SAS 70 Level II certified solution "standardizes compliance" and enables secure collaboration across multiple constituents, allowing clients to focus on strategic business functions. More than 400 private VC-funded and large multi-national public corporations rely on OptionEase's solutions and service to comply with financial and regulatory reporting requirements under FAS, SEC and IASB. OptionEase is located in San Juan Capistrano, Calif. and funded by venture capital and private equity.

This press release may include forward-looking statements, including statements regarding the company's product development plans, which are subject to change. The actual results may differ materially from those described in any forward-looking statement.

Contact Information

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