SOURCE: Greenlight Technologies, Inc.
March 08, 2011 11:00 ET
Greenlight Technologies Reports Record Growth in 2010
Strategic Expansion Continues With Strong Revenue Growth, New Products and Hiring of Industry Veterans
FLEMINGTON, NJ--(Marketwire - March 8, 2011) - Greenlight Technologies, Inc., the premier provider of Governance, Risk, and Compliance (GRC) automation solutions, today announced a 95% increase in revenue and ongoing profitability for fiscal year 2010. The increase is attributable to new customers, new products, and continued company expansion. Greenlight's solutions, which monitor all business applications in real-time, help companies identify business vulnerabilities, achieve sustainable, lower-cost compliance, and adopt preventive risk management.
"Greenlight ended 2010 with incredibly strong growth and momentum," said Anand Adya, CEO of Greenlight Technologies. "We saw a giant leap in acceptance by brand-name customers of Greenlight as the 'go to' company for GRC and audit automation initiatives. Our customers and partners are as passionate as we are about our solutions, and with their collaboration each new release is better. We continue to add more top talent to our leadership team, to prepare for increased customer collaboration, R&D, and expansion of our global footprint."
During 2010, Greenlight increased its customer base by over 100%. More than 83% of new customers are in the Fortune 1000, including multiple enterprises with revenues over $5B. New customers included leading multi-national corporations in the airline, consumer electronics, financial, industrial controls, technology, consumer products, healthcare, biotechnology, medical, and diversified manufacturing industries. The company also expanded its global footprint, adding customers in EMEA and Asia Pacific.
This growth was driven in part by widespread corporate adoption of RTA Design Studio. Now an Endorsed Business Solution for SAP customers, Design Studio automates access management, including segregation of duties (SoD), user provisioning, and superuser management across all business applications. Greenlight's partnership extends SAP® BusinessObjects™ GRC as a unified solution across the enterprise.
In addition to new customers, increasing numbers of existing customers purchased additional Greenlight products. Existing customers also acted to extend Greenlight's business protection to more of their business units, and to additional business applications. Greenlight's standard real-time integrations increased in 2010 to over 30 business applications, including "home grown" and custom industry applications.
New Greenlight software products included LaserFocus, automated risk remediation and reporting, and AuditAnalytics, continuous monitoring of over 500 business vulnerabilities. The addition of these two products sets Greenlight apart as the leader in both Access security management and continuous monitoring of business transactions (CCM).
ResQ, an existing product, is also enjoying significant market adoption by customers of both SAP and Oracle, who are recognizing the need for broad Access Control in all their business applications.
Greenlight continues to expand its executive leadership team, to take advantage of new market and regional opportunities. Susan Stapleton, Vice President Customer Advisory, came to Greenlight in 2010 with over 15 years of related industry experience. Susan has been personally involved in over 160 customer implementations of Governance, Risk, and Compliance Solutions, and has published numerous implementation best practices. She was instrumental in driving the successful launch of the Virsa Systems portfolio of products, which were acquired in 2006 by SAP. Susan is responsible for Greenlight's Customer Advisory Council, which integrates the customer voice into the development process; implementation best practices; customer training; informational events; and facilitation of customer-to-customer dialogue.
Greenlight's Sales leadership also expanded in 2010, with the addition of Tom Miles as Senior Director, North American Sales. Tom's background includes technology, compliance and financial reporting sales and sales management for Sun Microsystems, Oracle, Virsa Systems, and SAP.
This past year Greenlight was favorably included in the reports of prestigious analyst firms. Gartner positioned Greenlight in its "Magic Quadrant for Continuous Controls Monitoring for GRC." Greenlight was identified as a "Hidden Gem in GRC" by Kuppinger Cole, and prominently noted in yet another Kuppinger Cole report related to Greenlight's extension of SAP® BusinessObjects™ GRC to other business applications.
About Greenlight Technologies
Greenlight Technologies is the leader in real-time monitoring of all business applications to discover, manage, and predict business vulnerabilities. Greenlight's strategic partnerships with both SAP and Oracle extend each company's GRC solution to the other business applications present in 85% of all companies. Greenlight replaces ineffective manual checks and balances with automated, continuous, proactive control processes, for one integrated management of Access and Business Transaction vulnerabilities.
Privately held, Greenlight has enjoyed rapid growth each year since inception due to strong market acceptance of its unified approach, cost reduction, and transparency across the enterprise. For more information see www.greenlightcorp.com.