SOURCE: Lavante

Lavante

August 10, 2011 09:03 ET

Lavante Closes First Half of 2011 With Record Growth, Technology Patent, SAS 70 Type II Certification

Record Year-Over-Year Growth Driven by New Customer Acquisition

SAN JOSE, CA--(Marketwire - Aug 10, 2011) - Lavante, the leading provider of on-demand supplier management solutions, including recovery auditing and supplier information management, today announced that the first half of 2011 demonstrated strong year-over-year growth as a result of new customer acquisitions as well as increased revenue from existing customers. It was a noteworthy first half of the year in other areas, seeing the award of a new patent, achieving SAS 70 Type II certification, and being recognized as technology innovation leader by the City of San Jose, center of Silicon Valley.

The continued expansion of Lavante's customer base and increase in revenue reinforces the importance that a technology-driven SaaS solution continues to play in the recovery and supplier information management market.

"This has been a growth year for Lavante, both in terms of revenue and in the recognition of the strength of our solutions," said Joe Flynn, CEO and founder, Lavante. "Our recent patent awarded for technology and processes, the recognition by the City of San Jose for our leadership in technology innovations, and our strong customer expansion all serve to reinforce the unique vision that Lavante delivers to the market. Our technology-driven recovery solution enables companies to drive real dollars to their bottom line, while increasing business efficiencies and driving down operating costs."

Achievements during the first half of 2011 include:

  • Strong Revenue Growth: Lavante closed 1H 2011 with impressive revenue figures, growing 74% over 1H 2010. The expansion came not only from new customer wins, but also increased revenue and expanded engagements with current customers. These new enterprise accounts are from the United States and Canada, with 83% represented in the Fortune 1000.

  • Received New Patent for Statement Audit Process, Technology and Application: Lavante received the industry's first statement audit technology patent, delivering a significant step beyond traditional, manual recovery auditing solutions. This patented technology is at the base of Lavante Recovery™ solution, which offers an automated way for companies to connect with the breadth of their suppliers, to continuously identify outstanding credits and deliver significantly higher statement claims than traditional recovery audit approaches.

  • Achieved SAS 70 Type II Certification: Lavante successfully completed the SAS 70 Type II audit of its supplier management application, processes and controls. The certification validates that Lavante employs uniform and reliable operational controls to safeguard its customer data.

  • Recognized as Technology Innovator: The City of San Jose recognized Lavante's innovation in the application of technology to the statement audit process.

  • Staff Expansion: To ready the company for continued growth, Lavante continues to fill critical organizational positions in the areas of Audit Operations and Engineering, increasing staff by over 13%, year-over-year.

"I'd like to thank Lavante for their commitment to growing in San Jose and for helping our city remain the world center of innovation," said San Jose Mayor Chuck Reed. "We are especially proud that Lavante has continued to create new jobs during these challenging economic times."

About Lavante

Lavante is the leader in on-demand supplier management solutions, including recovery audit and supplier information management applications. Built with advanced, patented technology, Lavante delivers to the financial arena a new standard in efficient technology-driven solutions that allow companies to quickly drive dollars to the bottom line, improve supplier communications, and assure high supplier data quality. Lavante solutions are deployed across Fortune 1000 enterprises including the hospitality, retail, entertainment, manufacturing, and medical industries. Headquartered in San Jose, California, Lavante is privately held and was founded in 2001. For more information please visit www.lavante.com

© 2011 Lavante, Inc. The Lavante Supplier Network™ and Lavante Recovery are trademarks of Lavante, Inc.

Contact Information

  • Press Contact:
    Erin Jones
    E.S. Jones Public Relations for Lavante
    (P) 704.664.2170
    ejones@esjonespr.com