SOURCE: Lavante

Lavante

November 16, 2011 10:03 ET

Lavante Reports Record Q3 Results and 11th Consecutive Quarter of Year-Over-Year Growth

Lavante Builds Momentum by Adding New Customers Across Multiple Industries in the U.S. and Canada

SAN JOSE, CA--(Marketwire - Nov 16, 2011) - Lavante, the leading provider of on-demand supplier management solutions, including recovery auditing and supplier information management, today announced its 11th consecutive year-over-year quarterly growth. Total year-to-date revenue grew 54% year-over-year for the same period in 2010. These results reflect Lavante's surging momentum as the industry's preeminent provider of innovative solutions for recovery audit and vendor data cleansing.

"Our ongoing growth is the result of a visionary approach to where the accounts payable processes will go in the future, using automation to generate significant time savings and cost efficiencies," said Joe Flynn, CEO and founder, Lavante. "We anticipate continued strong growth throughout the fourth quarter as we focus on continuing to exceed our customers' expectations by delivering a unique, scalable solution that combines recovery and supplier file cleansing."

Lavante saw significant customer growth during the quarter in key industries, including grocery, manufacturing, hospitality and financial services. Growth momentum continues throughout the U.S. and Canadian markets with significant new customer adoption in both countries.

According to new Lavante customer Matthew Mears, manager, Financial Shared Services at Lennox Industries, "Lavante Recovery offered the best fit for Lennox Industries. We anticipate the Lavante solution minimizing the impact on our staff while driving fast and continuous results to our bottom line. This was not possible with the other more manual, project-based recovery services that we considered."

Highlights of Lavante's successes in the third quarter include:

  • Management Team Expansion: Lavante named Vinay Ambekar as senior vice president of engineering. A 25-year engineering veteran, Ambekar has tremendous depth and breadth of expertise in software engineering strategy and processes
  • Thought Leadership: Lavante executed a successful multi-city seminar series to provide recovery auditing and supplier information management education for the finance community throughout the U.S. and Canada
  • Customer Recognition: Lavante customers Four Seasons and Lafarge were featured presenters during the Financial Operations Toronto 2011 conference, sharing how automation has streamlined their AP processes

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, energy, 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. Lavante Recovery is a trademark of Lavante, Inc.

Contact Information

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