SOURCE: OpenPages

July 11, 2005 10:06 ET

OpenPages Expands Leadership in Governance, Risk and Compliance Software Market With Record Results in Q2 and Greater Than 100 Percent Year Over Year Growth in First Half of 2005

Record Number of New Customers Signed, Analyst Accolades and Award Recognition Mark Strong Second Quarter and Point Toward Record Year

WALTHAM, MA -- (MARKET WIRE) -- July 11, 2005 -- OpenPages reported today that the company has surpassed its customer and revenue growth goals for Q2 2005, extending its leadership in the fast growing governance, risk, and compliance management (GRCM) software market. For the quarter, OpenPages added 32 new customers to its roster, including Kodak, On Semiconductor, GEICO and Hawaiian Airlines. As a result, the company reported that it has exceeded its objectives for the first half of 2005 and is on track to more than double its revenues and customer base in 2005. Further confirmation of the company's success and market leadership came from several independent third-party organizations during the quarter. In April, the company received the highest mark in Forrester Research's "Forrester Wave™: Sarbanes-Oxley Compliance Software, Q1 2005." In addition, President and CEO Michael J. Duffy was named a finalist for the prestigious Ernst & Young Entrepreneur of the Year award. This marks the eight consecutive quarter of uninterrupted growth for the company and illustrates the strong demand for its offering.

"Q2 was another outstanding quarter for the company, with our top line growth surpassing even our most aggressive goals. We added more customers during the quarter than any of our competitors in the GRCM market, the size of our engagements continues to grow and overall customer satisfaction continues to be impressive. We fully anticipate these trends to continue as companies move beyond basic compliance and implement broader risk management strategies based on our platform, which will enable them to improve business operations while reducing their ongoing governance, risk and compliance costs," said Michael Duffy, president and CEO of OpenPages.

"I am also particularly pleased to report that we continue to manage our business closely," Duffy continued. "Our growth, coupled with our careful cost management practices, has enabled us to achieve a strong cash flow positive position. This allows us to enhance our current product portfolio, invest in our customer community and expand our sales and support teams without having to tap into our reserves."

Other significant achievements for OpenPages in the second quarter included:

--  Extending its GRCM leadership across the globe by opening an
    Asia/Pacific office in Hong Kong to help companies in that region meet the
    upcoming deadline for foreign filers to comply with Sarbanes-Oxley and
    other compliance initiatives.
--  Opening registration for its second annual user conference, OPUS II,
    an exclusive, customer-only event that connects the OpenPages user
    community with industry experts, analysts, assurance firms and technology
    providers in a three-day forum designed to foster thought-leadership in the
    areas of corporate governance, operational risk management and Sarbanes-
    Oxley compliance.
--  Announcing that IT risk management expert and MIT research scientist,
    Dr. George Westerman, joined OpenPages' board of advisors. Dr. Westerman is
    working closely with OpenPages in the development of its forthcoming
    software solution for IT operational risk management.
OpenPages' GRCM solutions are used more than any other vendor in the GRCM solutions market, and the company continues to be favored by top-tier analyst firms, including Gartner, Forrester Research, and AMR Research, as a leader in GRCM software solutions. As a result of its success during the past year, OpenPages continues to be the first choice for companies seeking to use software to reduce the costs associated with Sarbanes-Oxley compliance.

Today, OpenPages' customers come from a broad range of industries, including financial services, manufacturing, media, energy and power, technology, health services, and life sciences. These customer companies earn an average of $5.9 billion in annual revenue, totaling more than $781 billion in combined annual revenues.

OpenPages SOX Express is an enterprise compliance management solution that reduces the time and resource costs associated with ongoing compliance for Sections 302 and 404 of the Sarbanes-Oxley Act. SOX Express combines powerful document management, business process management and flexible reporting capabilities in an extremely easy-to-use environment that enables an organization to document financial controls and automate the ongoing test and review process. Completely Web-based, SOX Express maximizes end-user participation with little training. Its dashboards can be used by project managers, documentation team members, internal auditors and external auditors to plan, document and test the internal controls framework of the company, and to attest to the financial statements.

For more information on OpenPages' line of enterprise governance, risk and compliance management solutions or to register for a weekly webinar, please call 781-647-3800 or visit

About OpenPages

Founded in 1996, OpenPages develops enterprise governance, risk and compliance management (GRCM) solutions that streamline knowledge-intensive processes to improve corporate accountability, reduce disclosure process cost, enhance internal controls management productivity, and increase investor confidence. The company's portfolio of solutions includes Sarbanes-Oxley Express (SOX Express), the market-leading enterprise application for automating the corporate financial reporting and disclosure compliance requirements of Sections 404 and 302 of the 2002 Sarbanes-Oxley Act.

OpenPages is a trademark of OpenPages, Inc. All other trademarks contained herein are the property of their respective owners.

Contact Information

  • OpenPages
    Ed Thomas
    781.647.3800, ext. 241
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    North America
    Mike Antonellis
    Lois Paul & Partners
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    Louise Matthews
    Harvard Public Relations
    +44 208 759 0005
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