SOURCE: Virtual Premise, Inc.

Virtual Premise Real Estate Management Solution

February 14, 2011 13:43 ET

Virtual Premise Reports Exceptional Growth in 2010 With Revenues Up 15%

Company Grows Revenue While Also Expanding Its Technology, Software Functionality, Services Offerings, and Use of Solution Beyond Real Estate

ATLANTA, GA--(Marketwire - February 14, 2011) - Virtual Premise, a leading Software as a Service (SaaS) provider of real estate information management solutions, today announced significant growth during 2010, in spite of the down economy. The company added new customers in 2010 which drove a 15% increase in revenues. Most importantly, the company reports advances in other strategic areas which are providing customers with the strong technology solutions and services they need to effectively manage their real estate assets. Highlights of these advances include:

  • Release of the new Strategy and Analytics module that combines critical lease and location performance indicators with data from other critical business systems to produce actionable information, viewable via newly designed dashboard reports. This powerful analytical component of the VP real estate management software solution helps customers utilize comprehensive, real-time knowledge about their real estate to make accurate, quick and confident decisions.
  • Expansion of customers' use of the VP solution to track non-traditional real estate leases, such as bank ATMs, and also to track equipment leases, such as office equipment, manufacturing equipment, computers and fleet vehicles, etc. This is particularly important in light of the anticipated FASB (Financial Accounting Standards Board) lease accounting changes, an issue in which the company has taken a strong thought leadership role to proactively prepare customers for these prospective new policies.
  • Single Sign On (SSO) functionality which helps customers reduce their IT administration costs and improve identity management.
  • Increased consulting services are helping customers incorporate best practices into their real estate operations to drive efficiencies and cost savings in the real estate department and companywide.

"Everyone at Virtual Premise is extremely proud of our 2010 accomplishments, and we have carried this momentum with us into 2011," said Andy Thomas, president and COO of Virtual Premise. "Our revenue growth is a clear indicator that we are answering the precise needs of our customers and the market at large with continual enhancements to our software and service offerings. As illustrated by our proactive approach to the anticipated FASB lease accounting changes, our goal is to anticipate the needs of our customers, thus giving them an advantage in achieving their own company goals."

In addition to incrementally releasing several product enhancements to accommodate customers' needs for capturing and managing the data required for the anticipated new policies, Virtual Premise has added a special session track dedicated to the FASB lease accounting topics at VP|Connect 2011, the company's annual customer conference. VP|Connect will be held May 16-18 at the Loews Hotel in Midtown Atlanta.

About Virtual Premise
Virtual Premise, Inc. is a leading SaaS provider of real estate information management solutions for corporations, retailers, restaurants, landlords and commercial real estate service providers. With Virtual Premise, companies have a smart, easy way to collect, manage and report on complex real estate information from anywhere, at anytime. Virtual Premise technology solutions include strategy and analytics, portfolio management, lease management, lease administration, project management, transaction management, and document management. Virtual Premise also offers a wide range of supporting services to include lease abstracting, document management services, data validation, due diligence support, and best practices consulting. In addition, the company is taking a thought leadership role in preparing its solution for the upcoming FASB lease accounting changes. For more information, call 404-267-1781 or visit www.virtualpremise.com

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