Credit Crisis Produces Increased Demand for Sound Governance, Risk and Compliance Solutions
Global Adoption of BWise at All Time High as Evidenced by Strong Third Quarter
New York, NY, ‘s-Hertogenbosch, Netherlands, October 27, 2008 – BWise, a leading provider of governance, risk and compliance (GRC) software solutions, today announced continued global growth and expansion for the third quarter of 2008. This most recent success is driven by a number of market factors including the credit crisis, which has reaffirmed the importance of a solid risk management system that goes beyond spreadsheets.
BWise recognizes that due to the current global financial crisis, companies will need to implement changes driven by more efficient and cost effective business processes; these changes are at the core of the BWise solution. Specifically, BWise is seeing these key trends:
- Risk management is getting top priority in the boardroom. Companies were focusing on transactional risk controls and did not put enough emphasis on more strategic risk management, which seriously impacts the financial stability of a company.
- BWise expects an increase of stronger regulations to prevent future financial crises.
- The pressure on internal and external auditors will increase to do more risk based audits including collection of evidence throughout the company.
- Excel spreadsheets will not meet requirements of proper authorizations, version control and tracking of changes.
- Companies will be forced to have a more integrated GRC approach. Just adding more controls will not do the job.
- GRC will be expanded across the enterprise to effect proper business process oriented change.
BWise believes that successful GRC efforts are embedded across the organization, including external auditors – enabling more reliable tracking and effective compliance. This kind of company-wide approach fosters increased market confidence and trust.
As BWise continues to help organizations reach their strategic GRC goals, the Company is enjoying growing market success as demonstrated by such factors as:
Global expansion remains strong:
- Grew global revenue outside of Netherlands by 65 percent
- Grew revenue in Europe by 69 percent
- Continued to grow worldwide staff by 10 percent since the beginning of 2008
Overall financial performance sound, while remaining profitable:
- Cash and balance position are steady, positive and strong
- On track to grow for the fifth consecutive year by more than 30 percent
- License and maintenance represented 74 percent of revenue
Customer growth was also strong in the third quarter. BWise experienced continued, steady momentum in the pharmaceutical and insurance markets and gained additional Middle Eastern and Canadian customers. One of the largest telecom operators in France selected BWise, as well as a leading member of the U.S. automobile industry. In addition, to highlight its continued commitment to helping companies achieve GRC success, BWise is hosting the 2008 Trust Day: Risk Assessment event – to take place November 13 in the Netherlands. This annual, invitation only event will help companies better understand how to assess international risks based on best practices across the globe.
“In these uncertain market times, it is clearer than ever that GRC fundamentals remain a core priority for sustainable business growth,” stated Robert Pijselman, CEO of BWise. “The third quarter continues to reflect strong market wide adoption of BWise’s proven solution and signals continued confidence in our position as a global leader. We look forward to continuing our work with companies from varied sectors across the world to help them realize their GRC success.”