February 09, 2011 | Palo Alto, California: MetricStream Inc., the market leader in enterprise-wide Governance, Risk and Compliance (GRC) solutions, today announced record growth in 2010, achieving over 85% increase in sales over the year 2009. The rapid pace of regulatory changes and an increasing need for senior management to gain an integrated view of enterprise-wide risks and their impact, have accelerated investments in GRC technology, driving a high demand for MetricStream products and services.
MetricStream is widely recognized for the flexibility and scalability of its GRC solutions that are architected to address a variety of risk, compliance, governance, audit and quality management needs across the enterprise.
Key highlights from the year ending December 31, 2010 were:
- New customer acquisition increased strongly particularly in the areas of Integrated GRC, Enterprise and Operational Risk Management, Risk-based Audit Management and Policy Management. Quality Management and Supplier Governance continued to be significant areas of adoption.
- Existing customers expanded their use of MetricStream GRC Platform, resulting in more than doubling of sales to the existing customer base compared to the previous year.
- Several companies replaced their existing legacy systems, originally created as stand-alone applications, with MetricStream’s next generation GRC solutions. In many cases, multiple legacy systems were retired in favor of an integrated GRC system spanning several processes.
- Strong momentum was observed in Banking, Financial Services, Energy & Utilities and Healthcare sectors. Other industries that registered momentum were Life Sciences, Food & Beverage, Insurance, Manufacturing and Government sectors. Several Global 100 organizations, premier private and federal institutions and mid-tier corporations were added to MetricStream’s customer portfolio.
- A healthy mix of Hosted and On-premise Licensing was seen in the MetricStream customer base. MetricStream’s flexible licensing and delivery model were strong differentiators in the market. Several mid-tier, as well as Fortune 100 companies, chose to host their applications with MetricStream’s hosting infrastructure.
“2010 was an exciting year for MetricStream with a range of key customer wins and achievements - demonstrating our innovation leadership, broadening our business model and delivering substantial value for our customers,” says Shellye Archambeau, CEO at MetricStream. “As we turn to 2011, we are in an excellent position to benefit from key industry trends: board focus on proactive risk management, increased regulation, continued globalization, and rising complexity of business operations. These trends are driving the need to structure and synthesize massive amounts of risk, policy, regulatory and compliance information, enable collaboration between various business assurance functions and provide actionable intelligence to enable relevant and timely business decisions.”
Additional trends and milestones in 2010 were:
Content-driven GRC: MetricStream demonstrated its leadership in content-driven GRC by integrating external information repositories and content sources, and enabling innovative features such as triggers for compliance risk assessments and policy reviews based on regulatory notifications, external events and compliance alerts. MetricStream expanded its extensive ecosystem of content providers, added hundreds of direct sources across industries to its ComplianceOnline.com portal and established key partnerships with structured content providers to seamlessly add content to its GRC applications.
Global footprint: MetricStream continued to extend its global presence by opening new offices and expanding its network of value-added resellers and integration firms in the Americas, Europe, Middle East and Asia-Pacific.
Product innovation: MetricStream announced the release of GRC Platform version 6 which breaks new ground along three dimensions: it provides an engaging and rich user interface for the success of GRC applications in large scale deployments; it enables the rapid and cost-effective configuration of GRC applications; and it provides an analytics infrastructure that links GRC with business performance. Apart from significant innovations in the GRC Platform and core application modules, major enhancements were also made to the Operational Risk Management (ORM) solution and IT-GRC solution in areas such as Loss Management, Vendor Governance, Vulnerability and Threat Management , Policy Management, Continuous Transaction and Compliance Monitoring. Specific industry best practices and content for Financial Services, Healthcare, Utilities, Life Sciences, Environmental Compliance and IT Security areas were also packaged with the solutions.
Services portfolio expansion: MetricStream launched its Consulting and Advisory Services Group - a natural progression for the company, given that it has amassed a wealth of expertise over years of dealing with a range of businesses and industries. This group connects companies with a vast ecosystem of global experts that range from individual consultants to the Big Consulting organizations who can help companies address even the most specialized GRC needs. This initiative was very well received by customers and partners.
Continued recognition: MetricStream’s strategy, innovation, market responsiveness and customer traction continued to be recognized strongly in 2010 by industry analysts, independent experts and GRC media. Gartner positioned MetricStream in the Leaders Quadrant of its Magic Quadrant for Enterprise GRC Platforms - 2010. Forrester Research’s Market Overview: GRC Platforms report for 2010 positioned MetricStream as one of the top GRC vendors. MetricStream also received a 'Promising' rating in the Gartner MarketScope for IT-GRC Management report. The company gained a 5-Star rating in a Product Review by SC Magazine for IT Security Professionals. In addition, MetricStream's ComplianceOnline.com portal was certified by NASBA as a partner of Continuing Professional Education.
Thought leadership: MetricStream’s chairman, Gunjan Sinha, was appointed to the US-Endowment Board on Science and Technology at the US-India Joint Commission Meeting of the White House Office of Science and Technology Policy. MetricStream CEO, Shellye Archambeau, participated in various national and regional forums, including those sponsored by the White House and the Governor of California, joining government and business leaders in discussing business and social issues. Gaurav Kapoor, Chief Operating Officer was invited to speak and participate in strategic discussions at various industry conferences hosted by associations where MetricStream occupies a leading role in advocating GRC as a key component of business strategy. Associations that MetricStream continued to work closely with included the Institute of Internal Auditors (IIA), Professional Risk Managers' International Association (PRMIA), Operational Risk & Regulation, Society of Corporate Compliance and Ethics (SCCE), Securities Industry and Financial Markets Association (SIFMA), Health Care Compliance Association (HCCA) and Information Systems Audit and Control Association (ISACA).
“Our success in 2010 reinforces our market leadership in GRC and positions us strongly to keep providing value to organizations,” says Gaurav Kapoor, Chief Operating Officer at MetricStream. “The GRC market is evolving with an increasing need for companies to create a common GRC information and collaboration model across multiple functional and business areas. Our ongoing innovation around best-of-breed packaged GRC applications combined with industry specific content built on the foundation of a highly configurable, flexible and scalable GRC Platform continues to make us the preferred GRC partner for businesses around the world.”