February 03, 2010 | Palo Alto, California: Governance, Risk and Compliance (GRC) leader MetricStream today announced significant growth in 2009, achieving over a 75% increase in sales over 2008 combined with record profits. MetricStream’s growth was fueled by companies prioritizing their need to drive business performance by better managing ever increasing complex risk scenarios and compliance requirements. This resulted in both new implementations as well as a high number of replacement implementations. In 2009, MetricStream saw a large number of customers that replaced their existing solutions, from some of its leading competitors, with MetricStream solutions. Research conducted among such customers highlighted three primary reasons they chose to move away from other GRC solutions: lack of scalability, expensive upgrades, and poor vendor responsiveness.
Integrated GRC Drives Momentum: MetricStream’s strongest growth came from corporations that needed either integrated GRC solutions right at the start of their initiatives or needed best-of-breed applications in one or two areas (such as Audits, Risk, Compliance, Policy Management, Environmental Management and Quality Management) but were looking to lay a strong foundation for compliance programs by investing in the right IT architecture that could be extended over time for integrated enterprise-wide GRC. As an example, one of the largest utility companies in the US embraced MetricStream to manage SOX, FERC, NERC, Environmental, ERM, Audits and Corporate and IT Policy programs on a common platform.
Growth in Key Industry Verticals: A large number of customers in several regulated industries like Financial Services, Healthcare, Utilities and Energy, Life Sciences, Retail among others turned to MetricStream in 2009. These included some of the largest companies in the world that are market leaders in their industries.
Global Footprint Expands: Outside North America, MetricStream significantly enhanced its presence and penetration in Europe, Middle East, South America, Africa and Asia. MetricStream’s network of alliance and channel partners played an integral role in driving sales globally. A number of strategic initiatives included partnerships with leading systems integrators, resellers and an increasing focus on third-party channels to fuel future growth.
Product Innovation: Continued investment in the GRC platform and solutions was directed towards greater scalability and ease of use. Significant product enhancements were made around embedding and integrating regulatory content, architecting a robust and flexible data model for granular management of GRC information and further simplifying integration with enterprise systems. In 2009, MetricStream replaced incumbent SOX, Internal Audit, Risk and Policy Management solutions at several Global 100 companies due to functional superiority of its products and technological excellence of its platform.
Bringing Social Media to the Forefront of GRC: MetricStream was honored by Forrester in 2009 with the Forrester Groundswell Award that recognized ComplianceOnline.com’s excellence in harnessing the power of the community (regulators, domain experts and GRC and Quality Management practitioners) to organize information around GRC. Several million professionals now use ComplianceOnline.com to get information, training and content on different aspects of GRC. The portal has over 1,000 online training courses and over 5 million pieces of content available to its users. These are also integrated with MetricStream applications to provide seamless access to information and best practices to solution users.
Continued Market Recognition: Leading research firm Gartner Inc. in 2009 placed MetricStream in the Leaders Quadrant in its "Magic Quadrant for Enterprise Governance, Risk and Compliance (GRC) Platforms" research report. MetricStream was also cited as a ‘Leader’ by Forrester Research in the report - “The Forrester Wave™: Enterprise Governance, Risk and Compliance Platforms, Q3 2009”. MetricStream also executed several successful engagements establishing thought leadership in association with organizations such as The Institute of Internal Auditors (IIA), Standard & Poor’s (S&P), Open Compliance & Ethics Group (OCEG), Silicon Valley Leadership Group (SVLG) and Horasis, The Global Visions Community, Society of Corporate Compliance & Ethics (SCCE), Professional Risk Managers' International Association (PRMIA).
Leadership: Chairman Gunjan Sinha played a critical role in various national and international forums joining government leaders, policy makers and business executives to advocate GRC and Sustainability as a key component of business strategy. He was invited to be a featured speaker at premier events such as the Horasis Global Business Meeting in Lisbon, Portugal and Munich, Germany and the Boao Forum for Asia in China. Shellye Archambeau, CEO, continued championing public policy and government-related issues as the member of the board of the Silicon Valley Leadership Group (SVLG) in addition to her ongoing participation in various national initiatives around education, clean-tech and transportation policies. She was also named as one of 50 Most Important African-Americans in Technology in an annual listing. General Manager and CFO, Gaurav Kapoor - a recognized thought leader in GRC and Social Media - presented at a number of premiere events and industry conferences independently as well as in association with organizations like IIA, OCEG, PRIMIA and others professional bodies.
"Throughout 2009 we executed on a profitable growth strategy to enhance our market leadership and brand in GRC by investing in our customers, platform, solutions, content, and people," said Shellye Archambeau, CEO of MetricStream. "We saw excellent performance in 2009 and that has set the stage for a very strong 2010 and beyond.”