July 23, 2008 | Palo Alto, California: MetricStream Inc., the market leader in enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management solutions, today announced that it has recorded outstanding growth in the first half of 2008 with the quarter ending June 30 being the largest ever quarter with respect to revenues and enterprise deployments. 

The combination of customer wins, expanded usage of the MetricStream platform by existing customers, unmatched technology innovation, and continued recognition by analysts has enabled MetricStream to further strengthen its leadership position in the marketplace. Key accomplishments in the six months period include:

  • The analyst community has highlighted the strategic approach and compelling value of MetricStream’s solutions in their reports. Most recently, Gartner placed MetricStream in the Leaders’ Quadrant in its recently released report “ Magic Quadrant for Enterprise Governance, Risk and Compliance Platforms (EGRC) ”. In addition, MetricStream was also named as a “Cool Vendor” in a separate Gartner report titled “Cool Vendors in Compliance and Risk Management, 2008” published in April 2008. Gartner’s recognition follows Forrester naming MetricStream as a 'Leader' in the Forrester Wave report on Enterprise Governance, Risk and Compliance Platforms early this year. The Forrester report highlighted the flexible platform and strong capabilities in all core GRC areas.
  • MetricStream continued to gain customer traction with new marquee global customers from diverse verticals including energy & utilities, banking & financial services, retail, high tech, automotive manufacturing, life sciences and healthcare. Prominent wins included several large energy and utility companies, one of the world's top 5 food & beverage brand, a global retail chain and a large international bank among several others. MetricStream continued its international expansion by winning new customers in Canada, Middle East, Africa, South East Asia and India.
  • MetricStream continued its product innovation with the introduction of the Enterprise Compliance Platform (ECP) version 5.5. This version is rich with new features and architectural innovations that uniquely address cross vertical requirements for GRC and Quality Management solutions while improving performance and increasing ease of use. The Document Management and Change Management applications were also upgraded with state-of-the-art features including a robust framework for policy and procedure management, distributed server architecture and highly flexible routing. From a functional perspective, MetricStream expanded its applications focus to emerging verticals including Green Compliance, Corporate Social Responsibility (CSR) andEnvironmental Health & Safety (EH&S).
  • Within thought leadership forums and industry associations, MetricStream took a leading role in advocating GRC as a key component of business strategy. Most recently, the Open Compliance and Ethics Group (OCEG) named MetricStream as a Charter Member to its Technology Council which was formed to address the strategic, operational and technical issues that professionals face when applying information technology (IT) to governance, risk, compliance (GRC) and ethics management.
  • ComplianceOnline.com, the leading, community-based resource for alerts, best practices, training and other information related to compliance and quality, also posted strong growth of over 200% in terms of subscribers during the first half of 2008. New areas of coverage on the portal include Green Compliance, Trade & Logistics Compliance, and EH&S. ComplianceOnline began offering a set of courses pre-approved for RAC recertification credits from RAPS - the leading worldwide member organization devoted to the Regulatory Affairs profession.

“We have seen change in the business environment in early 2008. The effects of the subprime crisis and the looming economic slowdown accentuate the need to have tighter controls and stronger risk management strategies in place. Also, the role of regulators and corporate boards are being redefined requiring companies to overhaul their GRC infrastructure”, said Shellye Archambeau, CEO for MetricStream. “As we move through 2008, we are continuing to innovate through our expanding product suite, dynamic thought leadership and improved geographical reach to build on our vision of an integrated GRC and Quality Management solution for our customers.”

About MetricStream

MetricStream is the independent market leader in enterprise cloud applications for governance, risk, compliance (GRC), and quality management. MetricStream apps and software solutions improve business performance by strengthening risk management, corporate governance, regulatory compliance, audit management, vendor governance, and quality management for organizations across industries, including banking and financial services, health care, life sciences, energy and utilities, consumer brands, government, technology, and manufacturing. MetricStream is headquartered in Palo Alto, California, with an operations and GRC innovation center in Bengaluru, India, and sales and operations support in 12 other cities globally.(www.metricstream.com).

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