February 03, 2009 | Palo Alto, California: MetricStream announced a strong and successful 2008, winning several new enterprise customers, releasing innovative product enhancements and winning industry recognition. This cemented its leadership position in the market for Enterprise GRC and Quality Management Solutions.
The company reported over 100% growth from its industry-leading GRC offerings. The momentum in 2008 was driven by the acquisition of several blue chip customers across energy & utilities, banking and financial services, food and life sciences and discrete and hi-tech manufacturing sectors among others. These wins were primarily due to MetricStream’s GRC platform-based approach and the maturity, ease-of-use and configurability of the solutions. Prominent new customers included several large energy & utility companies, premier financial institutions and many Fortune 1000 companies. MetricStream also acquired a number of new customers in the Middle East and Europe, complementing the revenue growth in North America.
“The economic crisis of 2008 has sensitized corporations to the strategic importance of effective risk and compliance management and we are entering an era of tighter regulatory control and global consolidation," said Shellye Archambeau, CEO of MetricStream. “As a result, there is an increasing interest in MetricStream’s offerings that enable an integrated, platform-based approach to GRC and Quality Management.”
Other key accomplishments in the year include:
- In 2008, a number of MetricStream customers continued to expand their usage of the MetricStream platform into areas beyond the scope of initial deployments. For example, a Fortune 500 customer extended the MetricStream platform to automate over 10 major areas to address governance, compliance with internal and regulatory standards, risk management, supply chain management and quality management across its 80 sites. Such usage clearly illustrates the strategic value of choosing a platform-based technology for GRC and Quality Management solutions as customers realize higher return on their investment in the long-run.
- The year 2008 brought exceptional industry recognition for the company as the analyst community highlighted the strategic approach and compelling value of MetricStream’s solutions in their reports. Gartner positioned MetricStream in the Leaders’ Quadrant in its 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”. Gartner’s recognition followed Forrester naming MetricStream as a “Leader” in the Forrester Wave report on Enterprise Governance, Risk and Compliance Platforms. The Forrester report highlighted MetricStream’s flexible platform and strong capabilities in all core GRC areas. AMR Research ranked MetricStream in the "sweet spot" category assigned to vendors that "demonstrated high expertise through customer deployment, reference quality, and heritage" in its report "The Governance, Risk Management, and Compliance (GRC) Landscape, Part 2: Software’s Integral Role in GRC Automation".
- MetricStream’s ComplianceOnline.com, the community-driven portal, continued to disseminate best practices to thousands of GRC professionals through online training and content adding over 350 new courses to its expansive repository of courses. The portal traffic and interest grew to attract a couple of million users who visited the site looking for information, training and community interaction.
- MetricStream successfully hosted and participated in a number of premiere forums and industry associations advocating GRC as a key component of business strategy, demonstrating the company’s thought leadership. This included MetricStream’s chairman joining government leaders, policy makers and business executives at the Horasis Global Business Meeting in Barcelona, Spain and the Boao Forum for Asia (BFA) Annual Conference in China. The CEO participated in several national initiatives around education, clean-tech and transportation policies. A MetricStream CFO hosted panel discussion on risk management drew an overwhelming response with executives from several hundred Fortune 1000 companies, including 20 of the top 25 global banks, participating in the discussion on how best to tackle the current financial turmoil and avoid such crisis in the future. MetricStream was also ranked tenth in Deloitte's Technology Fast 50 Program for Silicon Valley Software and IT Companies showing the strength, vision and tenacity to succeed in today’s competitive technology environment. In addition, the Open Compliance and Ethics Group (OCEG) named MetricStream as a Charter Member.
- MetricStream also introduced many critical product innovations in 2008 particularly in the new releases of the MetricStream Enterprise GRC Platform and Compliance Management application that has been designed to manage compliance with multiple regulations across complex organizational structures through a common framework. The year also saw significant upgrades to several core MetricStream applications that support critical GRC and Quality Management processes such as Compliance Management, Internal Audits, Risk Management, Policy and Procedure Management, Loss Management, Corrective Actions and Supplier Quality Management. From a functional perspective, MetricStream expanded its applications focus to emerging areas including Green Compliance, Corporate Social Responsibility (CSR) and Environmental Health & Safety (EH&S).
“The year 2008 was a marquee year for MetricStream,” said Gaurav Kapoor, CFO and General Manager of MetricStream. “MetricStream has established itself as a leading brand in the GRC solutions marketplace and the robust growth in our customer base has set the stage for a strong 2009 and beyond.”