February 11, 2008, Redwood Shores, California - MetricStream, a market leader in Enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management Solutions for global corporations, today announced record growth and major accomplishments for 2007. The four chief growth drivers were: significantly higher adoption among Fortune 500 companies; success of innovative offerings specially designed for mid-sized companies; greater reach through strategic partners; and expansion into international markets.
The company declared over 150% growth in sales of its GRC solutions for 2007 resulting from significant customer wins and greater adoption by existing customers. New Fortune 500 companies that MetricStream acquired as customers more than doubled from the previous year. MetricStream capitalized on the trend of large enterprises adopting an integrated platform-based approach to manage their breadth of Corporate Governance, Risk, Regulatory and Quality Management Compliance initiatives. Growth was further enhanced by MetricStream's partnership with the NASDAQ Stock Market to enable their listed companies to implement more effective management of GRC and Quality Management processes. MetricStream also introduced innovative offerings designed for midsized enterprises and pre/recent IPO stage companies to enable them to meet critical compliance requirements with limited internal resources. The adoption of these packaged offering for compliance areas such as SOX, insider trading, stock options grants, code of conduct and document and policy management, showed that young companies are implementing sustainable and systematic frameworks for corporate governance early on.
MetricStream also ventured in international markets in 2007. Aided by their strategic partnership with Tata Consultancy Services (TCS), an international services provider with over 90,000 employees globally, MetricStream acquired a number of new customers in China, India, Russia and Australia, complementing the revenue growth in the United States.
MetricStream continued to invest in its core differentiators - its Enterprise Compliance Platform and ComplianceOnline.com. Version 5.5 of the MetricStream Enterprise Compliance Platform was released with rich features and enhancements for greater usability and performance as well as with architectural innovations for addressing the increasingly complex GRC and quality management requirements. The year also saw significant upgrades to several core MetricStream applications that support critical GRC and Quality Management processes such as Policy and Procedure Management, Corrective Actions, Quality Audits, Risk Management and Compliance Monitoring.
ComplianceOnline.com witnessed continued growth in its member base and its network of content partners, expert trainers and compliance specialists. The new corporate training programs focused on critical needs of public companies and uniquely brought together comprehensive content and a framework for simplified training delivery and tracking. Thousands of GRC professionals attended online training leveraging the expansive repository of courses to which 500 new courses were added in 2007.
Recognizing its approach, MetricStream was named as a 'Leader' in the December 2007 report Forrester WaveT: Enterprise Governance, Risk and Compliance Platforms, Q4 2007 (https://www.metricstream.com/pressNews/pressrelease_92.htm). The report noted that "MetricStream demonstrated one of the most flexible GRC platforms evaluated".
In addition to being recognized by eminent industry analysts, MetricStream also won many awards including Supply & Demand Chain Executive Top 100th Stevie International Business Award, Red Herring Top 100, SiliconIndia Top 25 and Deloitte Fast 500.
"If we look back, a few years ago, MetricStream was the first company that articulated the vision of a single platform to address a broad spectrum of Governance, Risk, Compliance and Quality Management needs of an organization - including operational compliance in areas like quality, safety, environment, suppliers and other industry mandates," said MetricStream CEO, Shellye Archambeau. "2007 was indeed a landmark year for us as customers, partners, analysts and the marketplace at large recognized the convergence that MetricStream had envisioned."