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OpenPages Reports Strong Revenue Growth and Continued Profitability in Q1 2009

April 9, 2009

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Customers Preparing for New Era of Risk Management Drive Demand for OpenPages Platform

Waltham, Mass — April 9, 2009

News Facts

OpenPages, the leading provider of enterprise GRC management solutions that optimize business performance, announced today that the company achieved record results for the first quarter ending March 31, 2009.

  • In Q1 2009, the company’s revenues increased by 28% over the first quarter of 2008. In spite of a challenging economic environment, the company’s financial metrics improved across the board, including another consecutive quarter of profitability.
  • Bookings for the quarter continued on a strong growth trajectory, fueled by significant new customers wins – particularly in the financial services sector – with wins including one of Europe’s largest integrated financial services companies and a global reinsurer.
  • The current economic climate and anticipated increase in regulatory oversight is driving companies to reassess their approach to risk management, particularly in the financial services sector. These results highlight OpenPages success in helping the world’s largest financial services companies implement their integrated risk management strategies.

Providing further evidence of OpenPages’ market leadership, the company sponsored several events during the quarter that provided the company’s customers and prospects with valuable insights into risk management best practices from industry experts, including:

  • Managing Operational Risks in an Industry Facing Crisis, hosted by OpRisk & Compliance, with presentations from John Whittaker, Group head of Operational Risk for Barclays Bank and Simon Wills, Executive Director of the Operational Riskdata eXchange Association (ORX)
  • The Great Financial System Meltdown: Underlying Causes and Impact on 2009, presented by Richard Steinberg, Founder and CEO of Steinberg Governance Advisors
  • The Ultimate Operational Risk Management Platform, presented by Michael Rasmussen, President of Corporate Integrity and GRC industry expert
  • Taking a Strategic Approach to Managing Compliance, presented by Forrester Analyst Chris McClean and Julian Parkin, Regulatory Programme Director at Barclays
  • Leveraging the Power of Integrated Risk Management, presented by Richard Brilliant, Vice President and Chief Audit Executive at Carnival Corporation & plc

The company’s results also validate the OpenPages survey from October, in which OPUS attendees forecasted an increase in spending on risk management technology spending, despite the economic downturn. 

“We are extremely pleased with our performance this quarter, especially considering the challenging global economic environment,” said Michael J. Duffy CEO & president of OpenPages. “Further, the first quarter is typically softer as companies prepare their annual results, so our ability to post strong numbers across the board in Q1 is a testament to the whole team pulling together. It’s also clear that customers and prospects see our solution as a strategic imperative for meeting their needs for an integrated risk management solution.”

Please contact Jessica Sutera to arrange for further quotes regarding this announcement or to request an interview with an OpenPages executive.

Relevant Links: 

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About OpenPages

OpenPages is the leading provider of integrated risk management solutions for global companies. The OpenPages Governance, Risk and Compliance (GRC) Platform empowers a risk-based approach to identify and manage key business risks across the enterprise. This approach enables companies to focus on what’s important and to avoid unexpected outcomes while improving performance. Founded in 1996, the company is headquartered in Waltham, Massachusetts, with international offices in the United Kingdom, distribution partners in Japan and South Africa and regional offices throughout North America.

For more information on OpenPages' governance, risk and compliance solutions, please click here or call us at 781.693.5999.

Press Contacts
OpenPages:
John Kelly
OpenPages
(781) 693-5925
pr@openpages.com
North America:
Jessica Sutera
Lois Paul & Partners
(781) 782-5700
openpages@lpp.com
EMEA:
Gareth Williams
Harvard Public Relations
+44 208 759 0005
Gareth.Williams@harvard.co.uk
OpenPages Blog
OpenPages on Twitter
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