OpenPages Seizes Leadership Position in Sarbanes-Oxley Application Market with Recent Customer Wins

August 4, 2003

Westford, MA - Aug. 4, 2003 - OpenPages, a leading provider of Corporate Compliance and Enterprise Risk Assurance solutions, today announced that five companies have chosen its Sarbanes-Oxley Express (SOX) 404 application to help them comply with the Sarbanes-Oxley Act of 2002. The customers include Black & Veatch, Universal Corp., Volt Information Sciences, American Retirement Corporation, and Reinsurance Group of America, Inc. (RGA).

The customers, which come from a broad spectrum of industries and include both public and private companies, all chose OpenPages’ application to meet Sarbanes-Oxley Section 404 requirements and to begin creating the cornerstone of their corporate governance strategies. OpenPages is the first company to publicly announce customers for its Sarbanes-Oxley application. By securing five major customer engagements over the past 30 days, OpenPages has established itself as the clear leader in this emerging market.

“ Although many vendors have announced products intended to address Sarbanes-Oxley, OpenPages is the only company that is delivering a true enterprise-class application that customers are already implementing,” said Mike Duffy, CEO and president of OpenPages. “Since announcing the general availability of SOX 404 last month, we’ve signed five new customers, seen several of them begin their implementations, and have several additional prospects that are very close to signing contracts with us. No other vendor has the market momentum that we are building at OpenPages.”

OpenPages has secured the leadership position in the Sarbanes-Oxley market by enabling customers to create a flexible foundation that they can adapt as the SEC modifies its definition of compliance. OpenPages customers and analysts alike have endorsed the company’s approach and product, which allow companies to create a strong information platform that addresses ongoing corporate governance, above and beyond the specifics of individual acts.

“ The SEC will continually issue pronouncements on what will be required and when rules will take effect,” said John Hagerty, vice president of Research at AMR Research said in his April 02, 2003 Alert, “The Five Things IT Needs to Know about Sarbanes-Oxley Compliance.” “Because of this, organizations must remain fluid to respond to SOA. Regulatory requirements mandated by other government agencies--the Food & Drug Administration (FDA) or the Environmental Protection Agency (EPA)--have had significant effect on firms, and may offer a view into where SOA may end up.”

On June 30, 2003 OpenPages announced the general availability of the first application in its Sarbanes-Oxley Express suite, SOX 404. It’s designed to address Section 404 of the Act, which requires that companies establish and maintain adequate internal controls and procedures, as well as conduct annual evaluations of internal controls and procedures for financial reporting. SOX 404 helps companies create a framework and more efficiently plan, document, test, monitor, communicate and attest to the effectiveness of the controls adopted.

Strong, Growing Customer Base

While competitors have just begun to introduce tactical solutions, OpenPages had already delivered proven, robust applications to several companies, including:

• Universal Corp., the world’s largest independent tobacco merchant as well as a leading lumber and building products distributor in the Netherlands
• Black and Veatch, a leading global engineering, construction and consulting company specializing in infrastructure development in the fields of energy, water and information
• Volt Information Sciences, a leading national provider of Staffing Services and Telecommunications and Information Solutions for Fortune 500 companies
• American Retirement Corporation (ARC), a national senior living and health care services provider
• Reinsurance Group of America, Inc., a recognized leader in the global life reinsurance industry, with more than $800 billion life insurance in force and assets of more than $9 billion.

No other vendor offering corporate governance, and specifically, Sarbanes-Oxley solutions, has announced a customer base comparable to OpenPages.

Vision Maps Technology Development to Business Needs

OpenPages’ Sarbanes-Oxley Express application suite is built on its OpenPages Server (OP4). OP4 is a foundation architecture merging collaboration, workflow, information management, and multi-format publishing. Using the OP4 platform, OpenPages’ systems streamline key knowledge processes, such as brand management and multi-channel publishing, in addition to corporate governance, to increase productivity, reduce costs, increase customer satisfaction, and improve corporate accountability.

All OpenPages applications deliver consistency, timeliness and scalability through the same set of secure, integrated, technology-neutral workflow, content management, document management and collaboration services. This allows companies to efficiently introduce the solutions into their business processes and continually adapt the technology to meet the evolving business needs. Following on the heels of SOX 404, OpenPages will shortly introduce SOX 302, which addresses the specific requirements of Section 302 of the Sarbanes-Oxley Act.

About OpenPages

OpenPages® is the leading provider of enterprise risk management solutions that optimize business performance. OpenPages empowers the world’s largest companies by unifying governance, risk and compliance across the enterprise and by incorporating risk management into day-to-day business processes. Founded in 1996, the company is headquartered in Waltham, Massachusetts, with international offices in Japan and the United Kingdom, and regional offices throughout North America.

For questions or for more information on OpenPages' enterprise risk management solutions, please click here or call us at 781.693.5999.