Approva’s Banner Year in 2007 – And a Look Toward ‘08
Posted on January 21st, 2008 by PV Boccasam »Permalink
I’m extremely pleased to report that Approva concluded another successful year. Over the past two quarters, the company has doubled its revenue, while increasing its market share and adding new customers – including marquee names like Comcast, First Advantage, Komatsu and AECOM among others.
We accomplished these goals while facing tremendous direct competitive pressure and fast changing market dynamics. I would like to thank my team for all of its hard work. They have enabled us to run a profitable, sustainable business – reinforcing our leadership position in the high-growth GRC market place. We’re proud of the success we had last year and our ability to demonstrate immense value to our customers, partners and shareholders.
This past year saw many important developments at Approva, from expanding our use among Big 4 audit firms to expanding into the federal compliance space to increased investment in new products and a good deal of flattering industry awards and recognitions. (Please read the detailed press release for more on Approva’s accomplishments in 2007).
Reflecting on what 2007 meant for our industry, one thing that of course stands out is the strong consolidation trend that we’ve witnessed. The industry’s larger players continue acquiring businesses with more specialized offerings. 2007 also witnessed tremendous innovation from the smaller, more agile players in the market, and I’m equally sure that that trend will continue as well. We have had – and will continue to have – a good bit to say about all of this, frequently via our award-winning blog, Audit Trail. For our take on it, I’ll refer you to our own Ian Glazer, along with Lori Rowland of the Burton Group.
I am struck by the energy and resources that so many companies spent in re-evaluating, re-thinking and re-prioritizing their compliance mandate in 2007. From the SEC’s revisions of SOX Section 404 to the PCAOB’s release of AS5 guidelines, 2007 saw important shifts in the way businesses approach compliance specifically and GRC more broadly. I feel confident that 2008 will be a continuation of this trend – and that companies without a clear GRC strategy are going to spend money without a tangible return on their investments.
As we look toward the future, my management team and I couldn’t be more excited about the year ahead and the opportunity to shape the industry.
Happy New Year.
— PV Boccasam, CEO, Approva
Tags: PV Boccasam, Approva, Governance, Risk and Compliance, GRC