Business process management specialist sees 40 percent revenue growth in Q1, benefiting from Sarbanes-Oxley interest
Vienna, VA — May 6, 2004 — Business process management (BPM) specialist HandySoft Global Corp. is touting its latest successes, pointing to strong revenue growth on the back of several multi-million dollar sales and increased interest in solutions for compliance with Sarbanes-Oxley requirements.
The company said its quarter-over-quarter revenue increased 40 percent for the first three months of the year, driven by several large deals, including an enterprise sale to a U.S. federal government agency. In addition, HandySoft said it experienced strong demand for its products and solutions overseas, closing new deals in Australia, Asia, Latin America and Europe. In all, the company said it added 40 new customers in the first quarter.
Furthermore, the company said that sales of its SOXA Accelerator for Sarbanes-Oxley compliance to a growing number of internationally based Global 500 companies helped fuel its revenue growth. HandySoft said that its growth rate continues to exceed the 15 to 20 percent growth rate of the worldwide BPM market for 2003, as measured by Gartner Dataquest.
"The early promise of business process management was cost savings, and many enterprises seem to have taken advantage of BPM during the recent economic downturn," said Jim Sinur, vice president with Gartner. "Evidence is pouring in from surveys and anecdotal sources that BPM suites are delivering cost savings by reducing error cycles and low-value activities. Because of recent pressures for cost reductions and market demand for better processes, we expect continued pressure from business executives to switch to new, business-differentiating activities that are being modeled for the next economic upturn."
As a part of its efforts to ride this wave, HandySoft pointed to the recent release of the 2.0 version of its SOXA Accelerator, which now provides updated reporting capabilities for improved control and administration and better support for Sarbanes-Oxley Sections 302 and 404. The provider also noted the upcoming release of a Japanese-language version of SOXA 2.0, part of its efforts to develop native-language editions of its existing solutions.
In addition, HandySoft plans this month to release the 9.0 version of its enterprise BPM platform, which will include simulation and improved business modeling capabilities, greater support for Web services and a service-oriented architecture approach, among other upgraded features.
"The last quarter has been our most impressive to date, as demand for both the enterprise BPM solution and SOXA Accelerator continue to skyrocket," said Stuart Claggett, chief operating officer for HandySoft. "Our bifurcated approach has positioned us well to serve companies looking for a framework to capture and enforce best practices and procedures throughout an organization, as well as those interested in rapid improvement of specific business processes."
For more information on solutions for business process management, see "BPM Rising," the Net Best Thing column in the October/November 2002 issue of Supply & Demand Chain Executive.