OpenPages Seizes Control of Governance, Risk and Compliance Software Market in 2004.

WALTHAM, Mass. -- In the fourth graph, first sentence, the figure "$5.8 million" should read: $5.8 billion.

The corrected release reads:

OPENPAGES SEIZES CONTROL OF GOVERNANCE, RISK AND COMPLIANCE SOFTWARE MARKET IN 2004

Company Expands Customer Base to More Than 120 Global 2000 Customers; Triples Revenue Over 2003

OpenPages reported today that the company has surpassed its 2004 goals for customer and revenue growth, extending OpenPages' lead in the rapidly growing governance, risk, and compliance management (GRCM) software market. By the end of 2004, OpenPages had grown its customer base to more than 120 Global 200 organizations and had tripled revenue over 2003. The company also reported that its average deal size increased significantly over the course of the year with several million-dollar purchases by customers in the fourth quarter, a clear indicator of the level of strategic investment companies are making in OpenPages' domain expertise and technology.

Today, OpenPages' GRCM solutions are used by more than 16,000 users, more than any other vendor in the GRCM solutions market, and the company has been recognized by analyst firms including Gartner, Forrester Research, META Group and AMR Research as a leader in GRCM software solutions. As a result of its success during the past year, OpenPages continues to be the first choice for companies seeking to use software to reduce the costs associated with Sarbanes-Oxley compliance.

"The world's most prestigious companies rely on OpenPages to help them meet their governance, risk and compliance goals. They understand the value of implementing a compliance solution that helps them reduce the cost of compliance today, while providing a scalable, sustainable path to additional GRCM initiatives moving forward," said Michael Duffy, president and CEO of OpenPages. "As the leader in GRCM solutions, OpenPages offers a powerful combination of domain expertise and technology to help companies not only ensure that they are in compliance with government regulations, but also fulfill their risk management requirements to protect the interests of management, customers and shareholders."

AMR Research predicts that the momentum in the corporate compliance software market will continue through 2005 with companies spending $5.8 billion on compliance in 2005 with 28 percent - or $1.6 billion - on software. AMR Research expects that the market will continue to grow at a rapid rate, as evidenced by the recent increase in the number of companies that are moving towards compliance software solutions to capture, test and review their internal controls frameworks.

OpenPages' customers come from a broad range of industries, including financial services, manufacturing, media, energy and power, technology, health services, and life sciences. These customer companies earn an average of $4.9 billion in annual revenue, totaling more than $560 billion in combined annual revenues. In 2004, OpenPages announced significant customer wins including Lloyds TSB, Ingersoll-Rand, Constellation Brands, Viacom and Vodafone.

Since the release of SOX Express in June 2003, OpenPages has grown its customer base faster than any other provider and has achieved significant advancements in several areas:

--In February 2004, OpenPages secured $10 million in funding to advance its leadership position in helping customers achieve their GRCM goals in the face of upcoming Sarbanes-Oxley deadlines as well as ongoing corporate governance and risk initiatives.

--In April 2004, OpenPages acquired PriceWaterhouseCoopers' Sarbanes-Oxley software, Internal Controls Workbench (ICW). PwC chose OpenPages SOX Express as the industry's only ICW replacement product, a clear indication that OpenPages has the solutions and domain expertise to ensure companies' compliance success.

--In May 2004, OpenPages launched SOX Express 3.0, the newest version of its market-leading solution streamlines corporate compliance efforts while providing greater business transparency and increased management efficiency. Unique features for this version include reporting periods, enhanced data import and third-party reporting integration.

--Throughout the past year, OpenPages signed strategic relationships with leading technology firms, including Cognos and Hyperion, to allow customers to leverage their existing investments in corporate compliance solutions, as well as to extend that functionality within their systems.

--In October, OpenPages held its first annual user conference, the OpenPages User Symposium (OPUS), a three-day forum that yielded important insights into how companies are progressing in their efforts to meet the compliance requirements outlined by Section 404 of the Sarbanes-Oxley Act. With more than half of the OpenPages customer base in attendance, OPUS 2004 served as a forum to share ideas and best practices in GRCM. During 2004, the company also launched OpenForum, the OpenPages User Group.

--OpenPages expanded its reach internationally with a new office located in the United Kingdom, and a distribution presence in Asia. In 2004, OpenPages announced a number of new international customers, including Lloyds TSB, COLT Telecom, Taiwan Semiconductor Manufacturing Company and Bookham Technology. The company expects to continue to grow its international business dramatically as foreign filers prepare to meet their Sarbanes-Oxley compliance deadlines.

OpenPages' SOX Express is an enterprise compliance management solution that reduces the time and resource costs associated with ongoing compliance for Sections 302 and 404. SOX Express is a focused enterprise application that combines powerful document and business process management with flexible reporting capabilities in an extremely easy-to-use environment that enables CEOs, CFOs, and financial management officers to enforce internal controls. SOX Express helps corporations automate significant aspects of their internal controls framework to significantly reduce the overall cost of compliance. Project managers, documentation team members, internal auditors, and external auditors use SOX Express' dashboards to plan, document, and test the internal controls of their companies and will eventually use to attest to the financial statements.

For more information on OpenPages' line of enterprise governance, risk and compliance management solutions or to register for a weekly webinar, please call 781-647-3800 or visit www.openpages.com.

About OpenPages

Founded in 1996, OpenPages develops enterprise governance, risk and compliance management (GRCM) solutions that streamline knowledge-intensive processes to improve corporate accountability, reduce disclosure process cost, enhance internal controls management productivity, and increase investor confidence. The company's portfolio of solutions includes Sarbanes-Oxley Express (SOX Express), the market-leading enterprise application for automating the corporate financial reporting and disclosure compliance requirements of Sections 404 and 302 of the 2002 Sarbanes-Oxley Act.

OpenPages is a trademark of OpenPages, Inc. All other trademarks contained herein are the property of their respective owners.