Virsa Closes 2005 With More Than 300 Customers; Record Results Include Tripling Revenue and More Than 2.5 Million Seats Deployed Around the World.FREMONT, Calif. -- Today Virsa Systems Virsa Systems was a California based compliance software maker. It now forms the Governance, Risk Management, and Compliance (GRC) vertical of SAP Labs . Commercial Operations
Acquisition by SAP AG
On 3rd , Inc., the leader in real-time compliance solutions, recapped its outstanding achievements in 2005. The highlights include unprecedented acquisition of new enterprise customers leading to 245% year over year growth and expansion of Virsa's solutions to extend its leadership in compliance, controls and security innovation.
"Our success in 2005 sets the stage for enormous growth and opportunity in 2006," said Jasvir Gill, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and founder of Virsa. "Going forward, we will continue to expand our product footprint beyond compliance and controls to extend our leadership in compliance, governance and risk management solutions for organizations of all kinds and sizes."
Explosive Growth Around the Globe: Virsa added more than 170 new customers in 2005. Virsa's customer roster features market leaders including America Online See AOL. , Coleman, General Electric, Johnson & Johnson, Kohler, Lockheed Martin For the former company, see .
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Demand for Innovation Accelerates: As Virsa continues to demonstrate success with its flagship Compliance Calibrator calibrator
an instrument for dilating a tubular structure or for determining the caliber of such a structure. product, demand for extended compliance capabilities is growing. To meet this need, Virsa added two new compliance solutions in 2005: Access Enforcer and Firefighter. Access Enforcer goes a step beyond traditional provisioning to ensure compliant provisioning -- safeguarding companies from one of the most common forms of corporate fraud. Virsa's Firefighter lets "super-users" perform emergency activities outside their role under a controlled and auditable environment with authorization, data and access restrictions.
In addition to extending its core compliance offerings, Virsa made significant progress in its strategy to lead innovation across compliance and controls technology and expand its footprint within the enterprise. Introduced in the third quarter, Confident Compliance continuously monitors and enforces controls for key business processes such as order to cash and procure to pay. With Confident Compliance, business process owners, auditors and C-level executives have a dollar quantified view of risk across the enterprise, giving them more certainty in their financial reporting.
New Partnership Fuels Success: In March 2005, Virsa signed a strategic partnership with SAP. The partnership includes joint marketing and development initiatives and establishes SAP as Virsa's first global reseller. As further testament to the superiority of Virsa's solution to those of competitors, SAP also selected Virsa's solution for its own internal use following an extensive competitive evaluation.
Industry Accolades: Virsa received significant industry recognition in 2005. Access Enforcer was awarded Network World's 2005 "Category Breaker" Award for the product's ability to break market boundaries, based on its innovation and potential to affect enterprise networks. Virsa received the SAP Pinnacle award for demonstrated success in sales and marketing. Virsa was also honored as the B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G.
B2B - business to business Company of the Year by AlwaysOn and as a "Cool Vendor" in the "Cool Vendors in Security and Privacy, 2005" report, published March 28, 2005, by Neil MacDonald, et al of Gartner, Inc.
Virsa's tremendous year prompted Tom Roremski to comment in his ZDNET (ZDNet, Cambridge, MA, www.zdnet.com) A technical portal for PC users from CNET Networks, Inc. (www.cnetnetworks.com). ZDNet contains news, white papers, product reviews and links to a wide variety of shareware, trial downloads and public domain software on the Internet. Blog, "Virsa is the front runner in the Ray Lane stable. It could very well be the fastest growing private software company in the world right now."
Founded in 1996, Virsa Systems, Inc. is the global leader in cross-enterprise solutions for governance, risk, and compliance management. Virsa provides the only solutions that dramatically simplify compliance with regulations such as Sarbanes-Oxley, by enabling customers to embed automated control design, testing, and enforcement directly into their business processes. The result is significantly lower cost, reduced risk, and increased efficiency. With more than 300 enterprise customers globally and more than 2.5 million end users, Virsa has the largest installed base in the sector. Virsa is privately funded with venture investment from SAP Ventures, Kleiner Perkins Caufield & Byers, and Lightspeed Venture Partners. Virsa offices are located throughout the world, including the United States, United Kingdom, Germany, France, India, Singapore, Australia, and Japan. For more information go to www.virsa.com.