Lumigent Continues To Counter Down Economy With AppGRC Success
Lumigent Technologies, Inc., the GRC business apps company, recently announced that it continues to counter the down economy with the success of AppGRC, automated GRC control systems. In the first quarter of 2009, new Lumigent customers and partners proved the recession-proof demand for the company's finished business applications that reduce the costs of compliance for primary business applications.
"The current state of the economy is prompting more companies to scrutinize, re-review, and often postpone purchases that can't show clear and immediate economic value," said John H. Capobianco, president and CEO of Lumigent. "AppGRC is bucking that trend. It's aimed squarely at business users who have a pressing and recurring business need — compliance reporting to satisfy SOX, DCAA, SAS 70, and other audits. We simplify life for business users, automating compliance tasks to drive down the costs of compliance with a solution that can be implemented in days. AppGRC is something the market desperately wants, now more than ever."
AppGRC in Q1
During the first quarter, Lumigent augmented the AppGRC line with AppGRC for PeopleSoft Financial Management while AppGRC sales shattered projections by 86 percent. Likewise, Lumigent established a multi-million dollar pipeline of prospective customers for the rest of the year. And Lumigent added several new customers to the AppGRC roster, including:
- AECOM Government Services,
- ATK,
- CBS, and
- IBM Global Services.
Lumigent also announced a reselling partnership with Deltek, Inc., the leading provider of enterprise applications software for project-focused organizations. Deltek became the exclusive distributor of AppGRC for Deltek Costpoint under the agreement, launching its AppGRC sales and marketing programs and generating its own multi-million dollar pipeline in under 90 days.
To help independent software vendors (ISVs) drive down the costs of compliance for their customers, Lumigent launched its partner program to support ISVs whose customers are routinely subjected to regulatory or internal audits. The Lumigent ISV partner program responds to the business opportunities driven by impending U.S. regulatory reform and established compliance requirements, letting ISVs enhance their financial applications with AppGRC's continuous monitoring of source data and controls.
Other first quarter highlights include:
- $6M secured in a new round of funding from North Bridge Venture Partners, and
- the "AppGRC for PeopleSoft Financial Management" webinar series.
For more information on AppGRC, see http://www.lumigent.com/solutions/appgrc.html, or for general information on Lumigent, visit www.lumigent.com.
About Lumigent
Lumigent helps CFOs, CIOs, controllers, and other business executives reduce the cost of meeting Governance, Risk and Compliance (GRC) requirements for their primary business applications. Organizations worldwide use Lumigent's AppGRC™ software solutions to automate compliance reporting in some of the most heavily regulated industries, including financial services, healthcare, manufacturing, and government. Lumigent improves operational efficiencies and mitigates business and financial risk by providing complete visibility into application data activity and automating application-aware controls to maintain the integrity of critical business information. For more information, visit www.lumigent.com
SOURCE: Lumigent Technologies, Inc.