Cokato, MN â January 23, 2006 â Paisley Consulting, the recognized leader in business accountability software, today announced that it achieved record sales revenue in 2005, growing 35%, which translates into a 4 year growth rate of 566%. The company attributes a large portion of this momentum to increasing customer demand for The Paisley Solution, the industryâs only integrated solution for Sarbanes-Oxley, enterprise risk management, internal audit and general compliance, which was first announced earlier in the year. Furthermore, by the end of 2005 Paisley Consulting closed over 260 new contracts, upgraded the latest version of its popular Risk Navigatorâ¢, signed 15 new partnerships, and expanded its global sales presence into Europe with a recent opening of a new office in the United Kingdom.
2005 Customer Momentum
Throughout the past year, Paisley Consulting has continuously been recognized by the analyst and industry community as a company with a clear vision and the technology and services to support its vision. A recent Gartner report states, âEven with many new competitors, Paisley Consulting retains considerable mind share.â This mind share can be viewed first-hand through a sampling of Paisley Consultingâs impressive list of customers signed on in 2005, including: Air France â KLM, Brady Corporation, Energen Corporation, H.J. Heinz Company, National Life Group, Procter & Gamble, Service Corporation International, and Trustmark Corporation. Paisley Consulting has also had additional contracts signed in 2005 with industry-leading companies in the retail, information technology, energy, manufacturing, telecommunications and financial services sectors. Not only has the company seen unmatched growth throughout the year, but it also has experienced a strong customer retention rate of 89% for its Risk Navigator users and 94% of Auto AuditÂ® users.
2005 Partnership Momentum
In order to provide maximum value to the companyâs customers, Paisley Consulting has dedicated a large amount of time in 2005 to strengthening its partnership program, adding an impressive 15 new strategic partners in complementary spaces to its list.
The signing of a formal partnership with the Institute of Management Accountants (IMA) and SmartPros(R) Ltd. to launch The CARDÂ® e-Learning center, a bundle of courses focused on increasing awareness and core skills for SOX, compliance issues, and enterprise risk management.
A strategic alliance with EnCrisp LLC, a global services leader in Enterprise Controls and IT Assurance consulting and provider of end-to-end solutions for complex financial and IT risk management issues. Through this alliance, Paisley Consulting and EnCrisp LLC offer enhanced support through a complementary suite of services and software to clients implementing mandated Sarbanes-Oxley compliance programs and leveraging the compliance efforts for enterprise risk management.
Paisley Consulting plans to continue its emphasis on the value of forming strategic partnerships moving into 2006. In January 2006, Paisley Consulting was selected by Microsoft as one of the only compliance software vendors to participate in the integration of a beta version of Microsoft Office Visio â12â, a diagramming tool that makes it easy for IT and business professionals to visualize, analyze and communicate complex information, systems and processes. The complete integrated version will provide an enterprise the ability to enter business processes and run visual reports on existing processes, risk and control information throughout their company.
2005 Corporate Momentum
2005 has also been categorized by significant corporate growth for Paisley Consulting. Led by Guy Hudson, the company has expanded is sales presence in Europe through the formal opening of a Paisley Consulting office in London. Paisley Consultingâs new UK office furthers the companyâs global expansion, while providing localized support services for the companyâs growing international customer base. Additionally, Paisley Consultingâs employee base has grown to close to 200 in the past year, with plans in place to increase its staff by 13% in 2006.
"Paisley Consulting has experienced tremendous corporate success in 2005 with significant customer, partner, product and employee momentum throughout the past 12 months and we are confident the company is poised for even greater opportunities in 2006," said Tim Welu, CEO of Paisley Consulting. "In 2006, Paisley Consulting will continue to invest in new technology, product development and personnel in order to sustain and evolve our market leadership and the exceptional products and support we provide to our ever-growing customer base. The dedication we have had to research and development throughout 2005 will continue into the next calendar year. Moving forward, Paisley Consulting will continue our push for breaking down silos and eliminating point solutions by being the only compliance software vendor to provide an integrated solution for Sarbanes-Oxley, enterprise risk management, internal audit and general compliance."