Despite the worldwide economic downturn, financial market turmoil and technology spending slowdown, OpenPages extended its leadership position in enterprise GRC management in 2008 with strong customer acquisition, growth and continued profitability. Some of the companyâs other notable financial and operational achievements include expanding the European operation to address growing market need; signing up new distribution partners in Japan including BancTec, CAC and OKI; and increasing OpenPages licensed users to 500,000.
2008 was also a landmark year in terms of enhancing OpenPagesâ technology offerings to address evolving customer needs. In April, OpenPages unveiled version 5.5 of its best-of-breed GRC platform. Additionally, the company announced the availability of OpenPages Hosting, a hosted offering of its leading governance risk and compliance (GRC) technology. In June, OpenPages received a patent for its highly configurable GRC platform. And in July, the company released OpenPages EHS, a solution for environmental, health and safety risk initiatives.
On the partnership front, OpenPages entered into several strategic agreements to help companies drive effective risk management in the year ahead. In September, OpenPages entered into a technology and co-marketing agreement with CCH TeamMate, which provides users with a streamlined approach to managing audit information across the enterprise. Additionally, in December, the Operational Riskdata eXchange Association (ORX), announced its selection of IBM and OpenPages to help transform and web-enable its operational risk loss data capture and analytic capabilities for its 51 member banks.
2008 was a year of outstanding industry recognition for the company as well. OpenPages was recognised by several industry analysts as the de facto leader in the governance, risk and compliance management market. This included being positioned in the leaders quadrant of the Gartner "Magic Quadrant for Enterprise Governance, Risk and Compliance Platforms" report as well as being positioned within the âPremier Divisionâ in the Chartis Research Operational Risk Management Systems 2008 report. OpenPages was also awarded the AlwaysOn Northeast 100 Top Private Company Award; ranked 12th in Chartis Researchâs annual RiskTech 100 Survey and was identified as a leading firm within the OpRisk & Compliance Operational Risk Software Survey 2008.
Michael J. Duffy, CEO & president, commented, âWe believe that 2009 will be the year that enterprise GRC platforms go mainstream. OpenPages is perfectly positioned for this opportunity as the company with the largest installed base of GRC platform customers and the most experience in successfully implementing cross-silo converged solutions for delivering enterprise class risk management on a single instance.â