Third-Party Management Leader’s Strong Performance Highlights Market Momentum as Companies Seek Better Protection Against Revenue Loss, Reputational Damage and Regulatory Risk
Hiperos, an Opus Global company, and the leading provider of third-party management software, today announced record results for the third quarter of 2015, with 64 percent year-on-year growth in new subscription sales.
“Our record third quarter and 2015 year-to-date results are a strong confirmation that third-party management is being taken more seriously than ever by large global corporations,” said Greg Dickinson, CEO of Hiperos. “Reports of third-party failures are unrelenting, putting the spotlight on the importance of third-party management. Last week’s shocking news of a data breach exposing the sensitive personal data of 15 million people who applied for phone service perfectly illustrates the importance of third-party management. Neither the carrier’s systems nor network were part of this intrusion, the breach allegedly occurring at a third-party credit monitoring firm. As is often the case, a third party can turn out to be the weakest link in the chain.”
“Boards, senior executives and regulators are continuing to demand higher standards in managing third parties to protect against revenue loss, reputational damage and regulatory fines,” Dickinson added. “As always, we are thankful to our customers for the confidence they have shown in us to help them better manage their third parties.”
Hiperos continued to advance on multiple fronts. Average annual contract value, a key measure of license usage, is up 67 percent in 2015 as new customers defined larger scopes for their third-party programs, while existing customers chose substantial add-on licenses, sometimes larger than their original contracts. The average number of third parties being monitored also increased substantially, more than doubling since the same time last year, indicating a quantum shift in effort by companies toward managing all their third parties rather than just a subset. Sales decision cycles are happening 43 percent faster in 2015, as companies became more focused on the third-party management challenge and keener to implement solutions quickly. Strong demand continued from blue-chip and Fortune 500 companies in the banking, consumer goods, life sciences, energy exploration and information technology sectors.
“Yet again Hiperos has achieved an outstanding result,” said Doug Bergeron, Founder and CEO of Opus Global. “Greg and his team have excelled in building momentum and accelerating growth throughout 2015. Our continued customer growth is testimony to the strength and versatility of the Hiperos Third Party Management solution. The Hiperos Third Party Network is proving a favorite with existing and new customers as they seek better and more efficient ways to communicate and interact with their third parties.”
“Along with our acquisition last week of Alacra, a leader in SaaS-based Know Your Customer and Anti-Money Laundering solutions, Opus Global is expanding its SaaS-delivered compliance platform to forge a new path toward more rapid, accurate, responsive and cost-effective compliance. With our new London office, we are looking forward to expanding aggressively into the European market,” Bergeron said.
Hiperos also invested strongly in personnel throughout 2015, boosting worldwide staff by 33 percent year-on-year as of the end of the third quarter, supporting growth in client services, customer success, support, engineering, operations, marketing and sales. The company now has offices in Atlanta, Boston, Branchburg, Chicago, Palo Alto, Pittsburgh, New York and London.