Over 75% increase in sales over 2008 globally, combined with record profits
Bangalore based MetricStream, a Governance, Risk and Compliance (GRC) leader, has announced significant growth in 2009, achieving over a 75% increase in sales over 2008 globally combined with record profits. MetricStream’s growth was fueled by companies prioritizing their need to drive business performance by better managing ever increasing complex risk scenarios and compliance requirements. This resulted in both new implementations as well as a high number of replacement implementations.
In 2009, MetricStream saw a large number of customers that replaced their existing solutions, from some of its leading competitors, with MetricStream solutions. Research conducted among such customers highlighted three primary reasons they chose to move away from other GRC solutions: lack of scalability, expensive upgrades, and poor vendor responsiveness.
"Throughout 2009 we executed on a profitable growth strategy to enhance our market leadership and brand in GRC by investing in our customers, platform, solutions, content, and people," said Shankar Bhaskaran, Senior Director & Head of International Business Operations at MetricStream. "We saw excellent performance in 2009 and that has set the stage for a very strong 2010 and beyond.”
MetricStream’s strongest growth came from corporations that needed either integrated GRC solutions right at the start of their initiatives or needed best-of-breed applications in one or two areas (such as Audits, Risk, Compliance, Policy Management, Environmental Management and Quality Management) but were looking to lay a strong foundation for compliance programs by investing in the right IT architecture that could be extended over time for integrated enterprise-wide GRC. As an example, one of the largest utility companies in the US embraced MetricStream to manage SOX, FERC, NERC, Environmental, ERM, Audits and Corporate and IT Policy programs on a common platform.
A large number of customers in several regulated industries like Financial Services, Healthcare, Utilities and Energy, Life Sciences, Retail among others turned to MetricStream in 2009. These included some of the largest companies in the world that are market leaders in their industries.
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Outside North America, MetricStream significantly enhanced its presence and penetration in Europe, Middle East, South America, Africa and Asia. MetricStream’s network of alliance and channel partners played an integral role in driving sales globally. A number of strategic initiatives included partnerships with leading systems integrators, resellers and an increasing focus on third-party channels to fuel future growth.
MetricStream, with its India headquarters at Bangalore, is a market leader in Enterprise-wide Governance, Risk, Compliance (GRC) and Quality Solutions for global corporations.
MetricStream solutions are used by leading corporations such as Pfizer, Philips, NASDAQ, UBS, SanDisk, BP, Subway, Fairchild Semiconductor, Hitachi and TaylorMade-Adidas Golf in diverse industries such as Pharmaceuticals, Medical Devices, Automotive, Food, High Tech Manufacturing, Energy and Financial Services to manage their quality processes, regulatory and industry-mandated compliance and corporate governance initiatives, as well as by over a million compliance professionals worldwide via the www.ComplianceOnline.com portal.
For further information on MetricStream, please visit www.metricstream.com.