BRANCHBURG, New Jersey, October 8, 2015 /PRNewswire/ --
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% 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, spotlighting the importance of third party management. Last week's shocking news of a data breach exposing sensitive personal data of 15 million people who applied for phone service perfectly illustrates the importance of third party management. Neither the phone carrier's systems nor network were part of the 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. 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% 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 towards managing all their third parties rather than just a subset. Sales decision cycles are happening 43% 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."
Hiperos also invested strongly in personnel throughout 2015, boosting worldwide staff by 33% year-on-year as at 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.
Hiperos, an Opus Global company, is the leader in Third-Party Management software, connecting third parties to many of the world's largest companies across a range of industry verticals including energy, financial services, manufacturing, real estate, life sciences, and technology. The company's flagship product, Hiperos 3PM™, is the only solution in the market purpose-built to simultaneously minimize the risks of using third parties while maximizing the value they provide. Implemented by global 2000 companies and business consortiums to address their expanding third party management requirements, Hiperos 3PM™ has become the industry's most widely used SaaS-based third party management solution. The winner of industry awards and accolades for the proven value and low cost of ownership it delivers, Hiperos 3PM™ enables companies to protect their brand and revenues by implementing an automated, consistent approach to third party onboarding, measurement, monitoring and controls, throughout their lifecycle. Hiperos' clients include many of the world's leading companies such as Aetna, Alcoa, AON, Arrow Electronics, Astra Zeneca, AXA, Baker Hughes, Bank of Montreal, Charles Schwab, Dow Jones, Fulton Bank, Halliburton, Huntington Bank, JLL, Kellogg, Kraft Foods, Mondelez, Microsoft, News Corp, New York Community Bancorp, Paypal, Peabody Energy, PNC Bank, Rockwell Automation, Sun Life Financial, State Street, TD Bank, United Technologies and Zion's Bancorporation. For more information, visit http://www.hiperos.com.
About Opus Global
Opus Global is a compliance platform provider headquartered in Palo Alto, California, created through a $500 million partnership between GTCR, one of the world's leading private equity firms, and Doug Bergeron, former CEO of VeriFone. Through direct investments and targeted acquisitions, Opus Global's mission is to build the world's leading compliance platform by integrating leading technology solutions addressing the increasingly complex compliance requirements and risks faced by companies across all industries. Opus Global seeks to be a long term partner to its customers, delivering significant value to their businesses through superior software solutions and related services. For more information about Opus Global, please visit http://www.opusglobal.com
Opus Global & Hiperos:
Michael O'Connell / Taylor Johnson
SOURCE Opus Global & Hiperos