Aveksa Demonstrates Continued Growth with Impressive Q2 2011 Results

Stellar Quarter Highlights Include Outstanding Revenue Performance, New Product Release and Prestigious Industry Award

WALTHAM, Mass.--(BUSINESS WIRE)-- Aveksa, Inc., the leading provider of enterprise Access Governance automation solutions, today announced impressive results for the second quarter of 2011 as the company continues to scale to meet the growing demand for its Access Governance automation software. During the quarter, Aveksa significantly increased revenue, released a new version of its Access Governance automation suite, expanded its global sales force and was named one of the top 10 most promising technology companies by a major technology publication.

In Q2 2011 Aveksa continued to maintain a strong balance sheet increasing revenue by 40% over the prior quarter (Q1 2011) and by 96% over the same period last year (Q2 2010). During the quarter, the Company had 100% maintenance renewal rates with existing customers, and added a multitude of new logo customers across many different verticals, including banking, financial services, healthcare, insurance, pharmaceuticals and technology, with large customers added in the U.K., North America, Canada and Italy. In order to continue the impressive growth the Company has experienced over the past year, Aveksa expanded its sales force in both the U.S. and EMEA with several new sales and field positions added.

In addition to its impressive financial performance in Q2 2011, Aveksa also achieved many product and company milestones during the quarter. In June, Aveksa announced the release of version 5.0 of its suite of Access Governance automation software solutions. New innovations in version 5.0 include a new Data Access Governance module, a new architectural concept called XMDB™ (Access Management Database) which serves as the authoritative source for user access within the enterprise, enhanced enterprise-grade performance and scalability, an enhanced user interface, and VMware-ready certification to fully support access control in cloud computing environments.

Based on the strength of its purpose-built Access Governance platform, customers are achieving clear and measurable benefits with Aveksa’s solutions. For example:

A large global bank was able to:

• Reduce time to deliver user access by 70%
• Reduce time to perform user access certification by 92%
• Define and enforce Segregation-of-Duties (SoD) rules for the first time

A large financial services corporation, which replaced a competitor’s product with Aveksa, was able to:

• Increase user entitlements under management by 20x
• Find and eliminate over 8,000 orphan accounts
• Eliminate all access-related audit findings since going live

In May, Aveksa received the SI Tech 10 award from Silicon India Magazine as one of the ten most promising technology companies. The SI Tech 10 awards are given out every year to technology companies that are "creating a buzz in CIO circles" by developing and bringing to market the "right technology which can increase productivity and efficiency, lower risks and costs, and also help in business recovery." Aveksa won the award due to the depth of its industry-leading Access Governance automation solutions, its large installed-base of Global 2000 customers, its impressive growth over the last 12 months and its plans to expand its global presence in 2011.

“Aveksa had an incredibly successful Q2 with outstanding revenue performance and the release of Aveksa 5.0, as well as being named one of the top 10 most promising technology companies," said Vick Viren Vaishnavi, President and CEO of Aveksa. “As a key indicator of Aveksa’s success, I am especially proud of our 100% customer maintenance renewal rate during the quarter as it demonstrates the commitment we have from our customers and the value that our software is providing large enterprises that are making Access Governance a top strategic priority, not only for IT but for the business as a whole.”

About Aveksa

Aveksa provides the industry’s most comprehensive, purpose-built, enterprise-class, Access Governance automation platform. Aveksa enables organizations to manage the complete lifecycle of user access to information resources through an automated, continuous process for access request, approval, fulfillment, review, certification and remediation. Aveksa helps IT organizations reduce access management complexity and increase operational efficiency while minimizing risk and ensuring sustainable compliance. Leading Global 2000 organizations in financial services, healthcare, retail, energy/utility, telecommunications, transportation and manufacturing rely on Aveksa to efficiently address access request, fulfillment and regulatory compliance demands. For more information, go to www.aveksa.com.

AveksaTedd Rodman, 781-487-7700 x-117
[email protected]

Source: Aveksa