Aveksa Reports Q1 Results
Apr 13, 2012 (Close-Up Media via COMTEX) --
Aveksa, a provider of enterprise Access Governance automation solutions, announced momentum for the first quarter of 2012, building on the Company's very successful 2011.
In a release on April 10, the Company noted that during the quarter, Aveksa continued its rapid growth with significantly increased revenue across all sales regions throughout the world. Deals closed in Q1 included numerous new customers in the United States and Europe, as well as repeat business from Aveksa's existing customer base, with many customers continuing to expand their Aveksa deployments. In several of its Q1 deals, Aveksa successfully displaced products from competing vendors at companies in both the US and EMEA.
In Q1 2012 Aveksa continued its track record of exceeding its quarterly plan adding a multitude of new logo customers across many different verticals, including transportation, business consulting, banking and financial services. Aveksa also continued its track record of high customer satisfaction with a 100 percent customer maintenance renewal rate and numerous customers purchasing additional licenses to expand their deployments. To keep pace with its rapid growth, in Q1 Aveksa expanded in all sectors of the company, including sales, marketing, engineering, services and support.
Over the past year, the Identity and Access Management market has experienced a tremendous shift with customers moving away from traditional provisioning systems to an Access Governance-centric approach that enables them to meet their identity and compliance requirements. Aveksa has greatly benefited from this market shift resulting in significantly increased product demand.
In addition to its Access Governance automation technology, Aveksa has taken advantage of this market shift by enabling customers to get the Aveksa solution up and running very quickly resulting in the industry's lowest total cost of ownership. Examples of customers who were able to achieve time-to-value by implementing Aveksa in Q1 include:
-A US-based insurance company deployed the Aveksa solution for user access certification across its critical applications and a focused group of users - going from project kickoff to production reviews in 32 days. The company continues to expand their deployment and will soon have coverage for all of its 72,000 employees and business partners.
-A European insurance company customer implemented phase 2 of their Aveksa deployment in less than 2 months, doubling the number of applications, tripling the number of accounts and rules, and quadrupling the number of reviews, definitions and workflows being managed by the Aveksa solution. They now have approximately 10,000 users' access under management.
-A UK-based energy company went live with the full Aveksa suite, including access reviews, role management and access request for all global trading applications across all targeted users.
As evidenced in the customer examples above, Aveksa continued its customer success in both Europe and North America. In Q1 Aveksa also continued its track record of replacing unsuccessful deployments of both large-scale suite and niche competitors at large enterprises in North America and Europe.
"After an amazing year in 2011, Aveksa is off to a tremendous start in 2012 with an outstanding Q1," said Vick Viren Vaishnavi, President and CEO of Aveksa. "I am particularly proud of the fact that we had numerous customers go live this quarter enabling them to quickly realize the benefits of Access Governance automation due to the ease of implementation of our solutions. This not only allows these companies to experience lower total cost of ownership, but also helps more efficiently reduce security risks and meet compliance requirements. Our customers demand fast and highly-scalable deployments and our success in this area has cemented our leadership in the Access Governance market."
Aveksa provides a purpose-built, enterprise-class, Access Governance automation platform.
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