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Convercent Gains Momentum; Announces Record Quarter, New Customers and Analyst Recognition

GRC Software Provider Reports 136% New Bookings Growth, Citing New Customers Like CH2M HILL and Philip Morris International, and Announces Industry Recognition

DENVER, CO -- (Marketwired) -- 08/14/14 -- Convercent, a SaaS-based enterprise governance, risk and compliance (GRC) solution, today announced it achieved record growth for the second quarter ended June 30, 2014. Convercent continued to expand its global footprint with new enterprise customers, dramatically increased its quarter-over-quarter bookings and was recognized for being a leading GRC solution.

"Our customer focus and commitment to product leadership through innovation delivered tremendous results last quarter," said Patrick Quinlan, CEO of Convercent. "We'll continue to see organizations gravitate towards technology that can support the practical implementation and measurement of their risk and compliance initiatives. Convercent is pleased to be leading the charge in this market shift by delivering unmatched compliance program visibility through integrated and actionable intelligence."

New Customers
Convercent added a number of enterprise customers in the second quarter, including:

  • Philip Morris International
  • Under Armour
  • Einstein Noah Restaurant Group
  • Juniper Networks
  • Dolby Laboratories

Record Financial Growth
In the second quarter, Convercent achieved 136% quarter-over-quarter growth, marking its largest quarter on record for new bookings.

"We made monumental strides in the first half of 2014 and are well primed for the second half of the year to be even more significant," said Chuck Boyle, Chief Financial Officer at Convercent. "Our unrelenting commitment to delivering an exceptional experience for our customers, and our continued investment in product innovation to delight a new generation of customers, puts us in a very strong position to continue the momentum through the end of this year."

Industry Awards and Recognition
Convercent was recently mentioned as a sample vendor in three recent Gartner Hype Cycle Reports:

  • Hype Cycle for Enterprise Architecture, 2014
  • Hype Cycle for Legal and Regulatory Information Governance, 2014
  • Hype Cycle for Privacy, 2014

Convercent was named as a sample vendor for third-party risk management in all three reports, in addition to its listing as a sample vendor for corporate compliance and oversight in the Hype Cycle for Legal and Regulatory Information Governance Report.

As Gartner GRC analyst French Caldwell explains, corporate compliance and oversight software can help companies "automate control assessments, continuous monitoring, regulatory change management, policy management, ethics compliance, and reporting."

Coming Soon: New Product Expansion
In September, Convercent will release a notable expansion to its solution, which will provide deeper insights into how effectively organizations are managing and mitigating their unique compliance risks.

For more information on Convercent, please visit www.convercent.com or follow us on Twitter.

About Convercent
Convercent's enterprise governance, risk, and compliance (GRC) platform enables the design and implementation of a measurably effective compliance program. Pairing a refreshingly intuitive user experience with actionable reporting, Convercent integrates the management of corporate compliance risk, cases, disclosures, training and policies. With hundreds of customers in more than 130 countries -- including Philip Morris International, CH2M HILL and Under Armour -- Convercent's award-winning GRC solution safeguards the financial and reputational health of a company. Based in Denver, Convercent is backed by SAP Ventures, Azure Capital, Rho Capital Partners and Mantucket Capital. For more information, visit www.convercent.com.

Disclaimer: Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

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