Prodiance Completes Successful 2010 with Profitability and Key Wins at 4 of the Top 5 Financial Services Firms

Pleasanton, Calif. and London - 7 January 2011

Prodiance Corporation, a global provider of Enterprise Risk Management solutions, today announced their most successful year ever in 2010 reaching profitability with an 80% increase in revenue over prior year’s results. This growth firmly establishes the company as the fastest growing Spreadsheet Control vendor and a key player in the overall Enterprise Risk Management market. Since launching the company in July of 2005, Prodiance has acquired more than 100 customers across 20 countries and 6 continents. Prodiance technology is now the solution of choice at 4 of Top 5 financial services firms in the world - all of which have enterprise-wide programs in place to mitigate spreadsheet and end-user computing (EUC) risk.

"In a relatively short period of time, Prodiance went from zero customers to becoming the fastest growing and most innovative Spreadsheet Control vendor," said Soheil Saadat, President and CEO at Prodiance. "Before we entered this market, the Spreadsheet Control market was a relatively stagnant industry. Prodiance redefined the requirements for Spreadsheet Control based on auditor guidance while delivering a user-friendly solution with enterprise class performance and scalability. Our 2010 results prove the company is setting the pace for the entire industry, and we will raise the bar again in 2011 with constant innovation and a continued focus on customer success."

Key drivers for Prodiance’s rapid growth in 2010 include a close partnership with Microsoft and leading audit firms, several global customer expansions, and an increasing number of regulatory mandates driving a sense of urgency for spreadsheet and EUC risk mitigation solutions, including the NAIC Model Audit Rule, SOX 404, Solvency II, OMB Circular A-123, and Basel III.
Other notable successes for Prodiance in 2010 include:

• An 80% increase in revenue from software and professional services over 2009 results.
• Reaching profitability with a significant opportunity pipeline.
• Formation of key channel partnerships to expand Prodiance’s global presence, including InstiSys in Brazil, The Cherry Group in the CIS Region, and Wharf T&T in China.
• A number of key executive new hires to further strengthen the Prodiance management team.
• Numerous enhancements to the Prodiance ERM system including new dashboards designed for auditors, enhanced preventative controls, expanded support for Access database controls, and support for the latest Microsoft platform including Office and SharePoint 2010, Windows Server 2008, SQL Server 2008 and Windows 7.
• A very successful and well-attended user group conference held in September 2010 at Walt Disney’s Grand Floridian Resort & Spa in Orlando, Florida featuring presentations on training, thought leadership and best practices from customers, partners and industry experts.
• The launch of two new professional service offerings designed to help companies prepare for EUC control projects and upcoming compliance audits, including the EUC On-site Assessment Service and the EUC Audit Readiness Assessment.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development