The number of companies that have complex capitalization structures and multiple financial transactions is staggering and it just keeps growing
Needham, MA (PRWEB) October 2, 2008
Two Step Software, Inc. today announced that it has passed the milestone of over 100,000 companies tracked in its market leading corporate governance and stock plan administration application, Corporate Focus™. After more than a decade serving the needs of the legal market, Corporate Focus is believed to be the industry's largest standardized repository of capitalization data for venture-backed and other high-growth companies.
According to Gary D. Levine, President and CEO of Two Step Software, this is a significant achievement for the company because the growth clearly comes from law firms understanding that Corporate Focus will help them provide the very best in legal services to their clients. While in the past manual processes using spreadsheets and three ring binders sufficed, such outdated methods are no longer acceptable to discriminating, cost-conscious clients. As a result, law firms of all sizes have standardized on Two Step Software's Corporate Focus to help them provide higher quality legal services and increased productivity.
"The number of companies that have complex capitalization structures and multiple financial transactions is staggering and it just keeps growing," said Levine. "Attorneys and their clients need accurate information in real-time to understand their ownership information and help them make better business decisions. With the speed that business is conducted in today's on-demand marketplace, clients want to know they will not have to wait for someone to find a minute book document or calculate a cap table. They know any delay or inaccuracy can affect their ability to find an investor or close a transaction."
Today Corporate Focus is used by 45% of AmLaw 100 law firms as well as a broad spectrum of smaller and mid-sized business law firms. The application is an on-demand, browser-based system that tracks corporate governance and capitalization records for a law firm's clients. The application also centralizes the massive collection of minute book documents that form the foundation for an entity's corporate records.
Over the past few years, in the wake of governance and accounting scandals as well as new stock option expensing requirements, there has been much greater industry focus on good corporate governance, proper internal controls, and improved compliance for all companies. Such increased pressure from regulators and other stakeholders has forced companies to scrutinize how their corporate records are being managed and led to a dramatic increase in the use of "best of breed" technology at law firms.
According to Scott Glickson, Co-Chair of the Technology and Business Department and Leader of the Corporate & Finance Practice Group at McGuireWoods LLP, they leverage their technology investments to enable their attorneys to respond faster to clients and with better information. Glickson attributes much of their client service success to their use of Corporate Focus.
"We use Corporate Focus because of the breadth and depth of the information it tracks, the immediate access it provides to the data we need to do our work, and how that builds strong client relationships," says Glickson. "Many [of our clients] are high-tech startups with sophisticated legal needs and complex financing requirements. Often, they are involved in financing transactions with angel investors or VC investors and creating relatively complicated capital structures. Clients look to us to give them information about those structures when they need it … All the problems, all the different types of entities -- it's all handled in Corporate Focus and handled well."
About Two Step Software, Inc.
Founded in 1995, Two Step Software, Inc. offers the on-demand applications Equity Focus™ and Corporate Focus™, market leading stock plan administration and corporate governance solutions, used by financial executives, stock plan administrators, law firms, and corporate legal departments to track such information for more than 100,000 companies. Two Step Software offers the only set of on-demand solutions that combine stock plan administration, equity compensation reporting, and corporate governance tracking. Two Step Software is located in Needham, Massachusetts. For more information, visit their web site at: http://www.twostep.com or call: (800) 223-8900.