Businesses are increasingly looking to protect their brands and revenues from the impact of third party failures and sub-optimal performance.
Somerville, NJ (PRWEB) February 06, 2014
Hiperos, the leading provider of Third Party Management software, reported today that it ended 2013 posting record growth in the prior 12-month period after expanding its customer base 48% and increasing the value of annual contracts 45% year-over-year.
This extraordinary growth was driven in part by sizable contracts secured in the fourth quarter with a range of blue chip customers, including a U.S.-based multinational investment bank; a leading global provider of enterprise software platforms; one of the largest privately-owned banks in the U.S.; and a global clinical research organization, among others. The success of the fourth quarter was a continuation of the momentum Hiperos built in prior quarters: last year the company announced that it had closed a significant number of contracts in the third quarter, including seven with Fortune 500 companies. The company increased headcount 38% in 2013 to keep up with demand for the products, which are designed specifically to manage the unique complexities and scale of third parties engaged by large organizations.
“The continued growth of our company and the increasing diversity of the industries in which our customers operate, are strong indicators of the growing relevance of third party management and efficacy of Hiperos’ products in successfully addressing changing business priorities,” noted company CEO Greg Dickinson. “While the global regulatory environment is driving demand for a broad range of risk-based solutions, organizations are increasingly looking to protect their brands and revenues from the impact of third party failures and sub-optimal performance.” In addition to the financial services, technology and life sciences sectors, Hiperos’ customers hail from industries that also include oil and gas, manufacturing, electronics and industrial automation.
A Strong Outlook
Cross-sector demand is expected to remain strong in 2014 and beyond as companies increasingly look to third parties to gain a competitive edge and to strengthen and differentiate their business by enhancing and diversifying their product and service offerings, increasing efficiency and reducing costs.
According to the Chief Legal Officer 2014 Survey from the Association of Corporate Counsel, ethics and compliance are the top concern of corporate boards of directors, executives and legal and compliance teams worldwide. These findings are echoed by a new report from independent analyst firm GRC 20/20 that cites policy management, regulatory change management and third party risk and compliance as the leading drivers for Governance, Risk and Compliance technology. The report, “Q1 State of the GRC Market GRC Market Drivers, Trends, Dynamics & Predictions” indicates that the market for third party management solutions is expected to grow by 73% annually through 2017, versus 32% annual growth from 2009 through 2012.
Hiperos’ research indicates that companies are increasingly looking to leverage technology to institutionalize control of their third party management processes: during 2013, interaction between Hiperos customers and their third parties, operating in more than 180 countries worldwide, increased by more than 251% versus 2012, while the number of third party assessments increased by more than 375% for the same period.
“Companies managing complex supply chain and distribution structures, involving thousands of third parties are looking for more effective ways to optimize the value of the business they do through third parties while protecting their brands. Hiperos 3PM™ is designed to ensure that companies have complete management control over third parties so they don’t end up with a value shortfall and can fully realize the advantages of their third party strategy,” noted Dickenson. “Our clients are using Hiperos 3PM™ to address all aspects of third party management, including training, onboarding, risk ranking, due diligence and performance, for as much as 90 percent of all their third parties in a single solution.”
Hiperos is the leader in Third Party Management software. The company’s flagship product, Hiperos 3PM™, is the only solution in the market that is purpose-built to simultaneously minimize the risks of using third parties while maximizing the value they provide. Implemented by the global 500 and business consortiums to addressing their expanding third party management requirements, Hiperos 3PM™ has become the industry’s most widely used SaaS-based solution. The winner of industry awards and accolades for the proven value and low cost of ownership it delivers, Hiperos 3PM™ enables companies to protect their brand and revenues by implementing an automated, consistent approach to third party onboarding, measurement, monitoring and controls, throughout their lifecycle. Hiperos’ clients include many of the world’s leading companies such as Aetna, AON, Arrow Electronics, Astra Zeneca, AXA, Bank of Montreal, CA Technologies, Charles Schwab, Huntington Bank, Kraft Foods, Mondelez, Microsoft, News Corporation, Peabody, PNC Bank, Rockwell Automation, Sun Life Financial, State Street, TD Bank, and United Technologies. For more information visit http://www.hiperos.com.
Caliber Corporate Advisers