TraceSecurity Reports Record Revenue and Earnings, Expands Market Share to Over 1400 Customers to Date
BATON ROUGE, La., Feb. 15, 2012 /PRNewswire/ — TraceSecurity, the pioneer of cloud-based security compliance and risk management solutions to organizations of all sizes, reports that the company experienced record-setting growth in 2011. Fueled by 433 contracts and an improved customer retention rate – both the highest in its history – the Company enjoyed record bookings, revenue, earnings and cashflow. TraceSecurity also reported a substantial increase in its core software solutions.
Peter Stewart, the company’s President and Chief Executive Officer, attributes the extraordinary results to a combination of recent enhancements made to the company’s core software platform (TSCM – TraceSecurity ComplianceManager) designed to help customers quickly adapt to new regulatory standards, the deployment of several support initiatives over the past 2 years, and the exceptional service provided by the company’s delivery and support teams who continue to be our customers’ trusted security advisors.
“It has been very exciting to see the phenomenal adoption rate of TraceSecurity’s solutions over the past few years,” said Stewart. “But this year’s new customer growth was especially remarkable because we were able to quickly respond to the needs of the industry by providing a cost-effective solution for organizations that needed to comply with the FFIEC’s impending changes by the January 2012 deadline.”
“In addition to the gains in new sales, we had our highest customer retention rate in company history,” says Stewart, who attributes TraceSecurity’s exceptionally high retention rates to the company’s ability to quickly and effectively respond to customers’ needs. As an example, Stewart points out that many financial institutions were caught off-guard by the FFIEC’s supplemental guidance that, among other important changes, required institutions to augment their annual risk assessments with much more information. “As soon as TSCM was enhanced to meet the new risk assessment standards set forth by the FFIEC, the new features were instantly deployed via TSCM’s native cloud platform. That meant our customers could immediately begin implementing the necessary steps to satisfy the new risk management standards well in advance of the January 2012 target date.”
In early 2011, TraceSecurity relocated their corporate headquarters to a nearby facility in Baton Rouge that offered three times the space as before. The new facility was necessary to accommodate the company’s next phase of staff expansion. The company continues to recruit additional talent and has recently announced plans to add many more key positions in early 2012, including a Director of Product Marketing, additional Business Development Managers and additional Information Security Analysts.
TraceSecurity, a pioneer in cloud-based security compliance software, is a leading provider of risk management and compliance solutions for organizations of all sizes. With 1,400 customers representing over $500 Billion in assets, TraceSecurity supports the security and risk management efforts of organizations in financial services, healthcare, insurance, government and other heavily regulated sectors.
TraceSecurity provides a full menu of risk management and security compliance services, conducted by certified analysts and supported by a host of cloud based tools, which are used to address customers’ Governance, Risk and Compliance requirements. The company delivers a combination of professional services and cloud-based software solutions that allow organizations of all sizes to manage the core components of an information security program: people, process and technology.
The company’s flagship cloud-based software solution, TraceSecurity’s ComplianceManager (TSCM), provides a cost-effective method to streamline regulatory compliance and risk management efforts by integrating all the tools necessary for defining, administering and maintaining the critical components of a GRC program into a single, comprehensive platform. TSCM automates multiple compliance processes that previously could only be performed manually. These processes include risk assessments, vulnerability assessments and alerting, regulatory compliance audits, policy management and dissemination and employee education and testing.
The company’s expert professionals provide comprehensive security assessments that include vulnerability assessments, penetration testing, application layer testing, IT audits and risk assessments. The team also provides security policy development, security awareness training and social engineering assessments. For more information, please visit www.tracesecurity.com.