Lavante Announces Record Growth for Fiscal Year 2011
Lavante Customers Experience Continuous ROI by Leveraging Lavante’s Technology and Best Practice Innovations
SAN JOSE, Calif. — February 27, 2012 — Lavante, the leading provider of on-demand supplier and recovery management solutions, today announced record growth, year over year, marked by a 44% increase in revenue over fiscal year 2010. These results, combined with significant new customer wins and significant technology innovation, cement the company’s leadership as a recovery audit innovator and trusted partner for companies throughout North America.
“Lavante has exceeded our expectations,” said Matt Mears, manager, Financial Shared Services, Lennox Industries Inc. “They quickly identified recovery dollars, and literally turned our A/P Shared Services Group into a profit center in Q4 of 2011. Together with Lavante we believe our A/P Shared Services Group will be in a position to contribute to our company’s bottom line in 2012.”
Key milestones achieved by Lavante during fiscal year 2011 include:
Secured Significant New Customer Wins: Lavante secured significant new customer wins during 2011, specifically in the grocery/retail, healthcare and manufacturing industries. Growth was across the US and Canada.
Expanded the Lavante Leadership Team: Lavante added seasoned industry veterans to its leadership team in 2011 including Sanjeev Srivastav as Chief Operating Officer and Vinay Ambekar as Senior Vice President of Engineering.
Added Significant Product Enhancements: An expanded development team delivered a continuous stream of Lavante Recovery updates, including: new reporting features for better visibility into audit results; improved Optical Character Recognition (OCR) capability to increase processing speed and accuracy; enhanced credit matching for efficient credit disposition; and infrastructure upgrades to support processing and management of ever-increasing volumes of client’s supplier data.
Awarded New Patent for Statement Audit Process, Technology and Application: Lavante received the industry’s first statement audit technology patent, delivering a significant step beyond traditional, manual recovery audit solutions. This patented technology is at the base of the Lavante Recovery™ solution, which offers an automated way for companies to connect with the breadth of their suppliers, to continuously identify outstanding credits and to deliver significantly higher statement claims than traditional recovery audit approaches.
Received Key Industry and Civic Awards: In 2011, Lavante CEO and Founder, Joe Flynn, was named by the Irish Technology Leadership Group as one of the Top 50 Irish American Technology Executives. Lavante also received a commendation from the City of San Jose for Innovation and Job Creation.
“We attribute this ongoing success to our ability leverage Lavante’s technology innovations in the recovery audit processes to produce a rapid and substantial return on investment for our clients,” said Joe Flynn, CEO and founder, Lavante. “Through a unique combination of patented technology and best-practice processes, our clients embrace Lavante as an integral component of their models for financial success. Moving into 2012, we see growing opportunities and increased need for aggressive, continuous recovery and supplier information management solutions as we work to extend financial efficiencies for credit recovery and vendor file data cleansing.”
Lavante is the leader in on-demand supplier management solutions, including recovery audit and supplier information management applications. Built with advanced, patented technology, Lavante delivers to the financial arena a new standard in efficient technology-driven solutions that allow companies to quickly drive dollars to the bottom line, improve supplier communications, and assure high supplier data quality. Lavante solutions are deployed across Fortune 1000 enterprises including the hospitality, retail, entertainment, manufacturing, and medical industries. Headquartered in San Jose, California, Lavante is privately held and was founded in 2001. For more information please visit www.lavante.com.
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