Last week, we announced that Lavante was awarded a new patent by the U.S. Patent and Trademark Office. Patent Number 7,908,188 was awarded on March 15 and covers Lavante’s statement audit processes, technology and software application. This is a huge step for Lavante and a huge step in fundamentally changing the recovery auditing industry.
I’ve been working in the recovery auditing industry for over 16 years and I recognized an opportunity for large corporations to recover credits that are sitting out at their suppliers. I also realized that the manual processes used in traditional recovery audits were not going to scale to support an ongoing, full-scale review of supplier AR records. I founded Lavante in 2001 to build the processes, technology and application to automate the end-to-end statement auditing process.
Today, we’re the only automated solution for statement auditing in the market and this patent is an amazing validation of our original vision, our execution, and our technology leadership. I am so proud of the company and team that we’ve built. We’re experiencing record growth in our customer base and revenue, while partnering with our customers across industries help them find ongoing dollars out at their suppliers. At the same time, we help our customers improve their processes, data and relationships with their suppliers.
Our future vision gets even more exciting. We’ve taken our experience with supplier communication and management and we’ve expanded out product footprint to include Supplier Information Management (SIM). With a single platform for both recovery auditing and supplier information management, we’re offering the market a unique, self-funding combination for supplier AR reconciliation and quality supplier data. No one else in the industry provides this combination!
We recently closed a round of funding led by SAP Ventures. Here is how our new board member, Andreas Weiskam, Managing Director, SAP Ventures, describes our new patent:
“Lavante is filling a critical technology gap that has existed between companies and their suppliers. The ability to automate supplier communication and AR reconciliation is a game-changer for large corporations. The award of this patent validates Lavante’s visionary approach to technology and processes to the audit recovery market.”
I welcome your thoughts about this exciting development and how you see it will move the statement audit and recovery industry forward.