April 19, 2011 — Lavante Continues Record Growth While Receiving Industry-Changing Patent in Q1 2011
Record Revenue Growth Marked by Acquisition of Leading Fortune 500 Customers
San Jose, California. — April 19, 2011 — Lavante, the leading provider of on-demand supplier management solutions, including recovery auditing and supplier information management, today announced that Q1 2011 continued the company’s strong momentum with record revenue and technology advancement. Lavante’s Q1 revenue grew 94% over Q1 2010, with major gains in new customer acquisitions, account expansion, and strong revenue increases across the current customer base. Lavante was also awarded a new patent that covers its ground-breaking statement audit processes, technology, and application that fundamentally change the recovery auditing industry.
Lavante’s Q1 results demonstrate a continued dominance in the supplier management solution market. Revenue growth came not only from new customers, but also from increased revenue and expanded engagements with current customers. Lavante enables companies to drive dollars to the bottom line, ensure accurate quality of supplier data, and improve supplier relationships. Lavante on-demand solutions are used to recover millions of dollars for large enterprises on an annual basis. The rapid time to value is recognized by one of Lavante’s new Fortune 500 clients:
“We are thrilled with the results from Lavante. Within one month of signing the contract, Lavante started delivering numerous credits to us, including credits that our primary recovery auditors provider missed. From a speedy deployment to seamless access to all related information through the online dashboard, the Lavante Recovery solution has had minimal impact on our staff while driving real dollars to our bottom line.” Payment Process Manager — A Fortune 500 Global Technology Leader.
Another significant milestone for Lavante in Q1 was the award of a patent on March 15, 2011 for their unique technology. Patent Number 7,908,188 covers Lavante’s industry-changing processes and technology for statement auditing and, in particular, the on-demand Lavante Recovery™ application that automates the end-to-end statement auditing process. With this patented technology, Lavante recovers significantly higher statement claims than traditional recovery audit approaches with rapid customer results.
Q1 2011 Achievements Include:
- Record Revenue Growth: Lavante closed Q1 2011 with record revenue, growing 94% over Q1 2010. Revenue growth came from new customer wins, as well as increased revenue and expanded engagements with current customers.
- Received 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 auditing solutions. This patented technology is at the base of 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: To date 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.
Lavante is the leader in on-demand supplier management solutions, including recovery audit and supplier information management applications. Built with advanced, patented-pending 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