July 13, 2009 – Lavante Generates Rapid Growth in Tough Climate, Expands Management Team
First Half 2009 Growth of 105% and 49 Percent Sequential Quarterly Growth Reflect Lavante’s Ability to Help Companies Meet Financial Challenges in Weak Economy
San Jose, Calif. – July 13, 2009 – Lavante, formerly AuditSolutions, the leading provider of on-demand profit recovery solutions for Fortune 1000 companies, today announced strong revenue growth during 2009. The company experienced an increase in revenue of 105 percent for the first half of 2009 as compared to the first half of 2008, and 49 percent sequential growth from Q1 to Q2 2009. This reflects the company’s success in both adding new customers and expanding its services which enhance clients’ cash flow, productivity and controls in the face of ongoing financial challenges. The company also announced that it has named Kelly Zawalski as Lavante’s new corporate controller.
In a year that is seeing so many other companies struggle in the midst of a troubled economy, Lavante has generated significant revenue growth and industry momentum, has obtained additional funding for organizational and product expansion, has received significant industry recognition for its innovative products and services, and has rebranded the company with a new name.
- Corporate Controller—Kelly Zawalski joined Lavante on May 18 with more than 14 years of experience in accounting and operational management, most recently at Business Objects (an SAP Company) where she was finance director for the OnDemand business unit. Zawalski played an instrumental role in the 2006 Business Objects’ acquisition of nSite, where she was the vice president of finance. Prior to nSite, Zawalski led a worldwide Sarbanes Oxley assessment for procure-to-pay operations at Cisco Systems. She has also served as corporate controller for several start-up and public high-tech companies including Arista Knowledge Systems, Mobileum, and Wink Communications. Zawalski started her career as an audit professional (CPA) in Arthur Andersen’s high-technology division.
- Funding—In April of this year, Lavante and its investment partners Venrock and ATA Ventures closed the company’s Series B financing. The incremental capital is allowing the company to accelerate its business operations through additional management, sales, and operational hires.
- Expanded Operations—In addition to the new corporate controller, Lavante recently announced a new CFO and vice president of operations, Bob Habig, and a new vice president of sales, Ryan Harmon.
- New Products— In April of this year, the company announced Lavante Vendor Information Management (VIM), a new on-demand service for accounts payable departments challenged with constantly changing vendor information. VIM automates the process of ensuring accurate, up-to-date vendor information, which helps prevent payment discrepancies and improves profit recovery and purchasing productivities.
- Awards—In May of 2009, Joe Flynn, Lavante’s founder, president and CEO, was named to the Silicon Valley / San Jose Business Journal’s “40 Under 40” list, which recognizes under-40 executives for their entrepreneurial spirit, community contributions and impact on their respective industries in Silicon Valley. Lavante was also voted the overall top vendor by the accounts payables professionals attending the IAPP (International Accounts Payable Professionals) Conference held during April of this year.
- Name Change—In April of this year, the company changed its name from AuditSolutions to Lavante. “Lavante,” derived from “uprise” and “forward” in Italian, reflects the company’s vision of delivering innovative products and services that go well beyond traditional recovery audits, including world-class vendor management services, real-time /on-demand audit transparency and analysis, comprehensive rather than ”cherry-picked” vendor reviews, and more.
“Our continued growth in revenue and clients is a testament to the success we’ve had in introducing new technology to meet the evolving needs of companies that are under tremendous pressure to increase their cash positions. We now have in place an extremely experienced and forward-thinking management team, and will continue to introduce new services that will supplement our automated recovery and vendor information management tools. Our continued success will enable our customers to increase the amount of cash they recover, while increasing productivity, controls and management information.”
Joe Flynn, Founder and CEO, Lavante
Lavante, formerly AuditSolutions, is the leading provider of on-demand strategic profit recovery and vendor information management software solutions. Lavante helps Fortune 1000 companies enhance cash flow, productivity and control. Lavante’s innovative software automates the collection of information from a company’s vendor community and applies analytics to uncover, clarify, and map vendor relationships. The company’s Strategic Recovery process combines this knowledge and vendor accounts receivable records with intelligent accounts payable audit algorithms to maximize cash recoveries associated with transactional errors. Lavante’s SaaS-based offering provides on-demand visibility into the audit process and helps prevent future profit loss. For more information, visit www.lavante.com. Follow us on twitter at twitter.com/lavanteinc.