February 2, 2010 – Recovery Audit Technology Leader Lavante Achieves Third Year of Record Growth
“Best Practice” initiatives announced for Accounts Payable professionals
San Jose, Calif. – February 2, 2010 – Lavante, the leading provider of on-demand profit recovery and vendor information solutions for Fortune 1000 companies, today announced record growth in revenues and new client acquisition in 2009, along with new industry initiatives for 2010. Revenues grew over 50% year-on-year, while the number of new clients more than doubled in 2009 compared with 2008.
Despite a challenging economy, Lavante continues to generate significant growth and momentum as it changes the fundamental nature of the profit recovery audit industry. Increasingly, accounts payable and accounts receivable departments at Fortune 1000 companies are viewing Lavante services as an extension to their accounts payable departments; one that augments their stretched staffs, while fulfilling compliance and fiduciary responsibilities.
Lavante has also announced new Accounts Payable (AP) Best Practice initiatives aimed at helping to educate and promote discussion within the AP profession about its increasingly strategic role within the larger business organization. As part of this initiative, Lavante will team up with industry experts to offer topical and relevant quarterly webinars. The first educational webinar will feature industry expert and journalist Karen Kroll. The inaugural webinar will feature best practice solutions for maintaining costs through proper management of a supplier data base.
- Revenue Growth – Revenue from existing and new clients grew more than 50% for 2009 compared to the year-earlier period. This continues a compound growth rate of over 50% per year for the past three fiscal years.
- Customer Growth – The number of new customers acquired in 2009 more than doubled compared to the previous year. New clients were all Fortune 1000 companies with the exception of the City of San Jose, the 10th largest city in the US.
- Best Practice Initiatives – Lavante’s initiatives are aimed at educating and fostering dialog among AP professionals on a wide-ranging set of issues such as: how to turn a recovery audit into a strategic audit for long-term impact; how to manage your vendor file to improve cash flow; and, other procure-to-pay trends and best practices. A variety of forums and venues will be used to promote this dialog including upcoming speaking sessions at National Association of Purchasing and Payables (NAPP) and International Accounts Payables Professionals (IAPP) shows, and online webinars.
- Educational Webinar – Lavante will sponsor and co-present with Karen Kroll an IAPP educational webinar titled “Leveraging your Vendor File to Maximize Profit.” Kroll is noted for contributions to such major publications as Business Finance, Journal of Accounting, and AP Matters Magazine, for which she wrote 2009’s definitive industry article, “AP Navigates the Great Recession.” The online webcast will be February 11 @ 12:00 PM EST. For details contact firstname.lastname@example.org
“Lavante’s unique profit recovery solution offers the best combination of product, service and price in the recovery audit industry.”
Dave McPherson, San Jose’s Deputy Director for the Department of Auditing, a 20 year veteran of the city’s finance department.
“I enjoy collaborating with Lavante and I share their urgent desire to equip AP professionals with tools that will improve productivity and protect the bottom line.”
Karen Kroll, Financial Author
“I’m pleased with the growth momentum we’ve been able to sustain, now for over three years. Our expanding customer base is a testament to the value clients find in our unique recovery and vendor management products and services.”
Joe Flynn, Founder and CEO, Lavante
Lavante is the leading provider of on-demand profit recovery audit software and services, and vendor information management software solutions. Lavante helps Fortune 1000 companies enhance cash flow, productivity, compliance and control. Lavante’s innovative software automates the collection and analysis of information from a company’s entire vendor community. The Strategic Recovery process combines this vendor knowledge and accounts receivable records with intelligent accounts payable audit algorithms to maximize cash recoveries. Lavante’s SaaS-based software offerings provide on-demand, real-time visibility into the audit process and automate the updating and cleansing of vendor records. For more information, visit lavante.com. Follow us on twitter at twitter.com/lavanteinc.