April 21, 2010 – Recovery Audit Technology Leader Lavante Continues Record Growth
Company relocating to new, larger facilities to accommodate growth
San Jose, Calif. – April 21, 2010 – Lavante, the technology-leading provider of profit recovery and vendor information solutions to Fortune 1000 companies, today announced the continuation of record growth in 2010. First quarter revenues grew by over two-thirds year-on-year, continuing the company’s momentum over the last three years.
To enable its continued expansion, the company also announced that it will be relocating its headquarters to a much larger facility nearby in San Jose. Lavante is continuing to build its organization to expand audit operations, increase product development, enhance customer service, and accelerate growth. New, larger space will allow Lavante to accommodate growing market demand through this organizational expansion.
The driver of Lavante’s significant growth and momentum is its innovative technology, which is changing the fundamental nature of the profit recovery audit industry. Besides delivering industry-leading recovery services, Lavante is improving the quality of clients’ vendor files, one key to ensuring operational excellence and comprehensive “prevent” controls for transactional errors.
• Revenue Growth – Revenue from existing and new clients grew more than 67% for Q1 2010 compared to the year-earlier period. This sets a quarterly revenue record and continues the company’s compound growth rate of over 50% per year, which it has achieved for the past three years.
• Facilities Expansion – While the schedule has not yet been finalized, the company announced it is moving to new facilities with more than double its existing square footage. This is anticipated to be sufficient to accommodate Lavante’s growth for at least the next two years. The move is expected to be completed within the next several months.
“I couldn’t be more proud of what our team has accomplished. The organizational changes we’ve put in place over the past year are paying dividends in customer acquisition, service capacity, and new product development. Innovative new products we’re about to introduce will help propel our growth going forward. I believe Lavante is well positioned to continue to expand as we bring extraordinary value to our customers.”
Joe Flynn, Founder and CEO, Lavante
Lavante is the technology-leading provider of on-demand profit recovery auditing 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.