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Modulo Reports Record Momentum in 2013 with 55% Increase in Revenue Growth and Broad Customer Adoption

Modulo, a leading provider of technology governance, risk and compliance (GRC) solutions, today announced record momentum in 2013 with 55% year-over-year revenue growth, including a dramatic increase of 250% in multi-year software and services revenues fueled by large high-profile client wins. Further validating its position as the largest independent provider of technology GRC solutions, Modulo also reported over 200% growth in SaaS sales driven by adoption of its Risk Manager platform in the North America market.

Modulo is seeing increased demand for a wide variety of GRC use cases, in particular Third-Party Vendor Risk Management; Vulnerability and Cybersecurity Risk Management; PCI, NERC and ISO compliance management; Enterprise Risk Management (ERM); and Operational Risk Management. Many Modulo customers demonstrate success with one use case and expand the platform into other areas of the organization – getting risk stakeholders on the same page with a common language and dashboard, and creating repeatable business process automation and performance optimization.

Modulo continues to win customers in critical infrastructure industry sectors such as Energy, Finance, Healthcare and Manufacturing and is increasingly gaining traction in other fast-growth sectors such as Communications and Services, distinguished by new customers such as these:

  • F250 fast food company
  • F500 global tire manufacturer
  • F500 pharmaceutical and medical equipment company
  • Global managed security services provider
  • Global prepaid card and transaction provider
  • National insurance and finance company
  • National regulatory assessments and consulting group
  • National broadcast television company
  • National digital entertainment technology company
  • National creative firm
  • North American business services provider

In another major GRC win, Modulo was awarded the bid for the “Secured Brazil” consortium. This collaborative project for Brazil’s Extraordinary Secretariat of Security for Major Events (SESGE), led by Modulo in partnership with Agora Telecom, COMTEX and Unisys, will provide IT solutions, services and infrastructure to fourteen Command and Control Integrated Centers (CICC) in the twelve Brazil 2014 World Cup host cities.

Modulo Risk Manager has recently been recognized with the following awards and analyst rankings: a “2014 GRC Technology Innovation Award” and “2013 GRC Value Award” by GRC 20/20; a “2013 Innovator of the Year” and “5-Star” in Risk & Policy Management by SC Magazine; and a “Strong Performer” in The Forrester Wave™: Governance, Risk and Compliance (GRC) Platforms, Q1 2014 by Forrester Research Inc. (January 27, 2014). Modulo has also received industry recognition with a “Positive” rating in Gartner’s 2013 MarketScope for IT Governance, Risk and Compliance Management (IT GRCM) (1) and has been positioned in the “Visionaries” Quadrant of Gartner’s 2013 Magic Quadrant for Business Continuity Management Planning Software (2).

“With over 700 software clients worldwide, Modulo exceeded expectations in 2013 and is poised for a sharp trajectory in 2014 to meet the exponential demand for organizations looking to manage the risk of increasing security threats, regulatory requirements and third-party and cloud partners,” commented Stephen Gant, Managing Director of North America for Modulo.

Modulo also achieved these milestones in 2013 and Q1 2014:

  • Major New Version of Modulo Risk Manager, V9.0: Including new fully-featured dedicated modules for Enterprise Risk Management, Vendor Risk Management, and Business Continuity Management.
  • New ERM Module: Expands risk reporting to broader enterprise issues to gain better visibility into and respond more quickly to enterprise risks; including ability to create and monitor Key Risk Indicators (KRIs)
  • Beta Release of GRC Intelligence Solution: A portal for integrating real-time information from any data source – including IT security, physical security and incident management tools, vendor surveys, social and mobile analytics and more – in context of GRC management programs with the power of Business Intelligence reporting
  • Integration capabilities with 40+ products out-of-the-box
  • Comprehensive Content Library: 400+ knowledge bases (27,000+ controls) and 180 frameworks
  • Expanded Executive Customer Advisory Board: Driving GRC maturity
  • New Strategic Technology Consulting Partners: Ranging from Big 4 firms to regional and industry-specific consultants
  • Staff additions in North America, EMEA and APAC, with 100 of Modulo’s 400-person staff dedicated to software R&D

Modulo Risk Manager is recognized as the best value on the market for the new generation CSO/CIO. “We are committed to providing an integrated platform that grows with the customer as they mature their GRC program throughout the entire organization. We continue to invest heavily in the research and development – having added significantly to our development team – as well as in our international operations in the North America, EMEA and APAC markets,” added Gant.

(1)   Gartner "MarketScope for IT Governance, Risk and Compliance Management", by Paul E. Proctor, June 7, 2013.
(2) Gartner “Magic Quadrant for Business Continuity Management Planning Software,” by Roberta J. Witty and John P. Morency, August 26, 2013.
 

About the MarketScope and Magic Quadrant

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About Modulo

Modulo is a leading global enterprise provider of technology governance, risk and compliance (GRC) management solutions. Hundreds of organizations around the world leverage the award-winning Modulo Risk Manager™ as a flexible and affordable approach to manage risk, compliance, and business continuity across the enterprise and extended enterprise of third-party relationships. Customers span the financial, healthcare, retail, manufacturing, higher-education, telecom, energy and government sectors and include BASF, BC Hydro, Commercial Bank of Dubai, Microsoft, New York University Medical Center, Synovus Financial, and Schlumberger. Modulo has earned industry recognition as both a 2012 and 2013 Innovator of the Year from SC Magazine, which also gave the company's products “5-Star” review ratings for three consecutive years.

Visit www.modulo.com and follow Modulo on Twitter @Modulo_Intl.

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