OpenPages Buys PwC Compliance Software
Seeking to ramp up enterprise adoption of packaged Sarbanes-Oxley Act compliance software, OpenPages acquires PricewaterhouseCoopers' Internal Controls Workbench software application.Seeking to ramp up enterprise adoption of packaged Sarbanes-Oxley Act compliance software, OpenPages Inc. on Wednesday announced it has acquired PricewaterhouseCoopers LLPs Internal Controls Workbench software application. Terms of the deal between the two privately held companies were not disclosed. But the move gives OpenPages access to PwCs 375 ICW customers, more than seven times the number of customers OpenPages has for its own SOX Express compliance software. OpenPages, of Waltham, Mass., intends to migrate ICW customers to SOX Express by June 30, 2005, when it plans to end support for ICW, officials said. Michael Duffy, OpenPages president and CEO, said customers who used ICW to manage the initial documentation of their Sarbanes-Oxley compliance processes will use SOX Express to automatically monitor and maintain compliance to those processes that meet sections 302 and 404 of the Sarbanes-Oxley Act.
While startup and established software developers have flooded the market with packaged Sarbanes-Oxley compliance offerings, enterprises have been slow to invest in such software. Meta Group Inc. published research last December that indicated that more than half of all compliance software developers were disappointed in their software sales and 75 percent of investments made in SOX compliance were on consulting and other services.
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