Date:14/02/2006 URL: http://www.thehindubusinessline.com/2006/02/14/stories/2006021401500400.htm

Back Approva Corporation plans to go public

Our Correspondent

Pune , Feb. 13

APPROVA Corporation, player in the enterprise controls management software, plans to go public in 12-18 months.

Preliminary work is being done, said Mr Prashanth Bocassam, Chief Executive Officer, at a press conference.

He said the company had expanded its product portfolio in 2005 to 15 from three.

He said many customers had completed their initial roll out of BizRights software solution. The company had moved beyond security and systems controls and would focus on analysing and monitoring master data controls, configurable controls and monitoring transactions for business processes such as procurement, financial close and payroll.

Mr Bocassam said the company has signed an alliance agreement with Deloitte & Touche LLP of the US. Under the terms of the non-exclusive agreement, the two would work together to help companies design, test, implement and monitor their business controls.

Approva would also provide certified training and support to Deloitte Consultants.

Mr Bocassam said according to AMR Research, an industry analyst firm, companies would spend $6 million on compliance efforts in 2006, with the two largest areas of investment being compliance management software and continuous controls monitoring software.