From the Wires
Socialware Ends Year With Record Revenue Growth and Customer Adoption
New Product Enhancements, Technology Patent, and Completion of SOC2 Type II Audit Drive Rapid Deployment of Social Media by Enterprise Customers
By: Marketwired .
Jan. 16, 2013 10:25 AM
AUSTIN, TX -- (Marketwire) -- 01/16/13 -- Socialware, the leading social business solution provider for financial services, today announced 162 percent revenue growth over prior year in 2012, the result of customer wins and accelerated activations among large-scale organizations. In response to the unique needs of enterprise customers, Socialware also announced a new version of the Socialware platform featuring an enhanced architecture and added capabilities that allow financial institutions to rapidly scale to support tens of thousands of users. These enhancements add to Socialware's market-leading capabilities to manage advisors' use of social networks to generate business opportunities while maintaining enterprise control.
'The role of social media in business continues to evolve and mature as we help organizations develop their Social Sense about how to drive revenue and foster community," said Chad Bockius, CEO of Socialware. "As demand from advisors has increased, our customers have a need for scalable solutions that allow for widespread adoption and usage, without expanding the burden on IT or the compliance office. Our overall online customers have increased by over 120 percent over the past six months; that's testament to the confidence they have in our capabilities."
Socialware also unveiled it has been awarded a patent for critical technology that allows a computer to look at a third-party website and characterize pieces of the site into different elements. The patent, which covers the process of recognizing and categorizing the intention of various parts of social sites such as LinkedIn, Facebook and Twitter, allows firms to fully control which social functions are available to advisors, ensuring continuous regulatory compliance and adherence to internal policies in a rapidly changing environment.
In addition, Socialware successfully completed a Service Organization Controls 2 (SOC 2) Type II audit report, published under the AICPA's AT 101 professional standard. Based on customer concern about information security on social media, Socialware's industry-leading focus and investment in compliance and security has never been more important. The SOC 2 audit report, conducted by Ernst and Young, attests that Socialware's security and confidentiality controls to safeguard customer data are appropriately designed and operating effectively. Both the technology patent and the successful completion of the SOC2 Type II audit report represent firsts in the industry, and clear examples of Socialware's focus on delivering Social Assurance to customers.
"Company-wide adoption, insulation from the social networks and data security are all top priorities for enterprises as they continue to lean heavily on solutions in the cloud," said Bockius. "Our customers understand Socialware's commitment to these key tenets of social media and continue to turn to us as a trusted partner to help them safely unlock the potential of social networks for their employees."
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