Business Services Industry
IBSG International Set for Launch of Sarbanes-Oxley Solution ``SOX Pro'' into $6.9 Billion Market Through Subsidiary, Secure Blue, Inc
Business Wire, Feb 1, 2005
CELEBRATION, Fla. -- IBSG International, Inc., (the "Company"), (OTCBB:IGII) announced today that its subsidiary Secure Blue, Inc., has completed revisions and testing of Secure Blue SOX Pro, its unique software digital compliance solution for Sarbanes-Oxley compliance. SOX Pro provides full on-line digital SOX compliance, and internal network security including key stroke and program monitoring. The SOX solution will be launched in February 2005 first targeting small cap public companies as a cost effective, robust solution. Secure Blue is expected to generate $200,000 in net revenue by the end of Q2 of this year with projected net revenue of $800,000 for 2005.
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Secure Blue SOX Pro is a risk and compliance management solution for both Sarbanes-Oxley and internal network security, designed specifically with Small and Medium Cap companies in mind.
SOX Pro has all of the elements essential for compliance with the critical Sections 404 & 302 - document tracking, access control, content filtering, continuous monitoring, auto-alerts and sophisticated management reporting - and much, much more. All presented in a user-friendly, wizard-driven software suite that can be accessed through an intuitive dashboard from virtually anywhere - even from a PDA or through the Internet.
Designed to be used by non-IT specialists and IT administrators alike, SOX Pro enables management too simply and quickly automate the design, reporting, review, approval, and monitoring of the company's internal controls framework. It gives CFOs and CEOs the confidence to certify, as now required by law, the quarterly and annual reports knowing that checks and balances are in place that are demonstrably effective. It enables the auditors to track every aspect of financial reporting and all events that might in any way impinge on that process. From documents and files to emails and instant messaging, all are accounted for along with access, changes, keyword searches and many more features which all add up to a comprehensive solution to SOX internal controls compliance.
SOX Pro also provides the means to setup, implement, monitor and report on a robust enterprise network security policy - a pre-requisite for companies to stay compliant with SOX long term and a cost-effective means for companies to significantly cut their potential liabilities from computer or internet/email abuse, illegal software or data theft.
Roy Davis, CEO of Secure Blue, Inc. predicts, "SOX Pro will be a runaway success in 2005 and onwards. Unlike other software companies in the SOX space we haven't just jumped in to market to take advantage of the compliance paranoia. We've given SOX Pro careful thought and designed it to pay for itself in a matter of months. Its dual role makes it a key management tool to improve productivity, manage security and above all, stay compliant in the long term with Sarbanes-Oxley. It will enable CEOs and CFOs to sleep well now and in the future!"
Sarbanes-Oxley compliance remains a growth business in a mature industry: Market researcher Gartner Inc. expects spending on corporate-governance software to hit $6.9 billion in '06, more than double that in '04(a). Gartner says much of the spending on Sarbanes-Oxley compliance has gone to consulting firms doing quick fixes, but it expects companies to eventually use software to manage their oversight processes.
While many companies complain that complying with Sarbanes-Oxley has meant nothing but expense, the rules have helped create a booming new market. It has seen a massive rise in sales of software that helps organizations comply with Sarbanes-Oxley by tracking assets, storing data, and searching for documents.
Dr Michael Rivers, CEO of IBSG International said, "We anticipate fast, solid growth from Secure Blue through 2005 and have made a conscious decision to invest significantly in our subsidiary to quickly build market share to ensure IBSG International, Inc. benefits to the maximum from the potential windfall that SOX Pro should provide in this dynamic, growing market. Getting Sarbanes-Oxley compliance right is essential for every public corporation and Secure Blue, Inc. is ideally positioned with the right product in the right place at the right time. With the continued growth of our other subsidiary, IBS Group into the small to mid size business markets, the marketing and technical synergies of the two companies will develop a far more robust business model for future growth."
(a) Gartner Inc. forecast for 2006
About IBSG International, Inc.:
The IBSG International offers enterprise solutions designed to enhance the operating efficiency and create revenue for State Small Business Development Centers, business associations (e.g., Chambers of Commerce) and Fortune 1000 corporations through the licensing of its unique turnkey digital service center software, which provides a broad range of digital budgetary, administrative and commercial services (B2B, e-commerce, government to business and enterprise business services) on a single platform known as the NetPool Data System (copyrighted). The Company acquired the assets of a security software company from the U.K. and created a subsidiary, Secure Blue, Inc., in June of 2004. Secure Blue provides Sarbanes-Oxley compliance software and internal network security software to the IBSG markets, as well as marketing and selling the same software directly to its independent customer base.
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