Approva Corporation Expands Management Team with Notable Finance Figure and Seasoned Professional Services Executive

Business Wire, Jan 24, 2005

VIENNA, Va. -- Sarbanes-Oxley Contributor Philip Livingston Joins as Vice Chairman and John Egan Named Vice President of Professional Services

Approva Corporation, the leader in enterprise controls management software, today announced the addition of two seasoned professionals to the senior management team. Philip Livingston, a leading voice on corporate governance and financial management, has joined the company as vice chairman. He has testified before Congress and the SEC, drafted key provisions of the Sarbanes-Oxley Act and attended the White House bill-signing ceremony. He is the former CEO and national president of Financial Executives International, the professional association of senior financial executives, as well as a former CFO of several public companies. Additionally, John Egan was named vice president of professional services for Approva, bringing 19 years of experience in the technology arena into this position.

"Approva continues to experience explosive growth as companies realize the value of our product that can not only ensure sustainable compliance, but also extend beyond to transform key processes and deliver significant business value," said Prashanth (PV) Boccasam, president and CEO of Approva. "Both Phil and John represent very strategic and important additions to our organization at this critical juncture in our growth. Their experience and insight will help continue to drive our products in the right direction and ensure the high levels of satisfaction that our customers have come to depend upon."

Livingston brings more than 20 years of financial management and compliance expertise to Approva that will help drive corporate strategy and growth.

Livingston added, "I joined Approva because this organization offers an unparalleled financial controls solution and is poised for industry leadership. Based on my experience, Approva is in the best position to dominate this market by providing a robust, business-friendly software solution that addresses compliance on a continuous and company-wide basis. As vice chairman, I look forward to building on their strategic foundation and enhancing their long-term vision."

Now that the first year of Sarbanes-Oxley Section 404 reports are underway, companies are focused on leveraging their internal control systems investment to build a sustainable compliance program. Approva's BizRights software is in use by leading companies to continuously test, manage and monitor user authorization rights and segregation of duties conflicts. BizRights also provides a closed-loop workflow process, as well as automated visibility and reporting on business processes such as procure-to-pay and order-to-cash. Livingston has an insider's understanding as to the needs of financial executives with respect to these issues.

He is audit committee chair and a director at Cott Corporation (NYSE:COT), the leading manufacturer of retailer-branded carbonated soft drinks, as well as a director and audit committee chair of Insurance Auto Auction Inc. (NASD:IAAI) a provider of vehicle salvage processing services for insurance companies.

He has appeared on CNN and CNBC, is a well-known commentator on corporate finance and has been published in executive finance publications including Directors & Boards, Bank Accounting & Finance and the Financial Times. He is a past member of advisory councils to both the U.S. and International Financial Accounting Standards Boards (IASB and FASB). He is a member of The Economic Club of New York.

Additionally, Approva announced that John Egan has been promoted to vice president of professional services. Egan has a 19-year track record of success in leading, managing and contributing to blue-chip and emerging high-technology ventures worldwide.

Prior to joining Approva, Egan held several management positions at TRADOS Corporation, and most recently served as vice president of sales operations, leading a multi-national sales and services organization spanning 10 countries across three continents. As business unit director for Cable & Wireless, John built a sales and services team to support data and telecommunications systems sales for a major European territory.

Egan also served for five years with Price Waterhouse's Management Consulting Solutions practice, where he led strategic information systems planning engagements for multiple client organizations across a diverse set of industries.

About Approva Corporation

Approva Corporation is a leader in enterprise control management software for ERP business processes. Continuous monitoring has become increasingly critical as companies consolidate their ERP instances, upgrade to new versions, and roll out ERP to more users. Complying with government regulations, such as the Sarbanes-Oxley Act of 2002, amplifies the need for companies to increase the frequency, accuracy, and depth of their audit process. In contrast to existing snapshot-in-time tools or manual solutions, Approva BizRights product suite is an integrated monitoring business application that is continuous, business-friendly, and proactive. Its business user-oriented solutions help financial executives, business managers, and auditors continuously identify, document, test, manage, and monitor business controls. The end results are greater visibility into business risk, improved compliance, and increased efficiency. For more information visit us at www.approva.net.