Hummingbird and Certus partner to provide best-of-class Sarbanes-Oxley solution
TORONTO, Aug. 31, 2004 - Hummingbird Ltd. (NASDAQ: HUMC, TSX: HUM), a leading global provider of integrated enterprise content management (ECM) solutions, and Certus Software, Inc., the proven leader in corporate compliance software for the enterprise, today announced a technology partnership to offer organizations the most comprehensive solution available to implement and certify internal controls to comply with the Sarbanes-Oxley (SOX) Section 404 financial business processes. Customers now have a complete technology solution for achieving corporate governance and minimizing risk.
According to a recent research report from META Group(1), a leading provider of IT research, advisory services and consulting, firms should view SOX and other compliance/risk-related projects as an opportunity to standardize and upgrade all content-related systems. As part of this process, content-related purchases should be viewed as an infrastructure-like purchase to which a consistent set of content and record policies can be applied. "In order to be SOX-compliant, firms need to implement solutions that can provide the required visibility/transparency, risk management, communication, retention and fraud prevention components and controls," said Charlie Brett, vice president, META Group.
Hummingbird Enterprise(TM) document and records management technologies provide out-of-the-box functionality that can be applied to new compliance requirements. Hummingbird Enterprise DM creates an organized, secure environment that manages the complete lifecycle of financial documents from creation to destruction. Companies can capture and organize policies and procedures in secure and manageable repositories allowing users to easily search and access documents across the enterprise.
Hummingbird will integrate Certus' flagship software product, the Certus Governance Suite, into Hummingbird Enterprise to provide internal controls and assurance software based on a comprehensive compliance platform for SOX Sections 103, 302, 404, 409, and 906. Certus' software helps corporations document, implement and sustain reliable internal and disclosure controls required by law, reducing risks and improving transparency for management. Certus' suite enables documented activities to be instituted, executed, monitored, tested and demonstrated, while leveraging Sarbanes-Oxley conformance as a change agent for immediate accountability and future competitive value.
"Building and maintaining great relationships with partners like Hummingbird is key to delivering a complete solution that satisfies SOX requirements, particularly among Fortune 500 customers," said Rich Gerould, vice president of business development, Certus Software. "Together with Hummingbird, customers will have a best-of-class Sarbanes-Oxley solution that addresses complex business topographies and scales across the enterprise."
"Our partnership with Certus delivers complete and seamlessly integrated technologies for a SOX-compliant solution," said Andrew Pery, chief marketing officer and senior vice president, Hummingbird Ltd. "Certus' software is the best solution available to help companies automate risk management and process documentation efforts required for Section 404 compliance. Together, we will provide our customers with all the tools they need to achieve and sustain compliance."
(1) META Delta, 20 October 2003, The Joy of SOX: Part 3 - Records Management Requirements by META Group analysts Charlie Brett and John Van Decker
Certus Software, Inc. (formerly Nth Orbit) the proven corporate compliance software leader for the enterprise, helps organizations build a consistent and sustainable compliance practice. Certus' powerful software suite ensures the transparency and accuracy of internal controls, while leveraging Sarbanes-Oxley conformance as a catalyst to generate lasting business efficiencies and shareholder value. Certus' growing list of successful customers includes Great-West Life & Annuity Insurance Company, PepsiCo, Polaroid, Suntron and XO Communications. To learn more about Certus, visit http://www.certus.com.
About Hummingbird Enterprise(TM)
Hummingbird Enterprise provides an integrated platform for enterprise content management that provides global organizations with solutions to manage business interaction information such as documents, records, virtual deal room exchanges, discussions, email or financial data - linking business processes, information and people. Our solutions are designed as modular applications that are fully interoperable with each other, enabling our customers to incrementally build an enterprise content management solution to meet their evolving information needs in a cost effective manner.
Hummingbird Ltd. (NASDAQ: HUMC, TSX: HUM) is a leading global provider of enterprise software solutions. Our enterprise content management (ECM) solutions enable organizations to manage the lifecycle of enterprise content from creation to disposition. Hummingbird Enterprise solutions enable organizations to address critical business needs, such as information management, business continuity, compliance and risk mitigation.
Founded in 1984, Hummingbird employs approximately 1450 people and serves more than 33,000 customers, including 90% of Fortune 100. Hummingbird solutions are sold directly from 40 offices worldwide and through our Alliance Network of partners and resellers. For more information, visit http://www.hummingbird.com
Forward-looking statements in this press release, including statements relating to the Company's capital structure, future sales growth, profitability, competitive position and release of new products are made pursuant to the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are subject to risks and uncertainties that may cause future results to differ materially from those expected. Such risks include, but are not limited to: the Company's ability to secure underwriting support and attract investors to its stock; the Company's ability to introduce new products in a timely manner and its ability to generate demand for, and gain market acceptance of, those products in an intensely competitive marketplace, where many of its competitors have substantially greater resources than the Company; the Company's ability to maintain revenue growth at current levels or anticipate a decline in revenue from any of its products; the Company's ability to reduce its costs to the extent required to maintain profitability should revenue decline; the Company's ability to hire, train, and retain highly qualified personnel; the Company's reliance on third party distribution channels as part of its sales and marketing strategy; and other risks detailed in the Company's various securities filings with the Securities and Exchange Commission and Canadian securities regulators.
SOURCE Hummingbird Ltd.
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