Continuity Engine Doubles Size in 2009
Industry demand drives growth of compliance solutions provider
NEW HAVEN, Conn., Jan. 20, 2010 – Continuity Engine, the creator of an on-demand, Web-based software foundation for financial institution controls that automates the regulatory compliance process for community banks and credit unions throughout the United States, announced it ended 2009 with an expanded customer base, key strategic partnerships and recognition from several industry organizations. The company’s success and increased size are direct results of the increasing government oversight placed on financial institutions, the increasing cost of compliance, which the company calls the Compliance Tax™, and the cost-effective solution that Continuity Engine offers for that tax.
“Although information technology budgets may shrink slightly in 2010, financial institutions must not only proactively address the rising cost of compliance, but also become more innovative in finding solutions to ease the burden of compliance,” Andy Greenawalt, CEO of Continuity Engine, explained. “The dramatic growth that we have seen in the number of customers and partners using our flagship product, Control™, is due to the fact that we have responded to this pressing need. Recognition from organizations such as the Connecticut Technology Council and Financial Technology Insight further support the value of Control.”
Control is a Web-based SaaS (Software as a Service) solution that lets users access a wealth of ActionPacks that simplify the work of compliance by breaking it down into a set of simple steps, automating those steps and delivering all of the reporting to satisfy oversight needs. In 2009, the company also launched the ActionPack Alliance program as a way to partner with leading industry companies and create additional compliance ActionPacks that address various issues and processes at financial institutions. Currently, six companies are partners of Continuity Engine.
In 2009, Continuity Engine was also selected by the Connecticut Technology Council as a 2009 Company to Watch during its annual Pipeline Innovation Awards. This was followed by Control winning the customer choice Best Value/ROI award from the Financial Technology Insight: Best Practices in Global Banking Summit and being featured on a prominent industry blog, Netbanker.com, among the best solutions at the BAI Retail Delivery conference.
To accommodate its growth, Continuity Engine welcomed two industry veterans to its senior management team, Pete Halenar and Mickey Goldwasser. As the senior vice president of alliances and business development, Halenar leads the ActionPack Alliance. Goldwasser manages marketing, public relations and communications activities in his role as senior vice president of marketing.
About Continuity Engine
Founded in 2008 by banking, credit union, compliance and Software as a Service (SaaS) veterans, the company has pioneered the use of collaboration and social networking among banks and credit unions to create compliance and continuity solutions that manage policies, procedures and audit programs. Continuity Engine provides an innovative, on-demand software foundation for regulatory compliance, Control, that dramatically simplifies operations and can be understood by every employee of a financial institution.
For more information visit www.continuity.net.
CONTACTS:
Marvin (Mickey) Goldwasser
Continuity Engine
203.903.0124 x302
mgoldwasser@continuity.net
Nneka Egwuatu
Media contact for Continuity Engine
678.781.7229