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MovarisMovaris is an enterprise software company dedicated to helping organizations achieve complete compliance with Sarbanes-Oxley requirements and dramatically improve their financial control environments, quickly and cost-effectively. Customers range from large firms, such as Proctor & Gamble and Boise Cascade, to smaller companies like ESI and Sun Healthcare. Movaris is based in Cupertino, Calif., with offices in Atlanta, Austin, Boston, Chicago and Pittsburgh. Movaris is headquartered in Cupertino, Calif. For more information, please visit www.movaris.com.IndustryWith the advent of the Sarbanes-Oxley Act, which was passed in 2002 to counter corporate scandals such as those endured with Enron and HealthSouth, public companies in the United States began to face the complex and costly task of documenting, testing and proving that they have proper control of information from which to validate their financial information.Harnessing this information is an extraordinary challenge, as information lies across an entire enterprise, in software applications, shared documents, emails and even filing cabinets. This created a new opportunity for software to pull together information and automate the intricate control processes that are required to be completed on time by a large numbers of users, who often span the globe. Further, by automating these processes, the number of staff members and auditor hours required would be reduced, which results in a significant cost savings for public companies.
Business ChallengeWhen Schwartz Communications began working with Movaris, the company had the first and only software application available that was created specifically for Sarbanes-Oxley compliance. However, there was much confusion around whether existing software, such as ERP and BPM systems, were enough support for Sarbanes-Oxley compliance. It quickly became clear that existing systems fell short and that Sarbanes-Oxley compliance software was the best choice. Thus, companies were left to determine when and how they should introduce a Sarbanes-Oxley compliance management software application into their processes. This undertaking requires a trusted source because the end result is providing proof of compliance to the SEC.
Schwartz PR Strategy- Schwartz began by positioning Movaris executives as experts on Sarbanes-Oxley early in the discussion. Movaris was the one of the first software vendors to educate the media and analyst communities on the compliance process, challenges and solutions. Movaris was also the only software vendor to visit legislators in Washington, D.C., who were involved in the development and enforcement of the Act. This made it possible for Movaris executives to speak as experts from a legislative standpoint as well.
- Movaris needed to first raise awareness and create a sense of urgency around the issue of Sarbanes-Oxley compliance. Movaris conducted a Harris Poll, the results of which demonstrated that individual investors are paying attention to whether or not companies comply with Sarbanes-Oxley. The poll also found that 70% of people surveyed said they want jail time and a fine for executives at a company that fails to comply with Sarbanes-Oxley.
- Movaris then began to build company credibility and an understanding of the need for software built specifically for Sarbanes-Oxley, as opposed to existing ERP and BPM systems. Customer and analyst validation were a key elements in making this distinction.
- Once Schwartz created a solid foundation around Movaris’ messages, the market began to explode with other software offerings. ERP and BPM vendors jumped in, and the market quickly became crowded. Schwartz continued to use customer and analyst testimonials to differentiate the benefits of using Movaris Certainty versus the limited functionality of the alternatives.
Results- As a result of continued contact with the media, customer participation and first-to-market messages, Movaris has been covered in over 90 print and online articles since August 2002.
- Movaris has been covered by top media such as Fortune, The Wall Street Journal in the United States and in Europe, Associated Press, BusinessWeek, CFO, Investor’s Business Daily, and USA Today.
- Movaris and its customers made the front page of InformationWeek and are covered in a number of Sarbanes-Oxley features with photos.
- The Harris Poll that was conducted resulted in PR coverage in over eight media outlets, including USA Today and CFO.
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