PricewaterhouseCoopers is getting out of the compliance software business.
PwC and compliance platform vendor OpenPages announced last week that OpenPages has acquired the audit firm’s software product for Sarbanes-Oxley (SOX) compliance. Terms of the deal were not announced.
PwC’s product, called Internal Controls Workbench (ICW), will become OpenPages ICW. OpenPages already offers SOX Express, and has 50 clients and more than 7,500 users. Under the arrangement, OpenPages will provide maintenance and support services for up to 375 ICW customers through June, 2005, according to Line56.com.
ICW was geared toward Section 404 compliance and mainly served as a document repository while SOX Express offers a more complete package for managing compliance, said Lynn Edelson, leader of global systems and process assurance practice for PwC. "We see the increased functionality as a benefit for our clients looking for a way to capture their documentation in a consistent manner."
PwC had offered its software for no charge to clients using its audit services.
Said Peter Morgan, vice president of marketing at OpenPages, "This allows us to align this and future software releases with their governance risk & compliance practice and with other thought leadership they have in the compliance and governance universe."
Morgan told CRN.com that PwC customers can upgrade to SOX Express for $997.50 per user, which is half the standard price. Upgrading companies can have unused support fees applied to the purchase price. Support fees are 20 percent of the per-user price each year.
PwC will have no shortage of work relating to SOX compliance, even without its compliance software product. "Sarbanes is the wakeup call on a whole host of compliance areas," Edelson said. "We're definitely keeping busy in our governance, risk and compliance practice areas, and we wanted to be aligned with a leader in the technology area because clients are going to need technology solutions to help them get there."