OpenPages Acquires PwC's Sarbanes-Oxley Software | AccountingWEB

OpenPages Acquires PwC's Sarbanes-Oxley Software

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."

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.
Premium content is currently locked

Editor's Choice

WHAT KIND OF FIRM ARE YOU?
As part of our continued effort to provide valuable resources and insight to our subscribers, we're conducting this brief survey to learn more about your personal experiences in the accounting profession. We will be giving away five $50 Amazon gift cards, and a $250 Amazon gift card to one lucky participant.
This is strictly for internal use and data will not be sold
or shared with any third parties.