Approva Delivers Over 80% Growth in 2006 with Innovative Governance, Risk & Compliance (GRC) Solutions for Continuous Controls Monitoring & Auditing

RESTON, Va. - January 10, 2007 - Approva® Corporation (www.approva.net), the leader in continuous controls monitoring and audit software, today announced record results for the quarter ending December 31st, 2006. Revenue bookings for the quarter grew 94 percent on a year-over-year basis while revenue bookings for the calendar year grew 82 percent compared to 2005, reflecting Approva's position as the industry standard solution for continuous controls monitoring and auditing.

"This past year will be remembered as the point when controls monitoring and audit solutions became a 'must have' application for companies and their auditors," said Prashanth (PV) Boccasam, Approva's chairman and chief executive officer. "We are proud of our 2006 results and look forward to helping companies implement the recent guidance from the SEC which recommends increased use of automated solutions for monitoring their IT controls." During the fourth quarter, Approva's revenue was well balanced across all regions and industries. The average contract value in 2006 increased by approximately 40 percent compared to 2005. These gains reflect a trend of larger initial commitments by new customers that are increasingly choosing to forego incremental deployments in favor of enterprise-wide controls monitoring solutions. More than 75 percent of all deals closed in Q4 included products for monitoring multiple applications and multiple controls including general IT controls, access controls as well as controls for master data, configurable controls and transaction monitoring.

In addition to continued revenue growth, Approva surpassed all of its operational objectives for 2006 including:

Establishing Approva as the Controls Monitoring Standard: As the recognized global standard for independent controls monitoring and audit, Approva's solutions are now used to monitor controls in more than 100 countries across 30 different applications.

Wide Adoption by the Audit Community: During the course of 2006, Approva's products were used by "Big-4" auditors and regional audit firms to conduct more than 150 control assessments. With more than 600 auditors now certified on Approva's solutions, the company's products have become the de facto industry standard.

Delivering Strong Financial Results: Approva's results in Q4, 2006 marked the fourth consecutive year of rapid growth, with Q4 bookings in 2006 growing 94 percent compared to the same quarter in 2005. In addition, Approva was ranked as one of the top 100 private companies by AlwaysOn Network for the second year in a row.

Product Innovation: With the release of version 3.5 of Approva BizRights®, Approva demonstrated its continued commitment to innovation. As of the end of Q4, a majority of customers were live on the most recent version of Approva's products, demonstrating the value customers see in the innovative new controls monitoring capabilities which enable them to monitor the entire spectrum of controls across multiple applications with a single, unified solution.

Integration With Complementary GRC Applications: Approva's philosophy of openness and independence enabled the company to partner with the leading controls documentation and identity management (IdM) vendors in 2006 so that customers can now cost-effectively deploy integrated GRC solutions tailored to their own IT applications. As of the end of 2006, Approva was the only controls monitoring and audit vendor to have successfully integrated with an IdM application in a production environment.

Turning Compliance from a Cost to an Asset: Ninety-five percent of Approva's customers expect to achieve business value beyond compliance as a result of their continuous controls monitoring and audit solution deployments. As the transactions in Q4 demonstrate, a majority of Approva's customers now view operational improvements as a key goal of their compliance investments.

Customer Satisfaction: A recent customer survey confirmed that Approva has continued to scale its customer support and service operations so that it can deliver on its commitment to provide 100% customer satisfaction while delivering record growth.

Expansion into the Public Sector: During 2006, Approva succeeded in delivering controls automation and monitoring products which meet the unique needs of the public sector. Approva's products are now used by both state governments, and Federal agencies in the US and Canada.

"Having just completed the most successful year in the company's history we are excited about the future of the industry this coming year," said Rick Cobb, Approva's chief operating officer. "As companies further automate their controls and respond to new regulatory guidance we expect to see continued growth in both new and existing deployments of continuous controls monitoring and audit solutions."

About Approva

Approva® Corporation is the industry-leading provider of continuous controls monitoring and audit software. We enable business, finance, IT and audit professionals to automate the on-demand testing, closed-loop remediation and continuous, exception-based monitoring of controls within and across their business systems. Using our solutions, customers are able to significantly increase visibility into their controls, streamline the audit process, cost-effectively sustain their compliance initiatives and reduce exposure to mistakes, fraud and inefficiencies for business processes such as procurement, sales and delivery, payroll and financial close. In addition, our automated solutions act as key preventative and detective controls, further strengthening our customers' financial and operational control environments. Global companies such as Campbell Soup Company, Colgate-Palmolive, the Commonwealth of Pennsylvania, DirecTV, Discovery Communications, McCormick & Company, P&G, Pratt & Whitney, Siemens and Wyndham Hotels & Resorts rely on Approva BizRights® Platform and Enterprise Controls Suite to reduce compliance risk, increase operational efficiency and flag exceptions to their business controls. For more information, visit www.approva.net.

Editors Note: For additional and more specific background on each of Approva's initiatives, please go to Approva's press room at www.approva.net/news.

For More Information Contact:
Matthew Langan
DBC Public Relations for Approva
202.298.7600 x.219
matthew@dbcpr.com