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Aravo to Power Global Third Party Risk and Compliance Program
SAN FRANCISCO, Calif., July 31, 2015 – Aravo Solutions, Inc., the leading provider of cloud-based Third Party Risk and Compliance solutions, announced today the signing of a multi-year agreement with a $3.3 billion New York based fashion brand to power their global third party risk and compliance program. The program is a critical component of the organization’s broader procurement automation initiative.
Aravo will be utilized to mitigate third party risk by collecting, validating and assessing third party information. The solution will fully automate the company’s current inefficient, manual processes. Third parties that represent elevated risk will undergo extensive assessment and validation to ensure they meet the company’s established guidelines and standards. Once approved, Aravo will pass third parties to a recently selected procure-to-pay solution for onboarding.
Aravo’s newest customer is globally recognized and a respected fashion brand known for innovative design, premium clothing, hand bags and accessories. The firm has rapidly grown to more than 200 retail locations in North America and over 100 internationally. The company sought a user-friendly solution that could be rapidly configured and deployed, from a technology provider with a proven track record of customer success. The customer also sought to leverage Aravo’s library of pre-built content and process templates, allowing them to deploy and go live far more rapidly than competing solutions.
“Aravo is delighted to add another globally recognized brand to our client roster” said Aravo CEO Michael Saracini. “The substantial investments we have made to support the rapid deployment of our Third Party Risk and Compliance solution are now paying dividends for our customers. We look forward to another successful implementation and happy client.”
Aravo provides the market’s leading third party risk management and regulatory compliance solution. Aravo launched its cloud-based platform in 2004 and continues to serve as the industry’s leading innovator today. Our market-leading third party risk and compliance solutions include Registration and Qualification, Anti-Bribery / Anti-Corruption, Responsible Sourcing, and Data Privacy / Data Security. The world’s best-run businesses utilize Aravo’s platform, including companies like General Electric, Accenture, Salesforce.com, Cisco Systems, Procter & Gamble, and Unilever. Aravo currently supports a user base of over 50,000 buyers managing 2.7 million third parties in 38 languages and 112 countries. Aravo is headquartered in San Francisco, with offices in Dallas, Portland, Monterrey, Mexico and Ahmedabad, India.