NEEDHAM, Mass., Jan. 28 /PRNewswire/ -- Two Step Software, Inc., a leader in equity management and FAS 123R reporting solutions, announced today a record 50% surge in customers as well as increased profitability in 2009. The growth is directly related to Equity Focus, Two Step's consolidated online system for equity administration and FAS 123R reporting (now ASC Topic 718).
"Our unprecedented performance in 2009 signifies the growing demand for a more efficient solution that simplifies equity administration and FAS 123R reporting—particularly for venture-backed technology and life sciences companies," says Gary D. Levine, President and CEO of Two Step Software. "Even at privately held companies, CFOs and auditors are frustrated with the amount of time spent reconciling numbers for their FAS 123R year-end reporting. They're eager for a system that streamlines the process."
Two Step Software's Equity Focus combines stock and option administration, equity accounting under FAS 123R, and corporate compliance in a cost-effective, online application (http://www.twostep.com/equityfocus). Equity Focus facilitates equity compensation reporting for companies with smaller finance departments, allowing them to more easily convert data from spreadsheets and make fast, highly accurate calculations. In addition to providing Equity Focus customers the education and training they need to get the most out of the system, Two Step offers expert support when customers or auditors have a question. Finally, Equity Focus customers receive a world-class, SAS 70 Type II, hosted infrastructure that delivers superior security and automatic upgrades.
Two Step Software has a 15-year reputation in the market and long-standing relationships with CFOs, investors, accounting firms and law firms. Despite delaying purchases for most of 2009, many companies bought Equity Focus later in the year in order to be adequately prepared for year-end financial reporting.
"2009 turned out to be a banner year for us," Levine says. "We expect 2010 to be even better, based on the number of companies that have postponed their investments until the economy shows more signs of a stable recovery."
Companies that are ready to move away from spreadsheets and simplify the tasks involved with stock plan administration, FAS 123R reporting, and equity compliance can watch a four-minute introduction to Equity Focus (http://www.twostep.com/equityfocus).
About Two Step Software, Inc.
Two Step Software, Inc. offers the online applications Equity Focus™ and Corporate Focus™, equity management and FAS 123R reporting solutions used by financial executives, stock plan administrators, lawyers, and corporate legal departments to track equity administration records for more than 200,000 companies. The company is located in Needham, Massachusetts. For more information, visit their website at: http://www.twostep.com or call: (800) 223-8900.
SOURCE Two Step Software, Inc.