Lavante Generates Rapid Growth in Tough Climate, Expands Management Team

SAN JOSE, CA, Jul 13 (MARKET WIRE) --
Lavante, formerly AuditSolutions, the leading provider of on-demand
profit recovery solutions for Fortune 1000 companies, today announced
strong revenue growth during 2009. The company experienced an increase in
revenue of 105 percent for the first half of 2009 as compared to the
first half of 2008, and 49 percent sequential growth from Q1 to Q2 2009.
This reflects the company's success in both adding new customers and
expanding its services which enhance clients' cash flow, productivity and
controls in the face of ongoing financial challenges. The company also
announced that it has named Kelly Zawalski as Lavante's new corporate
controller.

In a year that is seeing so many other companies struggle in the midst of
a troubled economy, Lavante has generated significant revenue growth and
industry momentum, has obtained additional funding for organizational and
product expansion, has received significant industry recognition for its
innovative products and services, and has rebranded the company with a new
name.

News Highlights

-- Corporate Controller - Kelly Zawalski joined Lavante on May 18 with
more than 14 years of experience in accounting and operational management,
most recently at Business Objects (an SAP Company) where she was finance
director for the OnDemand business unit. Zawalski played an instrumental
role in the 2006 Business Objects' acquisition of nSite, where she was the
vice president of finance. Prior to nSite, Zawalski led a worldwide
Sarbanes Oxley assessment for procure-to-pay operations at Cisco Systems.
She has also served as corporate controller for several start-up and public
high-tech companies including Arista Knowledge Systems, Mobileum, and Wink
Communications. Zawalski started her career as an audit professional (CPA)
in Arthur Andersen's high-technology division.
-- Funding - In April of this year, Lavante and its investment partners
Venrock and ATA Ventures closed the company's Series B financing. The
incremental capital is allowing the company to accelerate its business
operations through additional management, sales, and operational hires.
-- Expanded Operations - In addition to the new corporate controller,
Lavante recently announced a new CFO and vice president of operations, Bob
Habig, and a new vice president of sales, Ryan Harmon.
-- New Products - In April of this year, the company announced Lavante
Vendor Information Management (VIM), a new on-demand service for accounts
payable departments challenged with constantly changing vendor information.
VIM automates the process of ensuring accurate, up-to-date vendor
information, which helps prevent payment discrepancies and improves profit
recovery and purchasing productivities.
-- Awards - In May of 2009, Joe Flynn, Lavante's founder, president and
CEO, was named to the Silicon Valley / San Jose Business Journal's "40
Under 40" list, which recognizes under-40 executives for their
entrepreneurial spirit, community contributions and impact on their
respective industries in Silicon Valley. Lavante was also voted the overall
top vendor by the accounts payables professionals attending the IAPP
(International Accounts Payable Professionals) Conference held during April
of this year.
-- Name Change - In April of this year, the company changed its name from
AuditSolutions to Lavante. "Lavante," derived from "uprise" and "forward"
in Italian, reflects the company's vision of delivering innovative products
and services that go well beyond traditional recovery audits, including
world-class vendor management services, real-time / on-demand audit
transparency and analysis, comprehensive rather than "cherry-picked" vendor
reviews, and more.

Quotes

Joe Flynn, Founder and CEO, Lavante

"Our continued growth in revenue and clients is a testament to the success
we've had in introducing new technology to meet the evolving needs of
companies that are under tremendous pressure to increase their cash
positions. We now have in place an extremely experienced and
forward-thinking management team, and will continue to introduce new
services that will supplement our automated recovery and vendor
information management tools. Our continued success will enable our
customers to increase the amount of cash they recover, while increasing
productivity, controls and management information."

Related Links

"Lavante Racks up 5M for Vendor Communication Services"

"AuditSolutions Changes Name, Receives $5 Million"

Lavante Founder, President and CEO Joe Flynn Named One of Silicon
Valley's Most Accomplished "Under 40" Executives

Lavante Awarded Top Honor at IAPP Conference

AuditSolutions is now Lavante, Closes 5M in Series B Financing

Lavante
Delivers On-Demand Vendor Information Management for AP Departments

Lavante Vendor File Management

Lavante Strategic Recovery

Lavante TIN Management

About Lavante

Lavante, formerly AuditSolutions, is the leading provider of on-demand
strategic profit recovery and vendor information management software
solutions. Lavante helps Fortune 1000 companies enhance cash flow,
productivity and control. Lavante's innovative software automates the
collection of information from a company's vendor community and applies
analytics to uncover, clarify, and map vendor relationships. The company's
Strategic Recovery process combines this knowledge and vendor accounts
receivable records with intelligent accounts payable audit algorithms to
maximize cash recoveries associated with transactional errors. Lavante's
SaaS-based offering provides on-demand visibility into the audit process
and helps prevent future profit loss. For more information, visit
www.lavante.com. Follow us on twitter at twitter.com/lavanteinc.

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Contact Information

Elizabeth Hilton
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