HandySoft SOXA Accelerator 3.0 Helps Companies Achieve Sustainable ROI Through Active Compliance

Vienna, VA - February 28, 2005 - HandySoft Global Corporation officially announced the release of version 3.0 of its Sarbanes-Oxley Accelerator (SOXA). Working to meet the compliance needs of its growing list of Global 500 customers, HandySoft, the leader in business process management (BPM) solutions, has dramatically enhanced the user-interface and increased the flexibility of its best-in-class assessment software tool for internal controls. Most importantly, SOXA Accelerator 3.0 helps companies lower costs and standardize their approach to sustained SOX compliance for financial controls as well as for broader assessment of controls over operations and IT.

"More than 700 companies have invested in [Sarbanes-Oxley] solutions to meet compliance for the initial Section 404 cycle [in 2004]. We will see an even stronger second wave of software adoption in 2005 by companies that elected to comply initially with in-house and auditor tools," noted Paul Hamerman, Vice President, Enterprise Applications at Forrester Research. "Their objective in automating internal controls compliance will be to make the process repeatable and sustainable in future years. In addition, the more sophisticated solutions are designed to involve a wider variety of users beyond internal auditors, adding transparency and collaboration."¹

Built on an award-winning BPM framework, SOXA Accelerator 3.0 lays the foundation for managing compliance over internal controls. Through active control enforcement, the SOXA Accelerator 3.0 delivers long-term ROI. Compliance is embedded inside business processes to ensure controls are performed consistently, lowering the ongoing costs of both testing and remediation activities.

Expanded Capabilities of SOXA Accelerator 3.0
SOXA Accelerator 3.0 offers new features focused on enhanced flexibility. Unlike most other assessment software and compliance tools, SOXA Accelerator 3.0 provides best in class user assistance features, aimed at eliminating the need for extensive training of the growing number of people becoming involved in corporate compliance efforts. Most outstanding new features include:

• "Smart Help": Knows who the user is and what their role is in the company’s compliance efforts providing direction on what the next step is and how to take it.
• Color-coded information and status bars: For easy visual prioritization and to help track compliance projects and activities.
• Mouse-over-tool tips: Provides added user support for those not familiar with product features
• Flexible administration through on/off toggle switches: Allows comprehensive configurable customization of compliance workflow, enabling various fields and functional options to be toggled on and off with the click of the mouse, eliminating reprogramming from the customization process.
• Latest PCAOB regulatory updates: Ensuring that HandySoft customers can structure their compliance efforts using any of the accepted methodologies (COSO ,COBIT, Auditor Specific).
• Linked controls to Financial Statement line items and Account Balance histories: Easier, immediate access to key information within hundreds of financial accounts enables companies to prioritize establishment of key financial controls and determine significance of any deficiencies identified.

"Most of the high risk associated with Sarbanes-Oxley relates to the challenges stemming from the management of the human touch points of the compliance process," said Stuart Claggett, Chief Operating Officer of HandySoft Global Corporation. "By offering companies the best-in-class ease-of-use Assessment Software Tool on the market today, our customers are quickly deploying a solution to mitigate compliance risks in a cost effective and sustainable manner. Moreover, by offering our customers a tool developed on an enterprise class BPM platform, in the longer term, our SOXA Accelerator clients can benefit from active control remediation ensuring consistent performance of controls while lowering ongoing costs and improving over business process efficiencies."

About HandySoft Global Corporation
HandySoft Global Corporation is the premier provider of configurable software solutions that simplify and automate business processes; capture and enforce best practices; improve productivity and quality while reducing costs; integrate information technology; and foster collaboration among employees, customers, and partners.

The foundation for HandySoft's industry and departmental solutions is BizFlow®, the award-winning platform for business process management, automated workflow, and collaboration. BizFlow offers complete capabilities for building and managing automated business processes, including tools for designing and monitoring the processes, presenting and accessing work, integrating existing IT systems, and administering the platform itself. As a global solutions provider, HandySoft Global is headquartered in Vienna, VA, with offices in Australia, Japan, London, and Korea, with strategic partner representation throughout the world. HandySoft has implemented process management solutions at hundreds of sites worldwide. For more information call +1-703-442-5600, email info@handysoft.com or visit www.handysoft.com.

¹ Sarbanes-Oxley Software Solutions Gaining Momentum, Forrester Research, Inc., August 2004

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