SOXHUB, a maker of Sarbanes-Oxley (SOX) and audit management software for enterprises, has received an equity investment from Donnelley Financial Solutions. Donnelly made the investment to bring a new set of SOX compliance capabilities to its cloud-based financial disclosure management solution, ActiveDisclosure.
“The interesting thing about SOX is that 95 percent of companies still manage their own SOX compliance, and do so in spreadsheets,” Craig Clay, president of global capital markets at Donnelley Financial Solutions, told Accounting Today. “There are lots of SOX compliance providers out there, but the technology is dated, so companies have naturally moved to a heavy spreadsheet environment. This slows processes down by introducing risk and adding manual processes.”
“Accounting and audit teams need an easier solution to collaborate, report, and manage information,” stated Daniel Kim, executive vice president at SOXHUB. “Spreadsheets are useful for organizing data, but they are not ideal for repetitive, collaborative, enterprise-wide processes, like a company’s SOX compliance.”
Kim added that using SOXHUB’s technology frees customers to “pursue more critical, growth-oriented initiatives for their companies.”
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