SAN JOSE, CA – November 8, 2013 — Tensoft Inc. the first Cloud revenue recognition applications provider for omni-channel software and technology companies, announced today the signing of an agreement with IID of Tacoma, Wash, one of the country’s foremost cybersecurity firms securing the Internet with collaborative cyberthreat intelligence. Tensoft will deploy its Tensoft Revenue Cycle Management (RCM) revenue recognition software solution to strengthen the company’s revenue management processes and ensure accurate revenue capture, reporting and compliance. The RCM applications suite simplifies the specific complexities of the revenue management lifecycle by quickly augmenting existing finance systems and replacing error-prone spreadsheets and double-entry processes with a straightforward, intuitive, fully-integrated and auditable revenue management solution.
“As IID enters this hyper-growth period with our new threat sharing platform ActiveTrust, it is imperative that we have a revenue recognition solution that can keep up,” said IID CEO Lars Harvey. “We’re confident Tensoft will ensure that our revenue stream is accurately captured, tracked and reported in order to maximize our profitability and comply with regulations.”
“More and more cyber security companies, like IID, recognize the need for and appreciate Tensoft RCM revenue recognition software for the panoramic view of their revenue cycle that it provides,” said Bob Scarborough, Tensoft President and CEO. “As cybercriminals become more sophisticated, so must the efforts to thwart their actions and therefore the ways in which cybersecurity firms earn revenue. A trustworthy, systematic, and audit-ready revenue management software system, like Tensoft RCM, allows IID to precisely capture and easily report on all revenue – no matter how convoluted or complex.”
Tensoft clients in the cybersecurity and identity management value chain include companies offering biometric chips and sensors, secure enterprise appliances, identity theft protection, antivirus and malware software, network security-as-a-service and threat intelligence agencies. Customers include industry leaders like Authentec, LifeLock, Validity, Proofpoint, ThreatTrack Security and SRI International.
Cybersecurity and identity management providers are increasingly turning to Tensoft RCM to manage the 360-degree view of their revenue cycle process:
• Stratifies complex billings through a hierarchical contracts repository managing multi-element arrangements with heterogeneous billing schedules. This includes the idiosyncrasies of perpetual, renewal, subscription, milestone as well as event- and usage- based licensing models.
• Mitigates the challenges of revenue allocation and reconciliation by migrating to a rules-based, revenue accounting subledger that administers deferred revenue schedules originating within ERP, CRM and eCommerce applications.
• Adheres to U.S. GAAP and FASB compliance laws by automating process elements of the determination, recognition and application adjudication flow including SOP 81-1, SOP 97-2 & 98-9, SAB 101, and EITF 00-21, EITF 08-01 and EITF 09-03.
About Tensoft RCM
The Tensoft Revenue Cycle Management (RCM) suite of revenue recognition software applications completely automates the complex revenue recognition and management lifecycle, and replaces spreadsheets and double-entry processes with a straightforward, intuitive, fully integrated and auditable revenue management solution.
IID empowers cyberthreat intelligence sharing for enterprises and governments in a trusted environment that reaches beyond limited trust groups. The company aggregates and analyzes widely sourced threat data, and delivers actionable intelligence to facilitate the protection of assets, brands and users. Top financial firms, the largest government agencies, and leading e-commerce companies, social networks and ISPs leverage IID to detect and mitigate threats. For more information about IID, go to www.internetidentity.com.
Tensoft provides business management applications to automate industry-specific lifecycle processes for the semiconductor, technology and software industries. Tensoft’s business-ready solutions extend broad, horizontal ERP functionality to complete the most vertically demanding, high-tech needs through critically relevant content, domain expertise, embedded best practices and performance analytics. For over 17 years, technology companies worldwide have relied on Tensoft software and cloud-based services to power and improve operations. Tensoft is headquartered in Silicon Valley with offices throughout the U.S., Europe and Asia. For more information, go to www.tensoft.com or call (888) 450-4030 x406.