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Gladwyne Software Surety Changes Name to Fortera and
Announces New Technology Project Guaranty
IT Risk Management Company’s
Name Change Marks Introduction of Risk Transfer Product
King of Prussia, PA – September
20, 2001 – Gladwyne Software Surety (www.ITSurety.com),
a provider of objective risk management services that enable corporate
executives to protect their IT investments, today announced it will
begin to offer its new IT project guaranty as Fortera, Inc. (www.Fortera.com),
changing its company name to more accurately reflect its growing
IT risk management offerings.
“Fortera means ‘total IT investment protection’,”
stated Mort Goldman, chairman and CEO of Fortera. “We’re
making the change from Gladwyne Software Surety to more accurately
reflect the company’s direction, from service-based IT assurance
to product-based IT risk transfer.”
“Most IT projects fail. And, in today’s wired economy,
that means you’ve compromised customer relationships and revenue,
“ added Dan Brennan, president and COO of Fortera. “Until
now, companies were left with minimal protection and remedy for
their challenged investment.”
Fortera will now offer an IT Project Guaranty to complement its
proven risk management services. This first-to-market guaranty transfers
the financial risk from the IT buyer to Fortera in the event that
the systems integrator (SI) does not perform their contractual duties.
Companies will have the option of applying for their IT Project
Guaranty online or through direct contact with a Fortera representative.
The introduction of the Fortera guaranty could not be more auspicious
given that the most recent Standish Group "chaos report"
concluded more than 70% of all IT projects are late, are over-budget,
or fail completely. Despite the looming danger of losing millions
of IT investment dollars, enterprise risk management has not kept
up. And, major business disruptions have become all too common.
Findings from Fortera-led market studies correlate directly to those
drawn in several independent market studies. These studies, which
involved more than 400 financial and technology executives, found
that protecting strategic IT initiatives with a risk transfer vehicle
is a timely alternative to contingency budgets that have ranged
from 25 to 50% of the IT services contract.
Judy Johnson, Vice President with META Group’s Insurance Information
Strategies service states: “while risk management has traditionally
been one of the technology industry’s most undervalued disciplines,
the size, scope, and cost of today’s externalized IT initiatives
mandates a tighter focus on and more rigorous application of risk
management principles. The need to supplement in-house and vendor
resources with serious IT risk management solutions has never been
greater.”
Fortera is currently working with leading insurance carriers to
define and develop additional IT risk management offerings to include
an insurance-backed risk transfer component. Fortera’s Missouri
Method®, the company’s approach to identifying and controlling
IT risk, is the key enabler of the insurance offering, serving as
the underwriting and loss control methodology.
About Fortera:
Fortera, Inc., based in King of Prussia, Pa., is the leading provider
of information technology (IT) risk management, offering the only
guaranty for packaged software implementations in the marketplace.
Our objective risk management offerings enable corporate financial
executives and senior officers to protect their strategic IT investments.
Fortera utilizes a proprietary methodology, known as the Missouri
Method“, for identifying and managing IT risk. Fortera offers
integrated risk management services that include sourcing, contracts,
audit, and an IT project guaranty for qualified buyers. Customers
include a wide range of companies across all vertical markets, including
many industry leaders such as Citibank, Comcast, JCPenney, Subaru,
and Verizon. Fortera is an associate partner of Financial Executives
International. More information about Fortera is available online
at www.Fortera.com.
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