MetricStream, Inc., a market leader in the enterprise-wide quality and compliance software solutions and Tata Consultancy Services (TCS), a leading global IT services firm, today announced a strategic partnership to help clients significantly decrease costs associated with complying with federal regulations such as cGMP, Sarbanes-Oxley 404 and such industry mandates as ISO9000.
By combining TCS' strengths in process maturity and pioneering work in building quality methodologies with MetricStream’s quality and compliance software, together the two companies will target companies facing varying industry mandates.
In the March 2005 AMR Research report, "Spending in an Age of Compliance," analyst John Hagerty finds, "companies will spend nearly $15.5B on compliance-related activities," in 2005. The report also found that 67% of companies with a compliance solution in place planned to add to or improve their current compliance solutions and 31% planned to maintain their current compliance solutions in 2005.
The new partnership between MetricStream and TCS looks to tackle rising compliance costs by integrating MetricStream's market leading technologies with TCS' domain expertise to deliver solutions that reduce the cost of compliance.
"In today's context, the risk of non-compliance to regulatory mandates can prove fatal for an enterprise. Rising cost to address compliance needs is a challenge. Our goal is to provide solutions that will enable our clients to meet their compliance needs at a decreased cost." said Venguswamy Ramaswamy, director, sales and delivery support, global consulting, TCS. "MetricStream's application suite, designed to support multiple compliance initiatives within the enterprise, will help our clients directly address today's compliance mandates in the most cost effective way."
"Our technology has been successfully leveraged by customers to sustain regulatory compliance at significantly reduced costs," said Shellye Archambeau, CEO, MetricStream. "We are very excited to work closely with TCS, one of the largest global IT services companies in the world, to jointly address the compliance needs of their customers spread over 55 countries."
"This partnership is a part of strategy to take our global offerings into new markets by working closely with niche leading vendors," said Ajoy Mallik, corporate development, TCS. "Both MetricStream and TCS clients will benefit from this pioneering partnership."