Sageworks
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| File:Sageworks logo.jpeg | |
| Industry | Computer Software and Information Technology |
|---|---|
| Founded | 1998 |
| Founders | Brian Hamilton, Sarah Tourville |
| Headquarters | Raleigh, North Carolina, USA |
Key people | Brian Hamilton, Chairman Scott Ogle, CEO |
| Products | Solutions for Financial Institutions, Accountants, Business Owners, and CFOs |
| Website | www |
Sageworks is a financial information company founded in 1998 by Sarah Tourville and Brian Hamilton, the company's current chairman.[1] Hamilton and Tourville started the company in a business incubator in Research Triangle Park, North Carolina. The company provides financial analysis and data on private companies in the U.S.[2] and develops web based software for financial institutions, CPAs and private companies.
History
Sageworks' first product was ProfitCents followed by other web based services designed to collect and resell private company financial performance information.
Sageworks is a privately held company, incorporated and headquartered in Raleigh, North Carolina[3] with a second location in New York City.[4] Scott Ogle was named chief executive officer in 2013.[5] In 2014, Sageworks received the North Carolina Technology Association's 2014 NC Tech Award for customer service. The award recognizes one company a year that showcases leadership and innovation in customer service.[6]
Sageworks Database
Sageworks obtains from its customers and makes commercially available via its proprietary database, data on the financial performance of privately held companies. The company collects private company financial statements from its clients and the data is aggregated by industry and used to generate the Sageworks private company indicator, which shows private-company sales growth and profit margins.[7][8]
Private company owners are under no obligation to disclose highly sensitive company data. Indeed, such business information is often protected and not made available publicly. Sageworks requests[9] fully informed consent and authorization from its customers to disclose such information. Sageworks Terms of Use[10] requires that customers represent that they are authorized to provide private company information. Without explicit agreement from their clients, professional advisors such as accountants, cannot disclose such information to Sageworks without violating the accountant-client privilege rules. The service requires that customers enter highly sensitive private company data that is retained on Sageworks computer systems, thereby creating a highly attractive target for cyber attacks. At the same time, the company repackages and resells the customer data that is offered as business intelligence information consisting of financial and operational data it collects about private companies, less the personally identifiable information.[11]
Sageworks Terms of Use[12] Policy contains the hold harmless clause seeking to shield Sageworks from responsibility for any claims, actions, investigations, or liabilities resulting from use of its products. According to the Terms of Use, the sole remedy of Sageworks customers is the requirement that they indemnify Sageworks for any damages against from third party claims resulting from Sageworks' possession and use of customer provided data. The company explains that it uses both a secure sockets layer (SSL) that encrypts information entered online as well as a GeoTrust Security Certificate to protect the confidentiality and security of customer information during its transmission to Sageworks' servers.[13]
Data Security Issues
According to its Security Policy,[14] Sageworks stores the personally identifiable customer information on its computer systems. Combined with the highly sensitive private company information stored on the same systems, this represents a potential target for cyber attacks and the risk of critical customer data loss due to hostile data breach, despite the measures taken to protect such data. The growing threat is evidenced by the report published by Kaspersky Lab information security company [15] on major customer data security breach suffered by financial institutions who store customer critical data and are under constant threat of cyber attacks of increasing sophistication.
References
- ^ [1] FORTUNE Small Business.
- ^ [2] The Wall St Journal
- ^ [3] Chicago Tribune
- ^ [4] Crain's New York
- ^ [5] Triangle Biz Journal.
- ^ [6] Triangle Biz Journal.
- ^ [7] Fox Business.
- ^ [8] Fox Business.
- ^ [9] Sageworks privacy policy
- ^ [10] Terms of Use Policy
- ^ [11] Sageworks privacy policy
- ^ [12] Terms of Use Policy
- ^ [13] Sageworks Security Policy
- ^ [14] Sageworks security policy
- ^ [15] Hackers Steal Up To $1 Billion