Oversight Systems Named as a Finalist in the Red Herring Top 100

Oversight Systems, the leading provider of automated continuous monitoring solutions, today announced that it has been selected as a finalist in the Red Herring North America Top 100 list for 2008.

For more than a decade, the Red Herring editorial team has diligently surveyed entrepreneurship around the globe, identifying the best of the best for their annual Top 100. Technology industry executives, investors, and observers have regarded the Red Herring 100 lists as an invaluable instrument to discover and advocate the promising companies that will lead the next wave of disruption and innovation. Past award winners include Google, Yahoo!, Skype, Netscape, Salesforce.com, and YouTube.

Oversight Systems President and CEO, Patrick Taylor, commented, “We are pleased to be among the finalists for the Top 100. Our technology is definitely shaking things up, transforming the costly compliance requirements of the Sarbanes-Oxley Act of 2002 (SOX) into an actual profit center for corporations, and at the same time, freeing up resources to find and eliminate the fraud that has been making headlines across the country.”

Oversight Systems has nine patents pending on its continuous monitoring technology, with analytics that feature precise, near-human reasoning capabilities to identify potential instances of fraud or misuse in a company’s financial transactions. Oversight employs sophisticated statistical and probabilistic analyses, as well as distinctive reasoning technology – incorporating both temporal and state analyses – to identify sequences and concealment activities that other systems cannot.

In addition to superior analytics, Oversight provides advanced data acquisition technology to access and analyze data from all leading financial and ERP systems. By fully leveraging an integrated common data model, Oversight provides continuous, uninterrupted protection against fraud, misuse and errors, even as underlying source systems are consolidated or upgraded. Oversight uniquely incorporates a comprehensive exception-resolution Workbench that includes a sophisticated Risk Profiler for tuning, refining and reusing insightful ad hoc queries, and integrated workflow features and automated journaling that further differentiate the technology from other types of continuous monitoring products.

“At Oversight, the innovation we are proudest of is being the first company to deliver on the promise of continuous monitoring – a promise that corporate auditors and financial managers have been trying to collect on since the early days of Sarbanes-Oxley,” Taylor said. “With Oversight, companies are finally able to ensure the integrity of 100 percent of their financial transactions – and boost the bottom line at the same time. That is groundbreaking, and our customers – primarily Fortune 1000 companies – are delighted.”

“Red Herring 100 Finalists are recognized as having a concept and company that is poised to change the face of technology. Oversight Systems has been chosen from among more than a thousand other valuable and interesting ventures. Being selected as a finalist in itself shows the high quality of the work that each company has achieved and which deserves recognition,” said Red Herring CEO Alex Vieux.

The 100 winning companies will be announced at the Red Herring North America 100 event to be held in California May 12th – 14th at The Fairmont San Jose. At the conference visionaries, corporate leaders, and investors will converge for two days of interaction that will shape the future of the tech industry. For more information, visit www.redherring.com.

About Oversight Systems, Inc.

Oversight Systems takes continuous controls monitoring to the next level, with real-time transaction integrity inspection for identifying fraud, misuse and errors. Oversight’s software provides a platform for continuous monitoring with powerful analytics that excel at finding problems, then raises the bar with an investigator’s workbench for cost-effectively fixing the problem, and workflow-enabled audit trail and journaling for proving problem resolution and compliance. By inspecting each step of individual transactions across all financial systems, Oversight identifies all errors and fraud, drives defects out of the process, and sustains Sarbanes-Oxley compliance. For more information, visit www.oversightsystems.com.

About Red Herring

Red Herring is a global media company which unites the world’s best high technology innovators, venture investors and business decision makers in a variety of forums: a leading innovation magazine, an online daily technology news service, technology newsletters and major events for technology leaders around the globe. Red Herring provides an insider’s access to the global innovation economy, featuring unparalleled insights on the emerging technologies driving the economy. More information about Red Herring is available on the Internet at www.redherring.com.