Westlake Announces Partnership with FAS123R Software Company
October 8, 2007OptionEase, Inc. and Westlake Securities Announce Strategic Alliance for Equity Compensation Compliance Services
SAN JUAN CAPISTRANO, Calif.--(BUSINESS WIRE)--Orange County, CA based OptionEase, Inc., and Westlake Securities, based in Austin, TX, have announced today a strategic business alliance focused on providing access to on-line tools and quality professional services to their respective FAS123® and IRC 409A clients.
The alliance between OptionEase and Westlake Securities has been formed to better enable the firms to provide professional services along with web-based tools to companies that need to maintain their equity compensation plans. OptionEase offers its Web 2.0 application for FAS123® compliance and reporting, while Westlake Securities provides valuation services to support new 409A requirements. OptionEase and Westlake Securities have initiated this relationship in response to client feedback that a comprehensive approach to both aspects of equity compensation compliance is needed. The two firms have initially recognized one another as exclusive referral partners in the southern US, and will seek to increase collaboration over time for their respective clients' benefit.
OptionEase offers innovative software-as-a-service (SaaS) equity compensation compliance tools that have quickly risen to the top of its marketplace in the Governance, Risk and Compliance marketplace for midsized companies. OptionEase customers have already completed their 2006 and up through Q3 2007 audits seamlessly using their application. Westlake Securities has become one of the dominant players in the southern US for financial advisory services including valuations and fairness opinions. Both companies are highly regarded for their financial expertise and focus on client service.
Kimberly Kovacs, Chief Executive Officer for OptionEase commented on the new alliance by saying, "We believe Westlake Securities to be a very good fit considering our common market focus and related services. We recognize the importance of having our customers select a qualified valuation firm for their 409A compliance, which becomes a critical input to the ultimate FAS 123® financial reporting requirements. We are expecting that the partnership will continue and accelerate growth for both parties".
Alex Klingelberger, VP and CFO of Westlake Securities says, "We are always pursuing ways to bring the best alternatives to our clients, to expedite our services and to deliver a quality product. As we conducted due diligence of OptionEase and understood their customers' experiences with the web-based service, we became convinced that it was a cost-effective, best-of-breed solution for FAS 123R administration and reporting for middle market companies."
About OptionEase, Inc.
OptionEase is the leading web based 'software as a service' (SaaS) for stock option administration, valuation and compliance with the new accounting regulations under FAS123®. The San Juan Capistrano headquartered software company services both publicly traded and privately held venture backed companies with their quarterly subscription service. OptionEase can be found on the web at www.optionease.com or by calling their toll free number 866-550-EASE (3273).
About Westlake Securities
Westlake Securities is an Austin-based investment banking firm serving middle market companies in Texas and surrounding states. Westlake serves clients in a broad range of industries including technology, health care, consumer products and energy services, with expertise in capital formation, debt placement, mergers and acquisitions and financial advisory services. Westlake can be found on the web at www.westlakesecurities.com or by calling (512)314-0711.
