Secova’s 2008 Year-End Report and Business Outlook
Significant Reinvestment in Infrastructure to Support Growth
NEWPORT BEACH, CA, January 6, 2009
- Secova Inc., a leading provider of human resource and benefits management services, has released its year-end report on the company’s financial health condition, which indicated a strong finish for 4th quarter 2008. Secova maintained a healthy revenue momentum by processing over 80 million eligibility records, managing almost $1 billion in healthcare premiums, and directing over 450 vendor/carrier relationships on behalf of its clients, while absorbing key investment costs. In the face of the significant challenges from the recent economic turmoil, Secova is pleased to be able to deliver this significant revenue growth.
Over 30% of Secova’s client base is ranked among 2008’s Fortune 500 list and 10% from the Dow Jones Industrial Average. Secova’s clients rely on the broader range of human resource and benefits management services. “Working with Secova has simplified the entire process of managing all our vendors allowing us to provide employee benefits effectively and efficiently,” said Steve Morgenstern, The Dow Chemical Company.
“Our success in 2008 transpired from new business secured through the delivery of our services that trim costs and increase productivity – while providing a high level of service,” said Joel Carter, Vice President ClientServices and Business Development. “Secova is reinventing the administration processes of benefits and securing ROI with dependent eligibility verification that offset expenses to return to the corporation and drive the bottom line.”
Business Outlook
“2009 will continue to see signs of economic slowdown, the likes of which has not been seen in a long while,” said Venkat Tadanki, Co-Founder and Chief Executive Officer of the company. “All companies, big or small, are looking for ways to cope in this down market by way of increased efficiency or cost savings. We as a team will provide tailored recommendations to our customers so that, in these difficult times, they can take an aggressive approach to save between 6% and 17% annually in Health and Welfare costs by utilizing the various services we provide."
“Secova’s proprietary growth initiatives are to build deep inroads into the public sector, projecting a 50% growth rate over the next 12 months. This growth reflects our ability to leverage technology, our global delivery centers, and best-in class-processes. Our strategies and plans are intended to meet clients’ needs by delivering uniquely customized, integrated HR and benefits administration outsourcing services. Ultimately, we strive to make the complex task of providing benefits simple for our clients. Our continuing growth demonstrates our success."
About Secova
Secova consults mid- to large- size companies offering a combination of services – from Benefits
Enrollment and Administration to Absence Management and beyond – including Benefits Auditing, Benefit Plan
Management, COBRA Administration, Employee Communications, HR Support Services and Payroll. Our “Best
Shore” strategy allows us to shape each solution based on our clients’ corporate goals and strategies, utilizing
each of our locations to deliver the solution that provides the best value, both in quality and cost. All of the
administrative functions can be available 24 hours a day, 7 days a week, as individual outsourced services or as
total HRO/BPO processes. For more information, visit the company's website at www.secova.com.
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