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PurchasingNet and CherryRoad Technologies Form Alliance to Deliver Best Practice Procure-to-Pay Solutions Red Bank, NJ May 15, 2004. CherryRoad Technologies, a provider of business consulting and systems integration services, and PurchasingNet, a leading provider of Web-based Procurement and Accounts Payable software today announced a strategic alliance to provide an extended range of procure-to-pay solutions to mid and large size companies. The two companies will co-market and implement comprehensive procurement and payables solutions from catalog management to purchasing and invoice matching. The combined offering will feature PurchasingNet’s eProcurement & Payables software solutions and functional expertise, while CherryRoad Technologies will provide procurement and payables capabilities in the areas of needs assessment, business-process optimization, and technical integration services. Off-the-shelf connectors will be available that allow PNet software to interface with Great Plains and PeopleSoft software. CherryRoad Technologies will provide the consulting and technical services to ensure any unique integration requirements are met. Together, the companies will help customer organizations identify process-improvement opportunities, evaluate their current practices and technology infrastructure, establish connectivity with their key suppliers, and create an environment in which business information can be exchanged in real-time. Through these joint solutions, customers will realize significant operating cost savings through reduced processing costs and consolidated purchases with preferred suppliers. Annual savings of 5-15% of annual purchase expenditures will come in the form of lower purchase prices and reduced overhead by streamlining the existing Procurement and Payables processes. “PurchasingNet offers a best of breed approach to automate a broad range of purchasing activities including catalog and free-form requisitioning, desktop receiving, and invoice matching. It includes administration tools to manage security and user profiles and a workflow engine to route requisitions through the authorization process,” said Tom Garvin , who leads CherryRoad’s strategic development initiatives. “We see a tremendous opportunity for companies to reap measurable cost reductions, efficiency improvements and service-level benefits. The PurchasingNet-CherryRoad solutions will provide companies with best practice capabilities needed to monitor and manage the procure-to-pay business process and deliver the results they require today.” “We are delighted to announce our partnership with CherryRoad Technologies. It will allow us to leverage the knowledge and experience of their 400 employees. It will enable us to add-value to existing Axapta, Great Plains , and PeopleSoft customers,” states Tim McEneny , President and CEO of PurchasingNet. “It will also give our customers an opportunity to accelerate the ROI on their software investments.“ About PurchasingNet, Inc. PurchasingNet, Inc. is a leading provider of Web-based eProcurement and ePayables software to mid- and large-sized companies. The company has over 1,400 customers in Financial Services, Retail/Consumer Products, Professional Services, Media/Publishing and a variety of other industries. Founded in 1983, PurchasingNet has focused exclusively on the development and implementation of Procurement and Payables applications since inception. In addition to building an extensive, blue-chip client base, PurchasingNet possesses deep domain expertise in Purchasing and Payables business processes. The average length of service at PurchasingNet is 8 years per employee. PurchasingNet’s customers include Countrywide Financial, US Bank, Navy Federal Credit Union, American Financial Group, Liz Claiborne, HBO, EarthLink, Black & Decker, Kroger, and General Mills.
For Details, Contact: Erinn Tarpey |