170 Systems and OB10 Announce Strategic OEM Relationship to Accelerate Adoption of e-Invoicing by the Global 2000
Share:
In Expanded Relationship, 170 Systems Now Offers Customers Access to OB10's Extensive Global Supplier Network
BEDFORD, Mass. and SAN FRANCISCO, March 27 / -- 170 Systems, Inc. and OB10 today announced they have entered into a strategic OEM agreement under the terms of which 170 Systems will offer users of its new 170 MarkView e-Invoice access to OB10's global electronic invoice exchange network. The companies believe their agreement will accelerate the adoption of e-invoicing by finance departments in Global 2000 organizations.
170 MarkView e-Invoice, announced separately today by 170 Systems, is part of the 170 MarkView Financial Suite, which applies best practices to the processing of all invoices, both paper and electronic. 170 MarkView e-Invoice enables customers to seamlessly integrate e-invoices into the procure-to-pay processes, using a standardized process for all invoice types.
Through this agreement, 170 MarkView e-Invoice customers will be able to leverage OB10's vast global network of enrolled suppliers, making it effortless for suppliers and recipients to electronically process invoices, regardless of the format in which they are sent over the OB10 network. In addition to helping companies reduce invoice-processing costs by as much as 80 percent, the OB10 solution also assures regulatory compliance with requirements such as VAT and Sarbanes-Oxley, eliminating significant concerns for financial executives.
"Our research has shown that payables process improvements typically exceed 60 percent when e-invoicing, e-payments, and other forms of automation are implemented," said Jeff Pikulik, vice president, Financial Value Chain Research, Aberdeen Group. "Many companies still struggle with paper-based processes, but new technology is clearly delivering strategic benefits and performance benchmarks. Companies should carefully assess their requirements and the available electronic solutions and begin now to move toward more efficient accounts payable processes."
"The numerous benefits of e-invoicing have created tremendous interest among our customers," said Dave Ellenberger, President and CEO of 170 Systems. "But, they are clear that e-invoices need to be managed by the same, universal processes used for all invoice types in order to preserve the strength of internal controls and continue to reduce costs. By offering our customers access to the OB10 global supplier network, we are confident that we will significantly advance the migration to e-invoicing," Ellenberger added.
"We are delighted to be able to work with a company of 170 Systems sustained reputation for quality and innovation. By extending the benefits of our global invoice-to-pay solution to 170 Systems' customers, this agreement leverages the strengths of both companies," said Jamie Gunn, CEO of OB10. "The combination of our solutions simplifies and streamlines the typically complex processes that e-invoicing involves between companies and their suppliers."
The companies are already working together in customer deployments in industries including travel, publishing, industrial equipment and telecommunications.
About 170 Systems
170 Systems is the proven leader in delivering software solutions that manage and optimize financial processes. With over 40 percent of its customers in the Global 2000, 170 Systems' software embeds best practices in the end-to- end automation of financial processes, including Accounts Payable, Expense Management, Procurement, Accounts Receivable, Asset Management and General Ledger. The result is an unmatched solution that ensures cost-effective and timely management of all transactions via a consistent process so that finance organizations can reduce operating costs, strengthen internal controls, improve service levels and maximize cash flow. 170 MarkView, the company's flagship product suite, is tightly integrated with ERP systems, including Oracle E-Business Suite, PeopleSoft Enterprise Applications, and mySAP ERP Financials, and is operational in more than 40 countries worldwide.
For more information about 170 Systems, please call 781-743-1900 (North America), +44 0208 610 6009 (other regions) or visit http://www.170systems.com/.
About OB10
OB10's global e-Invoicing solution simplifies and streamlines the complex invoice-to-pay processes between companies and their suppliers, while reducing the cost to manually process invoices by as much as 80 percent, and delivering ROI in less than six months. Operational in Europe, North America and Asia, OB10 is compliant with each region's regulatory requirements, such as Sarbanes-Oxley and VAT. To ensure unrivaled supplier adoption, each new customer's suppliers are supported by an implementation services team responsible for getting them up and running on the OB10 network. Customers include: Hewlett-Packard, GlaxoSmithKline, Agilent Technologies, General Motors, Equant, Cargill, Mohawk Industries, Computacenter, Proctor and Gamble, Eaton, Medtronic, BBC, Sara Lee, and Xansa (BT).
For more information about OB10, please call 415-956-7800 (North America), +44 (0)870 165 7420 (other regions) or visit http://www.ob10.com/.
Trademarks
170 Systems and 170 MarkView are registered trademarks of 170 Systems, Inc. All other trademarks are the property of their respective owners.
Source: 170 Systems, Inc.
CONTACT: Allison Parker of 170 Systems, Inc., +1-781-743-1991,
aparker@170Systems.com; or Michelle Kim of OB10, +1-415-772-8070,
michelle.kim@ob10.com
Web site: http://www.170systems.com/
http://www.ob10.com/
