Nextance Upgrades Contract Management Solution

Version 4.0 adds features in contract, compliance management; improves sourcing, procurement management

Redwood City, CA — October 28, 2003 — Contract management specialist Nextance this week rolled out the latest version of its flagship solution, adding new features in contract and compliance management as well as enhanced sourcing and procurement management.

Nextance 4.0, released at the provider's annual user conference, includes features intended to make contract document creation easier. For example, a "Smart Negotiator" feature facilitates negotiations by streamlining contract exchange and redlining with other parties, including through integration with Microsoft Word.

Nextance also tackles corporate compliance and commitment management issues with its Sarbanes-Oxley module, intended to assist corporations in conformity with the Sarbanes-Oxley Act. This module complements the compliance features already included in the base contract management application, according to Nextance.

Version 4.0 includes two new modules for NexProcure: Procure-Request allows purchase requisitioning to be integrated with RFx management, and with Procure-RFx, organizations can create requests for proposal, information and quote documents, submit them for approval, short list vendors, invite vendor participation, publish, receive and evaluate proposals.

Nextance 4.0 is available immediately to both the company's current installed base and the general market, and pricing is based on specific modules and the number of users a customer requires.

For more information on contract management automation, see the article "Digging Out from the Contract Clutter" in the January 2002 issue of iSource Business.