Technology company to deploy Nextance solution to improve monitoring of revenue and payment commitments
Redwood City, CA March 10, 2004 Sun Microsystems has tapped a contract lifecycle management solution from Nextance as part of an initiative to better manage its intellectual property (IP) assets and provide improved monitoring of revenue and payment commitments.
Nextance said its suite of applications extends beyond contract management, providing IP professionals with the functionality they need to automate the IP lifecycle, including invention disclosure, inventory management, marketing, project management, contract management and compliance management.
The solution provider said it would provide Sun with a centralized, enterprise-wide solution that will align with current business processes, integrate with existing systems and deliver reporting metrics.
Intellectual property professionals and business users will be able to manage the creation, production and commercialization of IP assets consistently across the enterprise, and they will be able to track and reconcile royalty related data in a collaborative and secure environment, Nextance said.
"The creation and management of intellectual property is an important component of Sun's business," said Brian Sutphin, vice president for corporate strategy and development at Sun. "The ability to obtain a 360-degree view of all intellectual assets, including financial and legal data, will enable us to reduce the cost of intellectual property that we license and more effectively utilize our IP assets."
Sutphin said that Sun chose Nextance for the solution's flexibility and functionality.
"Innovative companies like Sun, are recognizing the need to address inefficiencies and shortcomings in the end-to-end IP management process in order to maintain a distinct competitive advantage," said Chris Davis, vice president of strategic programs at Nextance.