Verian Targets Spend Management

Announces strategy geared toward reducing costs for midsize organizations

Charlotte, NC — May 5, 2003 — Verian Technologies has set its sight on spend management, announcing a new solutions strategy that aims to help midsize companies reduce costs related to the procurement, management and lifecycle of goods, services, assets and reimbursable expenses.

The provider, which is targeting companies with annual revenues between $100 million and $2 billion, said the goal of its new spend management strategy is to provide software that reduces an organization's overall spend by greater than 5 percent annually.

The cornerstone of the strategy is Verian's flagship product, ProcureIT, a Web-based system designed to help companies cut costs by reducing routine manual effort and optimizing inventory and supplier commitments. The solution includes modules that automate purchasing, inventory, assets, and travel and expense management.

"Financial executives have told us that they're dissatisfied with their level of control over who's buying what from whom," said Tehseen Ali, Verian's CEO. "By adopting a spend management solution, those executives will be able to cut costs by enforcing corporate spending policies, negotiating better deals with suppliers, and, for the first time, having aggregated data for meaningful expenditure analysis."

Organizations already using ProcureIT to manage their corporate spend range from BB&T Corporation, the nation's thirteenth-largest bank, and Finning International, a 75-branch Caterpillar dealership based in Edmonton, Canada, to Radiologix, operator of 114 free-standing radiology centers in the United States.

ProcureIT currently includes several elements of the spend management strategy, according to Verian. Others, such as a vendor portal to facilitate communication with suppliers, are currently in development or beta testing and are due to be available later this year.