Redwood City, CA November 1, 2002 Software company Wind River Systems will use a solution from Nextance for the management of its contracts and related commitments.
Wind River, headquartered in Alameda, Calif., is a provider of embedded software, with about 1,500 employees working around the world and 2002 fiscal year revenues of $351 million.
"Our business model is focused on our key customers in the markets we serve," said Marla Stark, general counsel at Wind River. "In addition to our considerable investment in our own [research and development], we also license certain technologies from software providers to complete our product offerings. We then license our technology to customers worldwide. Managing our license agreements and technology-related contracts in this environment is paramount."
Nextance said that its contract management system will provide Wind River with visibility into the contracts, terms and commitments across the enterprise and assist in compliance monitoring and management.
Technology consultancy Gartner has predicted that 60 percent of Global 2000 companies will make serious investments to improve contract management processes by the first half of 2003. These same companies estimate that they lose millions of dollars due to under-collecting revenues to which they are entitled.
For more information on contract management automation, see the article "Digging Out from the Contract Clutter" in the January 2002 issue of iSource Business.