Vested Interest

ADB Systems lands deal with Norway's Vesta insurance company

TORONTOJune 4, 2002ADB Systems International Inc., a provider of asset lifecycle management solutions, today announced it has signed an agreement with Vesta, a Norway-based insurance company, to provide sourcing and electronic procurement capabilities through its Dyn@mic Buyer and ProcureMate solutions.

"After a careful review of more than 30 procurement software vendors, we selected ADB based on its superior functionality, extensive procurement experience and competitive pricing," said Ole Hope, Director of Procurement, Vesta. "By moving our sourcing and procurement activities on-line and using ADB's solutions, we expect to reduce our purchasing costs by several million dollars per year as a result of automated processes, improved prices from suppliers, and greater use of standing agreements with preferred vendors."

Headquartered in Bergen, Vesta is Norway's third-largest insurance company with more than $4 billion in assets. Founded in 1880, Vesta employs more than 1,200 employees and provides an array of insurance products and services from its 40 offices across the country. Vesta is owned by Tryg, Denmark's leading general insurance company. Tryg and Vesta represent 95 percent of the general insurance business of Nordea, a leading financial services group in the Nordic and Baltic regions.

"Today's announcement represents one of our most important achievements since the acquisition of ADB Systemer," said Jeff Lymburner, CEO of ADB Systems International Inc. "This agreement is substantive from many perspectives, and signifies our entry into a new vertical market. Based on our leading-edge technology and proven ability to deliver measurable return on investment for our customers, we believe we can build momentum for our offerings within the financial services sector."

ADB will also provide integration and training services to Vesta as part of the agreement. The on-line procurement and sourcing initiative will be implemented through a phased approach, and is expected to be fully completed in November, 2002. Initially, administrative suppliers will be offered web-access capabilities to process inquiries and purchase orders, and conduct collaborative transactions with buyers.