Raytheon Taps Nextance for Enterprise Contract Management

Equips employees with application to automate manual processes

Equips employees with application to automate manual processes

Redwood City, CA — December 15, 2003 — Raytheon Co. said today that it has chosen contract management software provider Nextance for the management of their intellectual property agreements and related processes.

Raytheon is an industry leader in defense, government and commercial electronics, space, information technology, technical services, business aviation and special mission aircraft. Founded in 1922, Raytheon now employs over 75,000 people worldwide. From its early days as a maker of radio tubes, its adaptation of World War II radar technology to invent microwave cooking, and its development of the first guided missile, Raytheon's success has been built on a rich history of technology innovation and commercialization.

"In order to effectively manage our intellectual property, we were looking to equip our people with a state-of-art software application to automate much of the work we do manually," said Glenn Lenzen, Jr., vice president of Intellectual Property & Licensing.

Nextance said it would provide Raytheon with an enterprise contract management solution that will facilitate the creation, storage and management of IP-related agreements, as well as ongoing milestone management throughout the lifecycle of each agreement.

"Companies such as Raytheon require enterprise-class systems to manage their licenses and other IP-related documents and business processes," said Mitch Kristofferson, vice president of Marketing at Nextance. "Raytheon has been a technology leader in its field for decades, and it is a privilege to have been selected to help them manage their IP."