Funds earmarked to expand sales, operations, R&D activities, ramp up initiatives tied to e-P3 p-card program
Pleasanton, CA — August 17, 2004 — MasterCard International has made an equity investment in Xign, a provider of enterprise order-to-pay software and services that plans to use the new funding to expand its sales, research and development, and joint programs with MasterCard.
Xign says its Order to Pay service streamlines the processes of order delivery, invoicing and payment, and monetizes early payment discounts across corporate spend. The solution can help organizations reduce order-to-pay processing costs and cycle times, accelerate and expand early payment discounts and strengthen supplier relationships, according to Xign.
MasterCard's investment in Xign builds on a business relationship that began in the fall of 2002. At that time, MasterCard introduced the first electronic payment and information management service fully integrated with the MasterCard Corporate Purchasing Card, MasterCard e-P3. The size of the latest investment in privately held Xign was not revealed.
With MasterCard e-P3, buyers can automatically link electronic purchase orders, invoices, receipt of goods and other transaction documents with corporate purchasing card transactions, help to reduce costs and enforce accounting control, according to the card company.
The funds from the MasterCard investment will be primarily used to expand Xign sales, operations and research and development activities, and to ramp up MasterCard's initiatives tied to the MasterCard Corporate Purchasing Card and the MasterCard e-P3 electronic payment and information management service.
Casey Otley, director of financial operations at T-Mobile, said that the MasterCard-Xign match-up makes sense for his company because, as T-Mobile expands its deployment of Xign, corporate purchasing cards represent an area of opportunity to reduce costs and increase accounting control. "As a longtime user of MasterCard corporate purchasing cards, we see the ability to extend the value of the Xign service with MasterCard e-P3 as an attractive option," Otley said.
MasterCard said that its investment in Xign is part of the card company's strategic efforts to target growing opportunities in corporate purchase automation systems and services. With this announcement, Stephen W. Orfei, senior vice president for e-commerce and eB2B at MasterCard International, will join the Xign board of directors.
"MasterCard is committed to growing market share in the corporate payment solutions arena, and this investment in Xign supports our strategy," Orfei said. "The ability to marry the robust data capture and management capabilities of the Xign service with MasterCard's electronic payment, purchasing and expense management expertise creates an attractive e-business solutions package."
Tom Glassanos, president and CEO of Xign, asserted that MasterCard's investment in Xign validates the importance of the growing enterprise order-to-pay market. "By combining Xign's on-demand Order to Pay service with MasterCard's global payment infrastructure, we are uniquely positioned to continue leading the way in automating the settlement of business-to-business spend," Glassanos said.
Pleasanton, CA — August 17, 2004 — MasterCard International has made an equity investment in Xign, a provider of enterprise order-to-pay software and services that plans to use the new funding to expand its sales, research and development, and joint programs with MasterCard.
Xign says its Order to Pay service streamlines the processes of order delivery, invoicing and payment, and monetizes early payment discounts across corporate spend. The solution can help organizations reduce order-to-pay processing costs and cycle times, accelerate and expand early payment discounts and strengthen supplier relationships, according to Xign.
MasterCard's investment in Xign builds on a business relationship that began in the fall of 2002. At that time, MasterCard introduced the first electronic payment and information management service fully integrated with the MasterCard Corporate Purchasing Card, MasterCard e-P3. The size of the latest investment in privately held Xign was not revealed.
With MasterCard e-P3, buyers can automatically link electronic purchase orders, invoices, receipt of goods and other transaction documents with corporate purchasing card transactions, help to reduce costs and enforce accounting control, according to the card company.
The funds from the MasterCard investment will be primarily used to expand Xign sales, operations and research and development activities, and to ramp up MasterCard's initiatives tied to the MasterCard Corporate Purchasing Card and the MasterCard e-P3 electronic payment and information management service.
Casey Otley, director of financial operations at T-Mobile, said that the MasterCard-Xign match-up makes sense for his company because, as T-Mobile expands its deployment of Xign, corporate purchasing cards represent an area of opportunity to reduce costs and increase accounting control. "As a longtime user of MasterCard corporate purchasing cards, we see the ability to extend the value of the Xign service with MasterCard e-P3 as an attractive option," Otley said.
MasterCard said that its investment in Xign is part of the card company's strategic efforts to target growing opportunities in corporate purchase automation systems and services. With this announcement, Stephen W. Orfei, senior vice president for e-commerce and eB2B at MasterCard International, will join the Xign board of directors.
"MasterCard is committed to growing market share in the corporate payment solutions arena, and this investment in Xign supports our strategy," Orfei said. "The ability to marry the robust data capture and management capabilities of the Xign service with MasterCard's electronic payment, purchasing and expense management expertise creates an attractive e-business solutions package."
Tom Glassanos, president and CEO of Xign, asserted that MasterCard's investment in Xign validates the importance of the growing enterprise order-to-pay market. "By combining Xign's on-demand Order to Pay service with MasterCard's global payment infrastructure, we are uniquely positioned to continue leading the way in automating the settlement of business-to-business spend," Glassanos said.
