EDMONTON, Alberta, Canada, May 21, 2003 (PRIMEZONE) -- Upside Software Inc., the leader in contract management software, announced today the purchase of enterprise-wide licenses of UpsideContract and UpsideBilling by Norfolk Southern Corporation (NYSE:NSC).
In order to better manage its Service Contracts function, Norfolk Southern Corporation (NS) has entered into an agreement with Upside Software. Harry Fridge, Norfolk Southern's Director Service Contracts said, "Upside will enable NS to develop a more flexible system for creating contracts, manage performance and change management. It will enable NS to better manage the change order process, provide detailed information on the rates, terms and conditions to the end-users in the field, advise when contracts are up for renewal, improve the risk management process and speed the processing of contract documents and invoices."
The selection of the UpsideBilling and UpsideContract software was made after an extensive review by a NS21 (Norfolk Southern for the 21st century) team looking for ways to streamline the service contract processing. "Fundamental to any process change is the need to implement a system that adds value to our existing processes and allows us to streamline the processing for both suppliers and internal departments," said John Rathbone, Norfolk Southern's Senior Vice-President and Controller. "With the Upside products, we will be able to leverage existing technologies and implement a business process management tool using workflow along with internet access that drives out the inefficiencies of paper-based processing."
UpsideContract streamlines the contract management process which includes: issuing RFX (e.g. RFP - Request For Proposals); collaborative contract creation, negotiation and awarding; on-going monitoring and management of risk, performance and compliance; as well as contract renewals and amendments. The software can help organizations streamline their operations and reduce related expenses by up to 80%. The demand for contract management software is growing steadily. According to Gartner Group, the market for contract management software and services will hit $20 billion US by 2007. As organizations understand the incredible return on investment (ROI) opportunities resulting in contract management software implementations, the software popularity will increase even more.
"We are thrilled to sign another major, industry-leading railroad to our strong roster of thriving customers. Norfolk Southern is indeed a forward thinking organization who is on the leading edge of corporations that understand the value of streamlining their contract and invoice management processes." said Ashif Mawji, CEO of Upside Software Inc. He added, "We are proud to be considered a market leader for Contract Management Software and delighted to have such world class companies, like Norfolk Southern, trust us to provide the efficiencies they are seeking."
About Upside Software Inc.
Upside Software provides the leading Contract Management Software solution in the market - UpsideContract - as well as other integrated business solutions to handle Electronic Tendering and Procurement Management, Invoice and Billing Management, Project Management, and Travel & Entertainment Expense Management. Upside Software's products are well suited to Enterprise (e.g. Fortune 500, Global 2000), Public sector (Federal, State/Provincial, Municipal and Health Care) and the Small and Medium Enterprise (SME) sector customers. Through improved business processes and leveraged business intelligence, Upside Software's customers can reduce operating costs and improve customer and supplier relationships. The company's Corporate and ASP implementations are delivered to customers in as little as 3 days and provide a full return-on-investment (ROI) in much less than one year. Upside Software is a profitable company with a very mature and comprehensive Contract Management software product. The company has extensive experience delivering real value to a large number of public- and private-sector customers of every size including small and medium enterprises and large global customers. For more information about Upside Software and its suite of business solutions, visit the company's Web site at www.upsidesoft.com or one of its product sites: www.UpsideContract.com, www.UpsideContractLite.com, www.upsideRFX.com, www.UpsideBilling.com, www.UpsidePMO.com.