| [October 29, 2007] |
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OpsTechnology Surpasses $1 Billion in Transactions
SAN FRANCISCO --(Business Wire)-- OpsTechnology (www.opstechnology.com), the leading provider of on-demand systems that enable real-estate operating companies to automate their purchasing, payables and procurement functions, today announced that it has processed $1 billion in transactions for its customers.
The company, which is celebrating the eighth anniversary of its founding this week, now handles cataloging and payables functions for 8 of the country's top 10 REITs, making OpsTechnology the largest provider of these services in the United States. Ops leadership estimates that it manages spend for assets valued in excess of $100 billion.
Sukhi Singh, Founder and Chief Operating Officer of OpsTechnology, said, "When we started the company in 1999, our goal was to solve a fundamental problem for the real estate industry -- the major loss of productivity and profitability caused by paper-based transactions with suppliers. Over the last eight years we have experienced steady growth as dozens of companies throughout the country have turned to us to achieve real cost savings, eliminate paperwork, improve efficiency, increase visibility and reduce errors. This is an exciting time for us as we continue to build new products and welcome even more real estate operators to our family."
As the leading provider of spend-management solutions to the real estate industry, OpsTechnology's solutions are tailored to the needs of REITs, private management companies and small local operators. "We've worked to ensure that our platform will successfully serve real estate management companies of all sizes - our current customer base ranges from 700 to more than 100,000 units under management, In addition, OpsTechnology's vendor network with the participation of over 300 vendors that include all the national and large scale regional service and product suppliers, provides our clients with a complete set of catalogs and integrations right out of the box," said Singh.
In addition, OpsTechnology also provides outsourced finance and accounting services to its clients. Currently, thousands of users processing billions of dollars of expenses are using solutions to collaborate with both internal employees and third party partners including Home Depot Supply, GE Appliances, Interline Brands, Office Depot and many others.
About OpsTechnology
OpsTechnology develops software that saves money for real estate operating companies by improving their ability to manage and standardize Procurement, Purchasing and Payables functions. Founded in 1999 by real estate and technology industry experts, the company is backed by real estate operating companies and VC firms including SAP Ventures, Vortex Partners, Cohen & Steers, Equity Residential, and Camden Property Trust. For more information, visit www.opstechnology.com.
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