HARTFORD, Conn., March 6, 2002 (PRIMEZONE) --
Dow Jones Industrial Component Engages Legal Systems Pioneer
To Create Electronic Invoice Processing Systems and
Performance Data Analysis Tools for its Legal Management
TyMetrix today announced that it has signed an agreement with United Technologies Corp. (UTC) (NYSE:UTX) to provide e-invoicing services and performance data analysis systems to UTC, its business units and its retained law firms. The agreement is expected to reduce the costs of invoice processing and payment; give in-house legal managers the ability to monitor and track the performance of law firms doing business with UTC; and provide detailed financial review and performance metrics to support its engagement decisions.
United Technologies is FORTUNE magazine's most admired aerospace company and provides high technology products to the aerospace and building systems industries. UTC is composed of six business units: Otis, Carrier, Hamilton Sundstrand, Pratt & Whitney, Sikorsky, and UTC Fuel Cells. UTC conducts its business in more than 180 countries around the globe through a network of more than 1,900 locations.
Peter Gutermann, Associate General Counsel for UTC, stressed TyMetrix' proven methods and scalable systems architecture as the basis for their selection. "They were clearly the strategic choice," he observed. "Our selection committee was impressed with the full complement of services they offer to manage the legal function and their ability to grow with us to provide additional, related systems for collaboration and matter management when our departments are ready to expand their technology initiatives. We were additionally persuaded by their data reporting capabilities, their history of operational excellence, and their proven ability to handle complex and large-scale implementations, especially those involving multiple and varied accounting systems."
John Weber, Executive Vice President and COO at TyMetrix, is delighted by the prospect of working with UTC and views the implementation among its divisions as a challenge in scale and complexity that TyMetrix is well-positioned to meet. "Our project teams are sufficiently experienced and our ASP technologies flexible enough to handle the most demanding, complex and diverse management structures," he noted. "What's more, we have a well-documented history of successful, large-scale implementations among our existing clients that have been expanded to include additional business units, areas of practice, or collaboration and matter management to augment their e-invoicing systems."
About TyMetrix
TyMetrix, Inc. empowers Corporate Law and Claim Departments to reach new levels of partnership and performance with outside counsel by delivering law firm performance metrics and financial data analysis for decision-makers nationwide. As the pioneer in developing legal e-billing and collaborative matter management technologies over the Internet, TyMetrix continues to break new ground in its services to the legal community through robust reporting tools, analytics and custom systems design with unrivaled, consultative service and world-class support. Its clients include several of the largest insurance companies and major corporate law departments throughout the country with participating law firms everywhere.
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