EDMONTON, Alberta, Canada, Feb. 28, 2003 (PRIMEZONE) -- Upside Software Inc., the leader in contract management software, announced today the availability of its new electronic tendering software -- UpsideRFX.
UpsideRFX offers a fully automated and web-enabled tool for managing procurement and tendering activities. UpsideRFX facilitates collaborative creation and management of complex RFX (RFP, RFQ, RFI, etc.) documents and related procurement and tendering processes with functionality that supports both the purchaser and vendor communities. UpsideRFX also ties into UpsideContract, the leading enterprise contract management solution, to provide close integration of procurement/tendering processes with contract creation and management processes.
"This new product is a logical extension of the RFX functionality that has been an important part of UpsideContract over the past few years," said Ashif Mawji. "By establishing UpsideRFX as a separate product we can more easily expand on our existing RFX functionality to create a world-class product that meets the needs of a broader range of our customers. We have seen our existing customers ask for this functionality and have also been approached by large Global 2000 organizations who want a complete end-to-end process that starts from processing a request for goods/services to issuing and managing an RFP and finally resulting in a contract, which is actively managed to its completion." He continued to say, "There are very few products available today that offer extensive RFX functionality, and there are none that offer the full end-to-end process. I believe Upside Software is the first company worldwide to offer this complete set of functionality!"
UpsideRFX is targeted at large corporations and government / public sector agencies that rely heavily on the tendering process to ensure their procurement activities are transparent and fair, and where UpsideRFX's buyer- and vendor-centric modules will provide very significant value. "We have seen our customers receive a full ROI in just over 2 months with our Contract Management solutions -- we expect UpsideRFX to provide a very similar value proposition," explained Mr. Mawji.
UpsideRFX is ideally suited to public sector associations where a single implementation can serve a large number of affiliated organizations with a single 'face' to their vendor community, such as the approach being used in a number of jurisdictions in the United States and Canada currently. Upside Software is pioneering a new method for procurement officers to handle their opportunity management process whereby they can leverage rich workflow to streamline the entire process, from request to contract. The company expects this new product to complement its UpsideContract offering and projects future revenue to increase significantly from the resulting sales.
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, www.UpsideExpense.com).