Press Releases

OpsXchange, Inc. Announces New Name: OpsTechnology, Inc.

Leading Provider of Real Estate Industry Spend Management Solutions Changes Name to Reflect its Expanded Focus

San Francisco, Calif. - October 31, 2002 - OpsXchange, the leader in Spend Management solutions for the real estate industry, announced today its new name: OpsTechnology, Inc. The name change recognizes the larger role their products and services provide for customers, moving beyond catalog purchasing to provide budget control, accounts payable and reporting functionality. OpsTechnology is the Only Provider to the Industry with a Comprehensive Supplier Network and Spend Management Solution available today.

"Over the past three years, we listened to our customers, and at their counsel expanded our application suite beyond catalog purchasing to provide additional functionality in our application. Our application provides any Operator with the Real Time Visibility and Control over all the Purchases across their portfolio," commented Rajiv Naidu, President and CEO of OpsTechnology, Inc. "Our spend management suite of products not only integrates with our Supplier Network to further streamline the purchasing and invoice receiving process, but now includes Off Catalog Invoice and Purchase Order Entry, Vendor Management, Budget Control, Accounts Payable, and Expense Reporting.

The company remains committed to providing an open application that provides integration capabilities with all property management software solutions, but developed features to give customers a broader range of solutions from which to choose. Our customers challenged and guided us to develop functionality to solve the entire accounts payable process, on site and at the corporate office, for activity outside of our current Supplier Network. Across the board, our Customers wanted to leverage the approval engine, property/user administration, accounting setup, and reporting capabilities developed in the system for 100% of all on site purchasing both inside and outside of the Supplier Network. The dedication and hard work of our product team resulted in the development of solutions that not only solve core business problems, resulting in tremendous returns, but are extremely user friendly, so personnel enjoy using the system."

About OpsTechnology
OpsTechnology, Inc. provides spend management solutions for buyers and suppliers across the Real Estate Industry. OpsTechnology licenses its OpsBuyer™ software solution to Real Estate Owners and Operators to better manage purchases across their portfolios. Real Estate Industry Suppliers license the OpsMerchant™ Supplier Solution to integrate seamlessly with all the OpsBuyer™ Licensees. For more information, visit www.OpsTechnology.com

Media Contact:
OpsTechnology, Inc.
Sukhi Singh, 415.222.6992
Fax: 415.222.6997
Email: ssingh@opstechnology.com
Web site: www.Opstechnology.com