Press Releases
OpsTechnology Signs Contract with Multifamily REIT
-- AvalonBay to use OpsBuyer to manage purchasing,
procurement and payables --
San Francisco, California - August 9, 2004
- OpsTechnology, a developer of Web-based systems that enable real estate operating companies to decrease costs and increase NOI, today announced that it has inked a deal to deploy its OpsBuyer spend management software to AvalonBay Communities, Inc. a real estate investment trust (REIT) that focuses on the development, redevelopment, acquisition, ownership and operation of more than 145 apartment communities containing more than 42,000 apartment homes throughout the United States. Based on the success of an extensive due-diligence assignment, AvalonBay will now use OpsBuyer to manage all of the purchasing and invoice processing functions throughout its portfolio.
AvalonBay is using OpsBuyer to centralize its data, standardize workflow processes, and increase purchasing compliance. The company can now use a Web-based interface to create and approve purchase orders, receive and process invoices, track purchases and eliminate invoice coding errors.
OpsTechnology will manage and host the online catalogs of AvalonBay suppliers, contract pricing, and integrations between existing order processing, inventory and invoicing systems and customers' accounting systems. Suppliers will be able to use OpsBuyer's integration into PeopleSoft systems to seamlessly transmit approved invoices to AvalonBay's back-end system.
OpsBuyer is the real estate industry's only comprehensive onsite payables, purchasing and procurement application with full budget-based controls, automated approval routing, full detailed reporting and access to a complete network of online vendors. OpsBuyer provides customers with the ability to centralize their data, standardize workflow processes, reduce administrative costs and increase purchasing compliance to achieve significant, sustainable cost savings.
OpsTechnology was founded in 1999 by real estate and software industry experts to improve efficiencies, reduce costs and save money for real estate companies by improving their ability to manage the relationships between property personnel and their suppliers. The company's customers include Real Estate Investment Trusts (REITs), product and service suppliers, fee-management companies and property management companies.
OpsTechnology's supplier network includes more than 80 top vendors.
Sukhi Singh, Founder, SVP of Business Development of OpsTechnology, said, "this is an exciting development for our company as we continue to expand our presence in the multifamily industry. AvalonBay is a major player in this market, and we are happy to welcome them to our growing list of customers who are realizing significant improvements to their bottom line."
Media Contact:
OpsTechnology, Inc.
Sukhi Singh, 415.222.6992
Email: ssingh@opstechnology.com
Web site: www.Opstechnology.com
