|
|
|
Company News
Press Releases
Post Properties Deploys OpsBuyer to Manage Procurement, Purchasing and Payables
-- On-Demand System Integrated with JDEdwards --
San Francisco, California - January 9, 2006
OpsTechnology (www.opstechnology.com), a developer of Web-based systems that enable real-estate operating companies to decrease costs and increase NOI, today announced that Post Properties (NYSE: PPS) is now using its on-demand OpsBuyer suite to manage procurement, purchasing and payables operations in its multifamily communities. Post, which has a total market capitalization of over two billion dollars, owns and operates approximately 21,791 apartment homes in 58 communities located in seven states.
Under terms of the agreement, Post is replacing its existing procurement and payables system, which had been developed in-house, with OpsTechnology's OpsBuyer product. Converting to OpsBuyer allows Post to consolidate all Accounts Payables functions, significantly reducing paper invoice handling and storage, as well as payment cycle times. In addition, Post was able to incorporate OpsBuyer's routing and approval workflow to improve its Sarbanes-Oxley compliance. Simultaneous with deploying OpsBuyer, Post rolled out Intuit Real Estate Solutions' MRI Residential suite. MRI will handle Post's accounts-receivables, billing and property-management functions; OpsTechnology will be used to manage procurement, purchasing and payables operations. Both systems have been seamlessly integrated with Post�s existing accounting and general ledger system, JDEdwards.
Carl Bonner, Senior Vice President of Information Technology of Post, said that "We selected OpsTechnology because it outperformed the competitors' offerings and integrated seamlessly with JDEdwards. We believe this solution will help us achieve our business objectives as we improve operations at our existing properties and expand our holdings. In addition, improved productivity will allow our leasing staff to spend more time on client service, helping to improve retention."
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.
About Post
Post Properties, founded more than 30 years ago, is one of the largest developers and operators of upscale multifamily communities in the United States. The Company's mission is delivering superior satisfaction and value to its residents, associates, and investors, with a vision of being the first choice in quality multifamily living. Operating as a real estate investment trust (REIT), the Company focuses on developing and managing Post® branded resort-style garden and high density urban apartments. In addition, the Company develops high-quality condominiums and converts existing apartments to for-sale multifamily communities. Post Properties is headquartered in Atlanta, Georgia, and has operations in nine markets across the country.
Media Contact:
OpsTechnology, Inc.
Sukhi Singh, 415.222.6992
Email: ssingh@opstechnology.com
Web site: www.Opstechnology.com
|
|
