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Company News
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Equity Residential Deploys OpsBuyer to Manage Procurement, Purchasing and Payables
-- Country's Largest Multifamily Operator Is Latest OpsTechnology Customer --
San Francisco, Calif. - April 10, 2006
OpsTechnology (www.opstechnology.com), a developer of Web-based systems that enable real-estate operating companies to decrease costs, today announced that Equity Residential (NYSE:EQR) is now using its on-demand OpsBuyer suite to manage procurement, purchasing and payables operations in its multifamily communities. Equity Residential is the largest publicly traded owner, operator and developer of multifamily housing in the United States with nearly 200,000 apartments in 31 states and the District of Columbia.
Under terms of the agreement, Equity Residential is using OpsBuyer to centralize its data, standardize workflow processes, and increase purchasing compliance. The company's property managers can now use a Web-based interface to create and approve purchase orders, receive and process invoices, track purchases and reduce invoice coding errors. OpsTechnology is also managing and hosting the online catalogs of Equity Residential suppliers, contract pricing, and integrations between existing order processing, inventory and invoicing systems and customers' accounting systems.
Sukhi Singh, Founder and Chief Operating Officer of OpsTechnology, said, "Being selected by Equity, the largest player in the multifamily industry, is a major milestone for our company. This relationship will not only generate significant benefits for Equity, but it will also significantly expand the reach and scope of our supplier network as the leading online network in the Real Estate Industry today."
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 Equity Residential
Equity Residential, an S&P 500 company, is the largest publicly traded apartment company in America. Nationwide, Equity Residential owns or has investments in 920 properties in 31 states and the District of Columbia, consisting of 196,225 units. For more information please visit www.equityresidential.com.
Media Contact:
OpsTechnology, Inc.
Sukhi Singh, 415.222.6992
Email: ssingh@opstechnology.com
Web site: www.Opstechnology.com
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