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Company News
Press Releases
BRE Properties Taps OpsTechnology to Manage Procurement, Purchasing and Payables
San Francisco, Calif. - April 17, 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 BRE Properties, Inc., (NYSE: BRE) is now using its on-demand OpsBuyer suite to manage procurement, purchasing and payables operations in its multifamily communities. BRE owns and operates 85 apartment communities totaling 23,954 units in four Western states. The entire implementation process, including testing and roll-out to BRE property managers took less than four months.
Under terms of the agreement, BRE 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, reduce invoice-coding errors and submit documents seamlessly to its Yardi System for payment. OpsTechnology is also managing and hosting the online catalogs of BRE suppliers, contract pricing, and integrations between existing order processing, inventory and invoicing systems and customers' accounting systems.
Steve Jensen, Vice President of Information Technology at BRE Properties, said, "Working closely with OpsTechnology support, our team was able to deploy the system across our entire portfolio in relatively short order. In addition to enhanced expense controls, we now have a wealth of information we can mine to further streamline our operations."
Sukhi Singh, Founder and Chief Operating Officer of OpsTechnology, said, "From day one our focus has been on helping property owners increase their revenues by allowing managers to focus on revenue-generating work rather than on time-consuming clerical tasks. One of the major accomplishments of our engagement with BRE has been the speed of the integration and deployment, which took less than four months to complete. By completing the initial stages so quickly, we have helped BRE begin to realize the financial benefits that our system for procurement, purchasing and payables generate for our customers in the multifamily industry."
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, BRE, and Camden Property Trust. For more information, visit www.opstechnology.com.
About BRE
BRE Properties -- a real estate investment trust -- develops, acquires and manages apartment communities convenient to its residents' work, shopping, entertainment and transit in supply-constrained Western U.S. markets. BRE directly owns and operates 85 apartment communities totaling 23,954 units in California, Arizona, Washington and Colorado. The company has nine other properties in various stages of development and construction, totaling 2,312 units, and joint venture interests in two additional apartment communities, totaling 488 units.
Media Contact:
OpsTechnology, Inc.
Sukhi Singh, 415.222.6992
Email: ssingh@opstechnology.com
Web site: www.Opstechnology.com
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