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Company News
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Mosaic Residential Deploys OpsTechnology’s eProcurement, Invoice and Document Management Solution
-- New management company selects on-demand platform for proven expense savings, low IT costs, and capacity for growth --
San Francisco, Calif. - April 15, 2008 --
OpsTechnology (www.opstechnology.com),
the leading provider of on-demand systems that enable real-estate
operating companies to automate their purchasing, payables and
procurement functions, today announced that Mosaic Residential
(www.mosaicresidential.com) completed
its implementation of the OpsBuyer eProcurement and invoice and document management
platform across its portfolio.
The Houston-based Mosaic, which was founded in 2007 by four real estate industry veterans,
has a current portfolio of 1000 apartment homes under management in the Southeast.
Mosaic selected OpsTechnology because it recognizes the value that can be achieved by
centralizing the payables and purchasing functions on site and in the corporate office.
Another key decision driver for Mosaic was OpsTechnology's ability to meet the demands
of their business today at its current size, as well as in the future. The OpsTechnology
solution is the only integrated, on-demand platform designed for the real estate industry
that allows companies to be up and running in weeks, not months or years, and which
requires minimal IT involvement.
"OpsTechnology allows us to focus on the business of property management and not on the
administration of invoice management and purchasing, said Jay O'Connor, founding partner
of Mosaic Residential. "We have already seen streamlined transaction timelines and reduced
operations costs thanks to the elimination of invoice handling and data entry. We have been
able to change our staffing model onsite to allow for a greater focus on sales and customer service.
The application was also easy to deploy and very user friendly -- we were up, running, and
realizing value in less than 30 days."
The ability of the OpsTechnology on-demand platform to scale and rapidly deliver savings for a
portfolio of any size was important to Mosaic at this early stage in the company's growth.
"Now that we are set up in the OpsTechnology system, adding properties and users to the application
takes a few minutes, not weeks or months. Each property inherits our vendor catalogs and follows
our configured accounting process. It's very easy," added O'Connor.
Mosaic has seen significant purchasing benefits with OpsBuyer. "We were able to leverage the existing
OpsTechnology Supplier Community to access our national and regional service providers that are already
part of the system," added O'Connor. "At our current size it would have been impossible for us to maintain
catalogs across all our major suppliers as well as manage the integrations among all the accounting systems.
With a smaller portfolio it's difficult to get the attention of such large suppliers. Subscribing to the
OpsTechnology Supplier Community was easy. Now we can order from all of our major suppliers and receive
invoices directly from the suppliers online."
"Mosaic joins a comprehensive list of management companies of all sizes who are currently using our payables
and purchasing solution to go paperless and achieve significant savings," said Sukhi Singh, COO of OpsTechnology.
"A company with a few properties like Mosaic can easily grow into the large property management company of tomorrow
without having to change its spend management system. We bring to the table the ability for our customers to scale
up or down as they need. This is what on-demand software is all about – easy to use, easy to learn, and easy to scale.
And you don't need a big IT shop or expensive consultants to make changes."
OpsTechnology's e-procurement and invoice management platform for buyers and suppliers is designed specifically for
the real estate operations industry, and seamlessly integrates with all accounting and property management solutions such
as Yardi, MRI, and RealPage. OpsTechnology centralizes a company's mailroom, data entry and document management functions,
enables it to transact online using electronic purchase orders with preferred suppliers to eliminate out-of-contract spend,
and streamlines business processes by leveraging a configurable approval engine and budget-based controls.
OpsTechnology requires no new hardware, is available 24/7, and allows users to access and modify data from any Internet connection.
Mosaic expects to realize both hard and soft benefits through use of the platform, including lower service and
material costs through better order management, as well as the elimination of filing, copying, postage and mail
handling costs. Mosaic will also be able to achieve better vendor aggregation, and utilize portfolio-wide
visibility and reporting to track all expenses in real time.
About Mosaic Residential
Mosaic Residential is an innovative and growing, full-service multifamily investment and property management
organization located in Houston, Texas. Focusing on opportunistic multifamily assets that deliver exceptional
investment results is the core strategy of Mosaic Residential. Mosaic's primary markets are currently the
Southwestern states along with select markets in Florida. For more information on Mosaic,
visitwww.mosaicresidential.com.
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
manages spend for assets valued in excess of $100 billion and serves 8 of the top 10 REITs
in the United States. For more information, visit
www.opstechnology.com.
Media Contact:
OpsTechnology, Inc.
Sukhi Singh, 415.222.6992
Email: ssingh@opstechnology.com
Web site: www.Opstechnology.com
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