Xign 2005 Growth Spurred By Corporate Initiatives To Optimize Financial Supply Chains
Leading Analyst Firms Recognize Xign's Dominance – On-Demand Order to Pay Solution Reduces Operating Costs by 50%, Generates 5-10 Times' More Savings Due to Early Payment Discounts and Improves Supplier Relationships
Xign Corporation, the leading provider of on-demand Order to Pay solutions, today announced its strong customer and corporate momentum in 2005. Last year, Xign increased revenues 70 percent over 2004 and brought into production more than twice the number of customers, including many Fortune 2000 companies and government agencies. Last year, Xign's supplier network grew by more than 50 percent and the number of invoices processed through Xign increased by nearly 200 percent. Since Xign's on-demand service went into production in July of 2001, the Xign Network has processed more than $80 billion in business-to-business (B2B) transactions. Xign customers span many different industries and include household names such as Bristol-Myers Squibb, MetLife, Payless ShoeSource, Radio Shack, Southern Company, Sprint, T-Mobile, and United Rentals.
"Our strong momentum in 2005 is evidence of the arrival of Order to Pay as a thriving new segment of the enterprise application software market," said Tom Glassanos, president and chief executive officer of Xign. "We are pleased to be helping world-class enterprises transform their accounts payable operations and supplier relationships to better manage compliance, lower costs, and increase profits."
Throughout 2005, Xign and Xign customers were recognized by major analyst firms such as Aberdeen Group, Forrester, Gartner, and PayStream Advisors for their innovative approach to transforming financial settlement processing for B2B commerce. In addition, Xign last year enhanced its highly acclaimed on-demand Order to Pay service with new functionality, enabling customers to dramatically increase their cost savings by capturing early payment discounts on invoices processed outside of Xign, such as those submitted via Electronic Data Interchange (EDI), imaging systems and the traditional paper check methods.
"Network-based electronic payable solutions such as Xign's now account for a dollar transaction volume that is nearly half the volume of the decades-old purchasing card," said Alenka Grealish, manager of the banking group at Celent Communications. "I see continued growth in this area as more Fortune 1000 corporations and financial institutions recognize the positive impact on working capital from automation and integration of the financial supply chain."
Other market leadership recognition for Xign in 2005 came from Supply & Demand Chain Executive magazine, which named Tom Glassanos as "Supply Chain Leader and Visionary." The magazine also named Xign one of the "Top 100 Supply Chain Companies." In response to rapidly growing demand for Order to Pay automation, Xign increased its staff by more than 60 percent and relocated its corporate office to accommodate its expansion. The new Xign corporate office address is 7077 Koll Center Parkway, Pleasanton, CA, 94566.
About Xign Corporation
Xign Corporation is the leading provider of on-demand Order To Pay solutions for business to business commerce. Xign's suite of on-demand applications is the first to automate the complete commerce cycle - from electronic order delivery to electronic invoice and payment processing - to streamline operations and monetize working capital. With more than $80 billion in transactions processed and a fast growing network of more than 25,000 global suppliers, Xign offers the most complete and widely deployed service of its kind. Customers include Fortune 2000 companies across many different industries such as Bristol-Myers Squibb, MetLife, Payless ShoeSource, Radio Shack, Southern Company, Sprint, T-Mobile and United Rentals. Xign is headquartered in Pleasanton, CA. For more information, visit www.xign.com.