Cortex Business Solutions Inc.
TSX VENTURE : CBX

Cortex Business Solutions Inc.

March 15, 2011 09:30 ET

Basware And Cortex announce Apache Go-Live on E-Invoicing, Invoice Automation

STAMFORD, CONNECTICUT AND CALGARY, ALBERTA--(Marketwire - March 15, 2011) - Basware, the global leader in purchase-to-pay solutions, and Cortex Business Solutions Inc. (TSX VENTURE:CBX) ("Cortex") have announced that Apache has effectively implemented e-Invoicing to connect with many of its top suppliers in North America using the Basware platform and the Cortex Network. Additionally, Apache is implementing Basware Invoice Automation to minimize time-consuming, manual, repetitive invoice-handling tasks, and enable the organization to focus on more value-added activities. 

System testing and configuration has been completed in the United States, and Basware and Cortex have begun rolling out Basware Invoice Automation solutions to all of Apache's U.S. business units. By year-end, more than 2,000 of Apache's U.S. suppliers will be connected to the Cortex Network and the Basware platform. 

The joint Basware-Cortex solution enables Apache to receive electronic invoices from suppliers across North America via the Cortex network and Basware platform directly into Basware's leading Invoice Automation software. The joint solution reduces the time and cost of scanning, entering data and approving and processing invoices, while enabling greater visibility and control over financial processes. Cortex provides full transparency into the status of each invoice including accepted and rejected notices, as well as training and ongoing support programs for each supplier, resulting in faster processing and approval times, the potential for quicker payments, and reduced effort for both Apache and its suppliers. 

"By combining e-invoicing with invoice automation, Apache can streamline its invoice processing operations,
and gain greater visibility into spend and cash flow to make more strategic financial decisions," said Bob Cohen, vice president of marketing, Basware, North America. "The combined Cortex and Basware networks enable Apache to strengthen its relationships and communicate more effectively with its suppliers."

"Cortex is excited to be live in the U.S. with Apache," said Ryan Lailey, vice president of Business Development at Cortex. "The growth of our network to include over 2,000 U.S-based suppliers for Apache will continue to increase the value of the Cortex Network across North America."

About Apache Corporation

Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom North Sea, Australia and Argentina.

About Cortex Business Solutions Inc.

Cortex Business Solutions is an industry leading service company that improves efficiencies, reduces costs and streamlines procurement and supply chain processes for its customers. Accessing the Cortex Trading Partner Network enhances the exchange of business critical documents, such as purchase orders, receipts and invoices, resulting in improved cash flow management and business controls while reducing days outstanding and administrative costs. Cortex is a low cost, low risk solution that can be implemented quickly by leveraging its customers' existing business environment. For further information please visit www.cortex.net.

About Basware

Basware is the global leader in purchase-to-pay solutions with more than 1,500 customers and 1,000,000 users in over 50 countries around the world. With Basware, organizations can reduce the cost of buying and paying for goods and services and gain visibility and control of their entire spending process by automating manual processes, from sourcing, contract management, purchasing and supplier collaboration to invoice automation. Basware solutions and services enable substantial cost reductions across businesses and deliver value by providing compliance and control, as well as fast return on investment. The solutions are distributed and implemented, either on site or as a service, in Europe, the U.S., and Asia-Pacific through an extensive network of Basware offices and business partners. The company's U.S. business, Basware, Inc., is headquartered in Stamford, Conn. More information can be found at www.basware.com/us.

Forward-Looking Statements

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in Cortex's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. Cortex does not assume the obligation to update any forward-looking statement.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Basware, Inc.
    Robert Cohen
    robert.cohen(at)basware.com
    203-487-7905
    www.basware.com/us
    or
    Cortex Business Solutions
    Ryan Lailey
    rlailey(at)cortex.net
    403-219-1504
    www.cortex.net