SOURCE: Xign

January 30, 2007 11:00 ET

Xign Announces 2006 Performance Milestones

Xign Revenues More Than Double 2005 Levels; Xign Business Settlement Network Crosses $100 Billion Mark, Extends Reach to More Than 40,000 Suppliers

PLEASANTON, CA -- (MARKET WIRE) -- January 30, 2007 -- Xign Corporation, the operator of the leading settlement network for business, today announced 2006 results that included a more than doubling of corporate revenues compared to 2005. During 2006, Xign processed more than $35 billion in business-to-business transactions, and cumulative network transactions crossed the $100 billion mark since the Xign Business Settlement Network went into production in 2001.

Invoice volume through the Xign Network increased by more than 300 percent in 2006, and the number of Xign suppliers grew by more than 50 percent to more than 42,000 suppliers. These suppliers transact with all current and future Xign customers, including world-class Fortune 1000 customers such as Hertz, KeySpan, RadioShack Corporation, United Rentals, and Verizon Wireless. Xign business results during 2006 were assisted by world-class business partners, among them JPMorgan Chase, MasterCard Worldwide, GE Money - Corporate Payment Services, Accenture and Wachovia.

Another milestone was the broad use of the advanced discount management feature of the Xign Business Settlement Network. Xign suppliers overwhelmingly supported early payment discounts during 2006. In a Xign supplier survey, more than 80 percent of respondents expressed an interest in offering early payment discounts to accelerate payment. This represents an enormous business opportunity for Xign and its customers, especially for those using Xign Discount Manager. During 2006, Xign Discount Manager customers captured early payment discounts at three times the rate of customers that were using Xign's electronic invoice capabilities without Discount Manager.

To further improve customer results, Xign in 2006 introduced Xign Network Insight™, the first network-based benchmarking service for tracking and improving financial settlement performance. Xign Network Insight addresses 12 key performance indicators of financial settlement performance that are part of Xign's best practice methodology. Xign's new service offering applies proprietary analytics to Xign Network data to compare individual company performance against aggregate results available by industry and spend category monitoring.

Supply & Demand Chain Executive magazine in 2006 recognized Xign President and CEO Tom Glassanos as a supply chain leader and visionary for the third consecutive year and Xign as a Top 100 supply chain company. In addition, Mr. Glassanos published articles relating to payables working capital and financial settlement automation in a variety of trade and business publications, including Line 56, Shared Services News, and the San Francisco Examiner.

"Xign's performance in 2006 indicates that electronic payment/settlement is rising to the forefront of the corporate finance agenda," said Alenka Grealish, manager of the banking group at Celent. "Corporations are increasingly recognizing how electronic settlement networks can streamline their heavily paper-dependent and error-prone payment processes; ensure consistent, timely payment to suppliers; as well as optimize trading partner working capital."

The Xign Business Settlement Network -- or XBSN -- provides an on-demand electronic order delivery, invoice processing, payment and discount management service for business-to-business commerce. By shifting from paper processing to an electronic settlement network, organizations can reduce their financial settlement costs by more than 50 percent, greatly enhance visibility and control for Sarbanes-Oxley compliance, and achieve double-digit annualized returns on cash from early payment discounts. Xign also delivers compelling value to suppliers, including real-time transaction visibility, detailed remittance information with every electronic payment, no transaction fees, and the opportunity to get paid faster.

"Xign's outstanding results in 2006 in securing new customers, expanding our supplier network and growing transaction volume beyond the $100 billion mark since inception demonstrates that the settlement network for business is ready for prime time," said Tom Glassanos, Xign president and CEO. "We're proud of our accomplishments and the support that we have received from some of the world's leading companies and business partners. We will build upon our leadership role in 2007 and help make electronic settlement networks as compelling to business-to-business commerce as credit card networks are to business-to-consumer commerce."

About Xign Corporation

Xign Corporation operates the leading global settlement network for business. 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 $100 billion in transactions processed and a fast growing network of 40,000-plus 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, Honeywell, MetLife, Payless ShoeSource, RadioShack Corporation, Southern Company, Sprint, United Rentals, and Verizon Wireless. Xign is headquartered in Pleasanton, CA. For more information, visit www.xign.com.

Contact Information

  • Company Contacts:
    Christopher Rauen
    Xign Corporation
    925-251-4514
    Email Contact

    Michelle Sabolich
    Atomic Public Relations
    415-402-0230
    Email Contact