HERNDON, Va.- April 17, 2003 - ePlus inc. (Nasdaq:PLUS - News), a leading provider of Enterprise Cost Management solutions, announced today that The Hearst Corporation, one of the nation's largest diversified media companies, has purchased a license for ePlus Procure+ software to reduce process costs for MRO (maintenance, repair and operation) supplies, office supplies, and technology procurement.
Hearst selected ePlus' Procure+ after a yearlong due diligence study that encompassed an extensive set of vendor criteria, including the ability to work within Hearst's existing procurement structure and meet its demanding technology requirements.
Maintained out of Hearst's Charlotte, NC, Shared Services Center, Procure+ will serve as the common purchasing platform for the entire Hearst Corporation.
The implementation of an enterprise-wide procurement system, will enable Hearst to better track corporate disbursements, reduce processing costs, and aid their ability to leverage their purchasing dollars. These capabilities will help Hearst to cultivate more profitable vendor relationships and gain greater economies of scale--essential elements of an enterprise cost management strategy.
"The unparalleled functionality of Procure+ was a major consideration for Hearst. With Procure+, we will deploy content services, inventory management, reverse auctioning capabilities, RFQ management, procurement functionality, and knowledge management under a single, integrated platform," said Steve McNally, Procurement Manager of The Hearst Corporation Service Center. "We also were impressed by ePlus' deep customer base, its long and successful tenure in the procurement arena, and the profitability and stability of the company."
"We are confident that the wide-ranging capabilities of Procure+ will be a perfect fit for Hearst's complex needs and applications," said Ken Farber, President of ePlus Systems and Content Services. "Hearst will soon realize the benefits our other customers have enjoyed, including reduced costs, maximized worker productivity, elimination of cumbersome paper-based practices, and creation of economies of scale through leveraged vendor discounts."
About Procure+
Procure+ is an advanced enterprise eProcurement software system designed to create a paperless eProcurement process that facilitates spend management and lowers the administrative and direct costs of purchasing. Available as a licensed, hosted or web-services solution, Procure+ addresses all aspects of the eProcurement lifecycle, including Internet-based requisitioning, order approval workflow, order status checking, purchase order generation, cataloging, data management, invoice matching and consolidation, inventory management, reporting, and accounts payable management. Add-on modules permit customers to create bids and reverse auctions, match invoices, set budgets, make payments electronically, and track assets. Procure+ can be used in conjunction with Content+ and Manage+, ePlus' other Enterprise Cost Management solutions, to deliver a comprehensive supply chain management solution including product content and catalog management, as well as fixed-asset lifecycle management.
ePlus?, Procure+?, and Manage+? are registered trademarks of ePlus inc. ePlus Enterprise Cost Management, eECM, and Content+ are trademarks applied for of ePlus inc. Other marks referenced herein are property of their respective owners.
About The Hearst Corporation
The Hearst Corporation (www.hearst.com) is one of the nation's largest diversified communications companies. Its major interests include magazine, newspaper and business publishing, cable networks, television and radio broadcasting, Internet businesses, television production and distribution, newspaper features distribution, and real estate.
About ePlus inc.
A leading provider of Enterprise Cost Management, ePlus provides a comprehensive solution to reduce the costs of purchasing, owning, and financing goods and services. ePlus Enterprise Cost Management (eECM) packages business process outsourcing, eProcurement, asset management, supplier enablement, strategic sourcing, and financial services into a single integrated solution, all based on ePlus' leading business application software. Profitable since inception in 1990, the company is headquartered in Herndon, VA and has more than 30 locations in the U.S. For more information, visit our website at www.eplus.com, call 800-827-5711 or email to info@eplus.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release, which are not historical facts, may be deemed to be "forward-looking statements". Actual and anticipated future results may vary due to certain risks and uncertainties, including, without limitation, general economic conditions; the possibility of defects in our products or catalog content data; our ability to hire and retain sufficient personnel; our ability to protect our intellectual property; the creditworthiness of our customers; our ability to raise capital and obtain non-recourse financing for our transactions; our ability to realize our investment in leased equipment; our ability to reserve adequately for credit losses; fluctuations in our operating results; our reliance on our management team; and other risks or uncertainties detailed in our Securities and Exchange Commission filings.
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