OpenText Announces New Contract Management System to Automate Contract Processing

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Open Text Corporation

Mar 05, 2015, 09:00 ET

OpenText Contract Center Improves Contract Visibility and Milestone Tracking 

WATERLOO, Ontario, March 5, 2015 /CNW/ -- OpenText™ (NASDAQ: OTEX, TSX: OTC), a global leader in Enterprise Information Management (EIM), today announced its new contract management solution to automate all contract-related tasks. OpenText Contract Center handles contract processes from the simplest to the most complex workflows by bringing together a complete set of EIM software technologies to manage the contracting process from initial concept through the authoring, negotiation, execution, renewal and retention of contracts.

Many organizations today process contracts manually using email and office tools, and fragmented document repositories, a typically slow, error prone process that is expensive and insecure. Contracts are often hard to find, and it is difficult to manage negotiated terms, discounts, and incentives. With OpenText Contract Center, organizations develop a centralized and fully automated system to process contracts securely, cost-effectively and with fewer errors. The solution includes best practices for contract processing out of the box, across the entire contract lifecycle, and is built on the robust, enterprise class BPM and ECM platforms from OpenText.

"OpenText Contract Center is a great example of the value of OpenText's complete EIM solution," said Muhi Majzoub, senior vice president of engineering, OpenText.  "With OpenText Contract Center, you can manage all contract processes. It brings together a comprehensive process automation system, document composition, and an industry leading content management system for a high degree of process flexibility, security, compliance and collaboration that cannot be matched."

OpenText Contract Center offers:

  • Fast Deployment— Offered as a packaged application, customers are able to quickly implement the solution for faster time to value.  
  • Ease-of-use—Powerful interface technologies offer users intuitive, role-based interfaces for the contract requestors, authors, reviewers and approvers that are part of the contract management processes.  
  • Security— Contracts are stored in a secure repository to help meet any organization's information governance guidelines and regulatory requirements.
  • Milestone Tracking—Contract terms and incentives are tracked, and alerts and workflows can be triggered to help maximize the value of each transaction and business relationship. 

OpenText Contract Center is built on OpenText's Process Suite BPM platform, which enables businesses to rapidly understand and automate even the most complex and sophisticated contract workflows for any sell side, buy side, or general legal agreement. Process Suite is a rich platform offering process modeling capabilities, business rules functionality, Master Data Management, and integration capabilities to ensure all relevant structured data and information is accessible and automated in the contracting process. Process Suite also includes pre-built connectors to many ERP, CRM and Supply Chain systems. This rich platform allows organizations to confidently process and manage any contract, helping to ensure regulatory compliance, and adherence to business rules, while reducing processing costs, and increasing productivity and efficiency across the entire contracting lifecycle.

OpenText Contract Center includes the repository based on OpenText Content Server, a market-leading enterprise content management system as well as document composition based on OpenText Customer Communication Management solution which enables rules-based creation of personalized documents.

Availability

OpenText Contract Center is available immediately.

Learn more about OpenText EIM:

About OpenText
OpenText is the leader in Enterprise Information Management, helping customers to create a Digital-First World by simplifying, transforming, and accelerating their information needs. Over 100,000 customers already use OpenText solutions, either on premises or in our cloud.  For more information about OpenText (NASDAQ: OTEX; TSX: OTC), please visit: www.opentext.com.

Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Copyright ©2015 Open Text Corporation. OpenText is a trademark or registered trademark of Open Text SA and/or Open Text ULC. The list of trademarks is not exhaustive of other trademarks, registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text SA or other respective owners. All rights reserved. For more information, visit: http://www.opentext.com/who-we-are/copyright-information. 

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SOURCE Open Text Corporation

Further information: Robin Lane, OpenText, 1 301-340-4277, [email protected], or Sonya Mehan, Investor Relations, OpenText, 519-888-7111 x2446, [email protected]; or Katie Carbone, Weber Shandwick, 1 617-520-7135, [email protected], http://www.OpenText.com

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Open Text Corporation