CALGARY, ALBERTA – September 28, 2016 – Cortex Business Solutions Inc. (TSXV: CBX), a Network-as-a-Service e-invoicing solutions provider, is pleased to announce that Calgary Sports and Entertainment Corporation (“CSEC”) , a professional sports and entertainment company located in Calgary, AB, has celebrated this first year using the Cortex Trading Partner Network to automate their inbound invoice processing.
To achieve the goal of converting 100% of their incoming paper invoices to electronic receipt, CSEC selected a Cortex solution that combines direct supplier integration to the Cortex Network, which allows for the immediate submission of invoices electronically, with Cortex’s AP Scanning service for any supplier not yet on the Cortex network, which scans and converts any remaining paper invoices into electronic data to move the invoice through the Cortex network. This product combination provided CSEC with the ability to move from zero percent automation pre-Cortex to 100% automation of invoices on their go live date. While most e-invoicing vendors define success as anything over 50% automation, CSEC doubled their standard automation rate and subsequent savings by choosing Cortex over competitive products in the market.
Cameron Olson, CFO of Calgary Sports and Entertainment Corporation commented, “We originally chose Cortex due to their differentiated application focus in helping our suppliers to submit invoices quicker and with less time and expense than the traditional approach to manually printing invoices, stuffing envelopes and incurring postage costs. Invoices are now received electronically via Cortex and suppliers can see the progress of their invoices in real time, as well as our approval to pay and the payment details. After a year using the Cortex platform we are excited to have seen a positive change in our business relationships with many of our Supply Chain partners. The Cortex Network has helped us to improve our interaction with many of our strategic vendors, resulting in significant cost savings to CSEC and a more efficient and timely payment process for our valuable business partners.”
“When CSEC joined the Cortex Trading Partner Network over a year ago, both parties were embarking on something new to the Sports & Entertainment industry, where intelligent e-invoicing is not a common practice.” said Joel Leetzow, CEO of Cortex. “For Cortex, welcoming CSEC as a client marked an important step forward for our diversification into a new market vertical like sports and entertainment. CSEC’s willingness to partner with us as an anchor account has been an amazing experience and will lead to additional business with other sports teams and entertainment organizations across North America.”
To find out more about the Cortex Trading Partner Network, visit www.cortex.net About Cortex Business Solutions
About Cortex Business Solutions
Cortex Business Solutions Inc. (TSXV: CBX) is a business-to-business network that enables electronic invoicing for buying and supplying organizations. The Cortex network offers flexible connection methods to reduce the time required to process invoices and tools that leverage existing customer technologies and processes. Access to the Cortex Network enhances the exchange of documents allowing companies to connect and interact with each other to grow their businesses.
Investor Relations Contacts:
|Joel Leetzow||Sandra Fawcett (formerly Weiler)||Andrew Stewart|
|President and CEO||CFO||Director, Marketing & Investor Relations|