CALGARY, ALBERTA, June 1, 2015 – Cortex Business Solutions Inc. (TSXV: CBX), the online network focused on helping companies connect and interact with each other, transmit documents and grow their businesses, today announces the signing of a formal partnership agreement with Beanworks Solutions Inc., for the purpose of extending their Procurement-to-Pay offering of providing automation to customers.
Beanworks strives to eliminate inefficiencies in accounting systems through their Beanworks AP solution; a cost saving Accounts Payable automation software, which simplifies today’s manual paper based vendor invoice process.
The Cortex Trading Partner Network, together with the Beanworks Accounts Payable solution, offers new and existing customers a fully integrated solution which allows them to automate their paper invoice processes, saving them time and money. In addition to reducing the costs and inefficiencies associated with manual processes, this combined solution provides real time visibility into the status of invoices giving customers greater visibility and control over their Accounts Payable process, resulting in deeper financial clarity.
Cortex is excited about the opportunity to reach new vertical markets through the partnership while providing Beanworks with similar opportunities within Cortex’s existing customer base. “Beanworks is a natural partnership for us. Both companies have similar goals in improving automation and efficiencies for customers looking to reduce time and money spent on manual finance processes. Together we can provide our customers a truly innovative and forward thinking approach to invoice processing that helps reduce costs and increase efficiencies.” said Joel Leetzow, CEO of Cortex. “We’re really looking forward to working with Beanworks and providing our mutual customers with increased automation.”
Catherine Dahl, CEO at Beanworks commented: “We are incredibly excited to partner with Cortex. Their solution provides an easy and robust way of connecting any Supplier with any Buyer and enabling them to do business together more easily than ever before. We feel our combined solutions will give customers a powerful way to manage their-spend, and see the process through to payment. “
Separately, Cortex and Beanworks create value through their proprietary network solutions. Together both company’s customers will see enhanced value built on a joint solution that is easy-to-use, well supported, and built to grow their customer’s businesses through cost & time savings and unparalleled networking capabilities.
About Cortex Business Solutions
Cortex Business Solutions Inc. is an Enterprise eProcurement solutions company that improves efficiencies, reduces costs and streamlines procurement and supply chain processes for its customers. Accessing the Cortex 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 each day's outstanding and administrative costs. Cortex is a low cost, low risk solution that can be implemented quickly by leveraging clients’ existing business environment.
Investor Relations Contacts:
|Joel Leetzow||Sandra Fawcett (formerly Weiler)||Andrew Stewart|
|President and CEO||CFO||Director, Marketing & Investor Relations|