RFP News

Published on Dec 10, 2010

Cortex Business Solutions Inc. (“Cortex” or the “Company”), together with its partner Powervision Software Inc. (“Powervision”), announced the signing of a new hub project with a mid-sized natural gas-focused Canadian energy corporation based in Calgary. Over the next several months, Powervision and Cortex will be working closely to implement the Powervision Workflow Management software and automate 80% of each company’s invoicing process by on-boarding the hub’s suppliers onto the Cortex Trading Partner Network. The on-boarding process is expected to commence in February of 2011 and therefore, revenue from suppliers will be recognized in the months following. This customer has hundreds of suppliers and approximately 60% of their suppliers are already connected to our Network.

“This new project demonstrates that companies of all sizes can benefit from joining the Cortex Network,” said Ryan Lailey, VP of Business Development at Cortex. “Through our strong partnership with Powervision, we continue to gain momentum in the Canadian Oil and Gas marketplace and anticipate additional buying organizations to begin projects in the near future.”
The Cortex Network continues to grow and now has over 3,800 companies connected. This month, Cortex has begun signing up US based suppliers as part of our ongoing Apache North America project. Over the next few months, Cortex anticipates over 2,000 new US based suppliers to join the Cortex Network through this project.

Powervision and Cortex are dedicated and focused on optimizing purchase to payment and invoicing processes for corporations by implementing electronic procurement, workflow and document management solutions. In the end, our customers reduce costs, streamline their procure-to-pay process and improve business controls.**

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