ABN AMRO North America, Inc. Selects CascadeWorks For Services E-Procurement.Business Editors/High-Tech Writers SAN FRANCISCO--(BUSINESS WIRE)--June 25, 2001 Services E-Procurement Solution to Streamline ABN AMRO ABN AMRO Algemene Bank Nederland-Amsterdam Roterdam Bank (Dutch bank) North America's Services Purchasing Processes and Reduce Costs CascadeWorks, a leading provider of solutions for the services e-procurement market, today announced that Chicago-based ABN AMRO North America, Inc. (a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Amsterdam-based ABN AMRO) has selected the CascadeWorks services e-procurement solution to manage the company's services spend for hourly-based staffing services and project-based consulting services. CascadeWorks will integrate the CascadeWorks(TM) Clarity for Staffing and CascadeWorks(TM) Clarity for Consulting applications with the bank's existing enterprise systems to address services e-procurement needs. The CascadeWorks solution will allow ABN AMRO to work more closely with valued suppliers and to deliver greater cost savings and efficiencies to both the bank and its suppliers. CascadeWorks plans to meet ABN AMRO's needs by offering deep product functionality and Ariba(R) Ready(TM) status, indicating the ability to integrate seamlessly with ABN AMRO's existing Ariba(R) Buyer(TM) e-procurement application for indirect materials spend. "We were looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a way to manage our spending with staffing and consulting vendors," said Sam Halim, President of ABN AMRO Information Technology Services Company in North America. "After thoroughly evaluating the competition, we found that CascadeWorks best met our requirements with the most mature and flexible technology. Their solution provides ABN AMRO with a compelling ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). and a greater visibility into services spend across North America." "Services spend is of critical strategic importance, particularly for global banks and financial institutions," said Diana Jovin, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CascadeWorks. "In today's economic climate, companies have the opportunity to realize significant cost savings that will directly impact the bottom line. We are pleased to work with ABN AMRO to deliver the most comprehensive solution for managing their contingent workforce." Services E-Procurement Services e-procurement is an emerging technology category that manages the strategic purchasing of corporate services and manages services vendors through a collaborative-hosted application. With services spend representing on average more than fifty percent of a company's annual spend, the opportunities for cost savings and strategic impact are significant. ABN AMRO Netherlands-based ABN AMRO Bank N.V. is one of the world's largest banks with total assets of $505 billion and more than 3,500 locations in over 70 countries and territories. ABN AMRO's activities are grouped into three strategic business units: Wholesale Clients, which provides integrated corporate and investment banking services to corporate, financial institutions and public sector clients worldwide; Consumer & Commercial Clients, which focuses on retail and small to medium-size clients in a number of core markets; and Private Clients & Asset Management, which focuses on private banking and fund management clients globally. In North America, ABN AMRO is headquartered in Chicago and has $183 billion in assets and more than 19,000 employees with banking offices serving wholesale clients in 13 cities in the U.S., Canada and Mexico. ABN AMRO's North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. subsidiaries include LaSalle Bank in Chicago; ABN AMRO Asset Management (USA) LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (a subsidiary of LaSalle Bank); ABN AMRO Incorporated; Standard Federal Bank in Michigan; Michigan National Bank Michigan National Bank was established on 31 December 1940 when Howard J Stoddard consolidatied six Michigan banks: First National Bank and Trust Company of Grand Rapids, First National Trust and Savings Bank of Port Huron, Lansing National Bank, Battle Creek's Security National ; and EAB EAB Emerald Ash Borer (insect) EAB Environmental Appeals Board (EPA) EAB Educational Activities Board (IEEE) EAB Environmental Advisory Board EAB Egyptian American Bank in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of .(1) Notes: (1) In February 2001, ABN AMRO Bank N.V. announced that it had reached an agreement to sell EAB to Citibank, N.A. The deal is expected to close in mid 2001. Effective April 30, 2001, ABN AMRO Bank N.V. acquired the prime brokerage, corporate finance, domestic equities, and futures and options businesses of ING Barings in North America. About Cascade Works CascadeWorks enables F1000 companies to derive strategic business advantage from services e-procurement -- the Internet-based process for sourcing, purchasing, paying and managing services vendors. CascadeWorks Clarity, an integrated suite of applications based on a unified technology platform, delivers visibility, process improvement and program management that address the entire services procurement life cycle and management of the services vendor community. In use at major corporations such as Autodesk and Charles Schwab, CascadeWorks Clarity helps businesses reduce operating costs, improve quality and optimize spend across all categories of services. Based in San Francisco, CascadeWorks is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. with venture capital from New Enterprise Associates (NEA NEA abbr. 1. National Education Association 2. National Endowment for the Arts NEA (US) n abbr (= National Education Association) → Verband für das Erziehungswesen ). For more information, visit www.cascadeworks.com. |
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