Accruent Announces Intent to Acquire Assets of Vectiv Corporation; Contract Management Software Vendor Strengthens Leadership Position and Expands Retail Market Dominance.

Business Editors

SANTA MONICA, Calif.--(BUSINESS WIRE)--Dec. 9, 2002

Accruent, Inc., the leading provider of enterprise contract management solutions, today announced it has agreed to acquire the assets of Vectiv Corporation, a provider of enterprise store lifecycle management solutions that enable retail companies to greatly improve profits through better alignment of their stores with their customer base.

The solutions also optimally manage and execute activities related to rolling out new stores, changing formats of existing stores, relocating and, when appropriate, closing existing stores. Vectiv's solution is built on a robust and secure spatial data warehouse service that serves as the system of record for all real estate contract-related information. The acquisition is expected to close on or before December 31, 2002.

In making the announcement, Mark Friedman, CEO of Accruent, said, "This move will aggressively expand Accruent's footprint in the retail market. Our combined offerings allow customers the opportunity to integrate our existing contract management solutions with Vectiv's powerful solutions for store lifecycle management. The results are faster and better site selection, improved execution of store strategy and the management of key financial obligations and performance metrics."

"Dollar Tree is a unique retail company with high growth goals, and we are determined to continue the successes we have experienced in recent years," said Robert Gurnee, Dollar Tree's Vice President of Real Estate. "Our stores, and therefore store locations, are an extremely important factor in achieving our goals. We think the combination of Vectiv and Accruent provides a more complete solution to help us optimize our portfolio and ensure the long-term success of our new stores."

Accruent sees the potential for Vectiv's solution as having broad appeal in the emerging market for contract management. "Vectiv has been first to build an application that blends location-based services, GIS mapping, collaboration, with financial-grade security into an Internet-based solution. We see many companies today experiencing disintegration between contract details and related operational and physical assets. We believe this technology offers a powerful means to align contract information for accessing, presenting, and analyzing location information," states Friedman.

"While companies often go to great lengths to negotiate contracts, for most, managing contracts is an afterthought. Companies that rely heavily on real estate, equipment leasing, services, and renewals are ideal candidates for the return on investment (ROI) contract management systems deliver," said Louis Columbus, in the AMR Research Alert, "Turning Contracts into Cash," July 8, 2002. "Retailers need to look seriously at contract management as the many obligations included in creating a new store location are often overlooked once completed, bringing costs to a company that needn't be incurred. The bottom line is that there is a significant level of cost savings and revenue generation available by managing contracts more effectively."

About Accruent

Accruent is the leading provider of enterprise contract management solutions that enable organizations to improve business performance through better cost and revenue management while reducing corporate risks associated with contracts. Accruent enables improved decision-making and obligation management of complex business contracts and financial relationships. The results are better visibility into business performance and total spend while maintaining corporate compliance and minimizing risk. Accruent's clientele includes over 125 enterprise companies, including Rite Aid (NYSE:RAD), Wells Fargo (NYSE:WFC), American Eagle Outfitter (NASDAQ:AEOS), Lehman Brothers (NYSE:LEH), Linens 'N Things (NYSE:LIN), Lockheed Martin (NYSE:LMT), Raytheon (NYSE:RTN), Sempra Energy (NYSE:SRE), and Viacom (NYSE:VIA). The company is headquartered in Santa Monica, California. For more information, visit www.accruent.com.