First Union Selects Concur for Expense Management; Proven Large-Scale Deployment Successes Leads to Selection of Concur eWorkplace.REDMOND, Wash.--(BUSINESS WIRE)--Nov. 8, 1999-- Concur Technologies (Nasdaq:CNQR), a leading provider of workplace eCommerce solutions, announced today that First Union Corporation (NYSE NYSE See: New York Stock Exchange :FTU FTU Foreign Trade University (Hanoi, Vietnam) FTU Federation of Trade Unions (Hong Kong, China) FTU Formal Training Unit FTU Florida Times-Union (newspaper) ) has selected Concur Expense(TM), the travel and entertainment (T&E) expense management solution within the Concur eWorkplace(TM) business portal. Supporting its goal of enhanced reporting capabilities and its need for improved policy compliance, First Union will implement Concur's solution across the entire organization of over 70,000 employees. Having previously automated the expense reporting process function via an internal mainframe system, First Union has already realized savings in its processing costs. "We now feel it is time to move forward with a next generation solution. It is just not feasible for us to upgrade our existing system to offer the features and functionality that Concur's solution will provide," explained John Kluxen, vice president, Financial Operations, First Union. The self-service quality of Concur Expense especially suits First Union's dynamic environment. Available to employees via the corporate Intranet, Concur Expense meets First Union's need for a Web-based solution deployable through the desktop. With improved reporting capabilities and enhanced policy compliance, travel expenditures can be more easily tracked for use in negotiations with preferred vendors. Additionally, First Union sought a solution that would support prepopulation of expense data from employee's corporate cards into expense reports. With Concur Expense, First Union will gain added features and functionality for improved accuracy, control, and efficiency of processing expense data. "Concur's was the most feature rich product we examined," said Kluxen. "We were very pleased to see that the solution was in use at many large corporations and that it was a fairly mature and proven product." About First Union First Union Corporation is a leading provider of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to more than 16 million retail and corporate customers throughout the East Coast and the nation, as well as 130 countries. First Union is the nation's sixth largest bank holding company and eighth largest brokerage company, with assets of $235 billion as of Sept. 30, 1999. About Concur Technologies Concur Technologies, Inc.(TM) (www.concur.com) is a leading provider of workplace eCommerce solutions that automate costly and inefficient business processes among employees, partners, suppliers, and service providers. Its flagship products, Concur eWorkplace(TM) and Concur eWorkplace.com(TM) (www.concureworkplace.com), integrate Concur's suite of workplace eCommerce solutions -- business-to-business eCommerce, human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. self-service, travel and entertainment expense Travel and entertainment expense Funds spent on business travel and entertainment that qualify for a tax deduction of 50% of the amount claimed. management, and travel booking -- through a common business portal. Both products enable users to access critical information and services thus reducing operating costs operating costs npl → gastos mpl operacionales , increasing productivity, and improving supplier management. Concur has licensed its workplace eCommerce solutions to more than 275 companies worldwide, representing over 2.1 million employees. Customers include AT&T, Baxter International Baxter International Inc. (NYSE: BAX), is a global healthcare company with 48,000 employees and 2006 sales of US$10.4 billion. Its headquarters is in Deerfield, Illinois. , DaimlerChrysler, Exxon, and Pfizer. Concur's Global Alliance Network is comprised of over 50 world-class organizations including ADP (1) (Automatic Data Processing) Synonymous with data processing (DP), electronic data processing (EDP) and information processing. (2) (Automatic Data Processing, Inc., Roseland, NJ, www.adp. , American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. , Exodus, and Microsoft. http://www.businesswire.com/cnn/cnqr.htm All company or product names are trademarks and/or registered trademarks of their respective owners. This press release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from current expectations. Statements made in this release that relate to future plans, events or performances or statements containing words such as "believes," "anticipates," "plans," or "expects" are forward-looking statements. These statements are based on current expectations and involve risks and uncertainties. Factors that could cause or contribute to actual results differing from current expectations include, but are not limited to uncertainty of market acceptance of the Company's products; the lengthening lengthening (lengkˑ·the·ning), n the use of various massage or muscle energy techniques to relax and stretch muscle and connective tissue. of the sales cycle; difficulties associated with international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. ; risks associated with the Company's distribution model; and increased customer caution due to Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 issues. Please refer to the Company's public filings made with the Securities and Exchange Commission (http://www.sec.gov) for additional and more detailed information on risk factors that could cause actual results to differ materially from current expectations. Concur assumes no obligation to update the forward-looking information contained in this press release. |
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