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Cirqit Releases Version 5.0 Of eProcurement Solution

Press release from the issuing company

WHIPPANY, N.J. March18, 2002 -- Cirqit, a leading procurement service provider (PSP) to the Fortune 2000 for the procurement of printed materials, today announced the general availability of Version 5.0 of its innovative eProcurement and Supply Chain Management applications, Order-It and Price-It. This release allows Cirqit to extend its leadership in enabling eProcurement for printed material. New functionality includes a configurable pricing engine, which brings strategic price management and real-time pricing to digital printing, screen-printing and virtually any other type of printed product, and an internationalized platform that supports multiple languages and currencies. The addition of these capabilities enables Cirqit to deliver a comprehensive, enterprise-wide print procurement solution to global organizations. "Cirqit is in the forefront of providing strategic procurement solutions for the complex vertical category of printing to the Fortune 2000," said Mark Hausser, Cirqit's CEO and founding partner. "Corporations normally spend between 1% and 3% of their total revenue on print, and with this release, we are extending the reach of our products and enabling organizations to bring a strategic focus to their total global print spend." Order-It is an eProcurement application that connects an organization to their supply chain via the internet. The application allows buyers to define job specifications, solicit and manage RFQs and place orders with suppliers. Order-It drives hard cost savings while reducing cycle time, improving communication and empowering managers by providing a comprehensive suite of reports. Key enhancements available in Order-It v.5.0 include: * Internationalization - Application platform extended to support multiple currencies and languages. The release also includes the first international product deployment (Spanish). * Improved Reporting - Dynamic functionality that allows organizations to capture and utilize any type of unique data that needs to be linked with orders or queried in reports. Price-It is a strategic price management tool that seamlessly connects to Order-It. Within this application, job specifications and supplier pricing data combine to drive a sophisticated pricing engine that provides buyers with real-time price quotes from the organization's leveraged supply chain. Price-It provides a framework to collect and maintain pricing data from a diverse set of suppliers. Strategic pricing reports allow the sourcing team to effectively negotiate and manage pricing across the supply chain. This powerful combination of sourcing and buying tools enables organizations to control the execution of an enterprise-wide print procurement strategy. "Price-It now includes a completely configurable pricing engine that allows organizations to bring strategic price management practices to almost any type of printed material" said Dan Miller, director of product development. "Price-It will now allow our customers to quickly capture and utilize contract pricing from their supply chain for everything from digital printing, envelopes and labels to screen printed banners and CD's - it is very powerful."