9/11/2003 - DETERMINE Software®, a leading provider of Contract Performance Management (CPM) solutions for Global 2000 companies, announced that Cypress Semiconductor Corporation, a global supplier of high-performance integrated circuits for network infrastructure and access equipment, purchased the DETERMINE Application Suite to manage its capital asset leasing portfolio. Cypress Semiconductor was up and running in less than one week with DETERMINE’s ExpressWay solution, a month-to-month, subscription-based version of the DETERMINE solution requiring only a nominal up-front fee, no long-term commitment and accelerated implementation processes.
Cypress’s decision to automate its leasing contracts illustrates a renewed interest by business in leasing as a financial strategy to improve the bottom line. After a period of relative downturn in the use of leasing, companies are recognizing that properly managed and controlled leasing processes can be a powerful strategy for managing cash flow. The Leasing Management Module of the DETERMINE solution extends core purchasing and asset management systems by allowing lease options to be accurately evaluated, sourced and managed along with the actual purchase of these assets.
Corporate America leases more than $250 billion worth of equipment, and this number is climbing, according to Scott Martin, CEO of DETERMINE Software. “Capital asset contracts represent some of the most complex of all contracts, as they contain many hidden costs and compliance events,” said Martin. “Whether it’s lease contracts or any other type of critical procurement contract, DETERMINE delivers a system that provides the depth and agility to improve contract performance, reduce costs and improve overall supplier performance.”
Cypress Semiconductor is using the DETERMINE solution to manage its capital equipment lease contracts and to help streamline the maintenance process. Within just a couple weeks of purchasing the solution, Cypress had loaded all contract data into DETERMINE and was able to conduct real-time analysis of their asset portfolio as “lease tools by location,” “increased payments for current year” and “notification dates.” The company estimates it now saves ten hours of time per week with the new solution.
Cypress selected DETERMINE based on product performance and flexibility as well as the attractive pricing and fast time-to-implementation made possible by the ExpressWay program. “ExpressWay provided everything we were looking for at an attractive price point,” said Scott Frame, Corporate Asset Manager, Cypress Semiconductor. “DETERMINE’s flexibility in terms of customization and auto-notification features was also very important to us,” said Frame who added that the company intends to bring more users onto the DETERMINE system in the near future and may extend its usage beyond the U.S. to include a plant in the Philippines.
About DETERMINE Software
DETERMINE Software is the leading provider of new Contract Performance Management (CPM) solutions for companies that want to quickly and effectively improve visibility and control across their enterprise-wide contract portfolio. The company’s CPM solution dramatically improves contract performance and compliance, while at the same time, identifying significant cost reduction opportunities and minimizing corporate reporting and audit risk. By helping companies transform complex legal contracts into actionable information and processes, DETERMINE enables them to monitor, measure and improve strategic supplier and partner performance, shifting their focus and resources from tactical transaction management to strategic relationship management. For more information: www.determine.com.
About Cypress Semiconductor Corporation
Cypress Semiconductor Corporation (NYSE: CY) is Connecting From Last Mile to First MileTM with high-performance solutions for personal, network access, enterprise, metro switch, and core communications-system applications. Cypress ConnectsTM using wireless, wireline, digital, and optical transmission standards, including USB, Fibre Channel, SONET/SDH, Gigabit Ethernet, and DWDM. Leveraging its process and system-level expertise, Cypress makes industry-leading physical layer devices, framers, and network search engines, along with a broad portfolio of high-bandwidth memories, timing technology solutions, and programmable microcontrollers. More information about Cypress is accessible online at www.cypress.com.
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