San Jose, Calif. – Jan. 22, 2007 – Selectica (NASDAQ: SLTC), a leading provider of enterprise contract lifecycle management solutions, today announced Covad Communications Group Inc. (AMEX: DVW) has deployed its Contract Performance Management solution to maximize financial and operational performance and minimize risk throughout the entire contract lifecycle. As the volume and complexity of contracts continues to accelerate, Covad joins the growing number of companies turning to Selectica’s high-performance solution to streamline contract management, ensure continued compliance with federal regulations and achieve the visibility and control needed to effectively manage strategic business commitments.
Covad is a leading provider of integrated voice and data communications in the United States, offering business-class broadband, voice over IP, and fixed wireless broadband solutions to business customers and industry-leading partners. Covad implemented Selectica’s contract lifecycle management solution to improve its management of the hundreds of different agreements it executes each year. These agreements range from software development, equipment purchases, real estate leases, software purchases and consulting agreements, to a variety of sell-side contracts with resellers and other strategic channel partners.
“Traditionally, the legal department supported contract management activities primarily through manual methods,” said Jim Kirkland, senior vice president, strategic development and General Counsel for Covad Communications. “As the company adds new products and enters new markets, it has become apparent that these manual processes are too time-consuming and could have a negative impact on business performance. We reviewed a number of different vendors and Selectica had the best combination of features, flexibility, value and ease of deployment to help us meet our current challenges and future goals.”
Selectica’s centralized online contract repository immediately provides Covad the ability to search, track, store and manage contractual obligations and terms. The secure, dynamic repository simplifies collaboration and manages a wide range of contract information including document versioning, user activities, comments/notes, file attachments, and a detailed audit log that will ensure Covad remains compliant with Sarbanes-Oxley (SOX) regulations. Selectica’s reporting functionality delivers insight into company commitments by allowing business users to quickly build custom queries and generate reports to analyze contract performance and compliance activities. Finally, Selectica’s extensible architecture will allow Covad to integrate contracts with its back-end ordering, billing, accounts-payable, and PO systems in the future, Kirkland said.
Contract Lifecycle Management
Selectica delivers the industry’s most flexible solutions for managing the full range of enterprise contracts, including sales, SLA’s, employment, purchasing, operations, leasing and intellectual property agreements. The robust software platform ensures compliance by automating and streamlining the creation, storage, management, and analysis of contracts — from initial contract request and negotiation to on-going compliance and performance management. By automating many of the manual, disparate processes traditionally associated with contracts, Selectica solutions help companies:
- Gain visibility and control of their commitments;
- Eliminate expired, redundant and poorly structured agreements;
- Track key milestones, deliverables and renewal events;
- Ensure accurate financial reconciliation and compliance;
- Manage collaboration and approvals across entire contract lifecycle; and,
- Enforce use of standard processes and terms.
“With regulatory requirements, risk management and cost containment high on executive agendas, our Contract Lifecycle Management solutions deliver a single ‘source of truth’ that provides enterprise-wide visibility and control over the entire contract lifecycle to enforce compliance, limit risk exposure and manage costs,” said Terry Nicholson, COO of Contract Management Solutions, Selectica.
About Selectica, Inc.
Selectica, Inc. (NASDAQ: SLTC) provides its customers with software solutions that automate the complexities of enterprise contract management and sales configuration lifecycles. The company's high-performance solutions underlie and unify critical business functions including sourcing, procurement, governance, sales and revenue recognition. Selectica has been providing innovative, enterprise-class solutions for the world's largest companies for over 10 years and has generated more than $500M in savings for its customers. Selectica customers represent leaders in manufacturing, technology, healthcare and telecommunications, including: ABB, Alcoa, Applied Bio Systems, Bell Canada, Cisco, Dell, General Electric, Fireman's Fund Insurance Company, Hitachi, International Paper, Juniper Networks, Rockwell Automation, Seton Hospital, Tellabs, Time Warner, Triad Hospitals and 7-Eleven. Selectica is headquartered in San Jose, CA. For more information, visit the company's Web site at www.selectica.com.
Forward Looking Statements
The statements contained in this release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, including statements regarding Selectica's and its customers' expectations, beliefs, hopes, intentions or strategies regarding the future and expectations regarding performance improvements or increases in sales attributable to Selectica's existing and new products. All forward-looking statements included in this release are based upon information available to Selectica as of the date hereof, and Selectica assumes no obligation to update any such forward-looking statement. Actual results could differ materially from current expectations. Factors that could cause or contribute to such differences include, but are not limited to, (i) market and customer acceptance of new products of Selectica, including the on-demand contract management and sales execution products and the applications developed with joint venture partners, (ii) the success of the ongoing restructuring of Selectica's operations, (iii) the conclusions resulting from the independent review of the Company's past stock option granting practices, (iv) the Company's inability to file periodic reports in accordance with the Securities Exchange Act of 1934, (v) the inability of the Company to avoid delisting from the Nasdaq Stock Market due to non-compliance with Marketplace rules, (vi) and potential regulatory inquiries and litigation relating to the review of past stock granting practices and any related restatement of the Company's financial statements and (vii) other factors and risks discussed in Selectica's Annual Report on Form 10-K for the fiscal year ended March 31, 2006 and in other reports filed by Selectica with the Securities and Exchange Commission. |