Newton Investment Management Selects Redi2 Revenue Manager

Newton recognizes Redi2 Revenue Manager as the premier fee billing solution in the industry. The projected efficiencies gained by upgrading the automation of revenue management and fee billing processes to be significant.

Oakland, Calif. (PRWEB) August 22, 2005 -- Redi2 Technologies, Inc. today announced it has entered into an agreement to license its premier fee billing product, Redi2 Revenue Manager, to Newton Investment Management, a UK-based asset management subsidiary of Mellon Financial Corporation (NYSE:MEL).

Under the terms of the agreement, Newton will license Revenue Manager to automate billing and other revenue management operations.

Redi2 Revenue Manager is a billing and revenue accounting system used to calculate a broad range of complex fee types including performance fees; to securely manage and audit-trail the invoice generation and approval process; to create management reports on billing and accrual data; to manage the accrual generation, approval, and reconciliation process; and to post summarized and/or detailed fee records to GL/AR systems.

"We are very excited about this new relationship with Newton Investment Management," said Seth Johnson, CEO of Redi2 Technologies. "Newton is a leading asset manager in the UK. We are working together to ensure that Revenue Manager can easily handle the needs of any UK-based investment management company, especially the stringent value-added tax (VAT) requirements."

"After evaluating the functionality and technology platforms available in the marketplace, it was clear that Revenue Manager was the right choice for us," said Andrew Downs, Chief Operating Officer of Newton Investment Management. "Redi2 has extensive experience with enterprise fee billing systems for large investment managers, and they quickly gained our trust as a vendor-partner. It was imperative we chose a fee billing system on the vanguard of the industry, and one that is already in production at other investment management companies."

Key factors in Newton's decision to move forward with Redi2 Technologies included Redi2's sophisticated Straight-Through-Processing (STP) workflow engine, Redi2's ability to integrate Revenue Manager with Newton's other systems for automated processing and reporting purposes, and Redi2's efficiency in evaluating Newton's needs.

"Newton's commitment in scanning the market to identify the right revenue management solution was very impressive. It is a significant win for Redi2 to be recognized as the superior solution," said Dan Inamoto - Redi2's Professional Services Manager. "It is a great experience working with the highly-capable individuals at Newton. Our Business Requirements and Implementation Planning phase enabled us to quickly understand Newton's requirements, and now we look forward to a successful implementation towards the end of the year."

About Newton Investment Management:
Newton Investment Management Limited is a London-based UK asset management subsidiary of Mellon Financial Corporation. With assets under management of almost 25 billion GBP, the company provides a broad range of award-winning investment products and services to individuals, pension funds, charities and corporations. Newton has operations in London, Edinburgh, Leeds and Jersey. News and other information about Newton is available at www.newton.co.uk.

About Mellon Financial Corporation:
Mellon Financial Corporation is a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world's leading providers of financial services for institutions, corporations and high net worth individuals, providing institutional asset management, mutual funds, private wealth management, asset servicing, payment solutions and investor services, and treasury services. Mellon has more than $4.1 trillion in assets under management, administration or custody, including $738 billion under management. Its asset management companies include The Dreyfus Corporation and U.K.-based Newton Investment Management Limited. News and other information about Mellon is available at www.mellon.com.

About Redi2 Technologies, Inc.:
An investment management software products and services company headquartered in Oakland, Calif., Redi2 Technologies, Inc. is a premier provider of fee billing and revenue management solutions to institutional investment, private wealth, custody and general asset management firms. Asset management firms implement Redi2 Revenue Manager to improve cash flow, reduce global operating costs, improve client service and advance compliance initiatives. Redi2 Revenue Manager 4.0 can be deployed on Oracle, Sybase, MS-SQL Server, and IBM DB2 relational database platforms, and Sun Solaris, IBM AIX, HP-UX, MS Windows Server, and Linux operating systems. News and other information about Redi2 is available at www.redi2.com.

Press Contact:
Emily Eliason
Redi2 Technologies, Inc.
510-550-7334 ext. 4

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