CHICAGO (PRWEB) April 5, 2007
Innovation Management Partners will assist Scio to secure funding for the completion and market release of their new contract management software solutions, capable of saving Global 2000 companies approximately $10 billion in related expenses. Gartner estimates that by the end of 2008, the cost of contract management will reach 4% of SG&A expenses, doubling the rate since 2002. The typical Fortune 1000 company now maintains 20,000 to 40,000 active contracts (up 20% in the last 5 years), each with a series of interdependent terms, variables, and requirements. Understandably, the ROI for automated and comprehensive contract management can be extraordinary.
Scio's leading application under development is Lease Manager, which provides the standout capability of precisely understanding the terms and the meaning of any lease that is input into it. Because it understands what it has read, the system is capable of performing almost any required analysis, including answering questions posed in natural language. Currently, this is a tedious and time-intensive process of manually inputting only limited contract elements into various highly structured databases by lease abstractors, property managers, lawyers, and other professional office staff. In dramatic contrast, Lease Manager automates the full process, providing the tools to allow these professionals to spend their time managing their business instead.
Scio's Lease Manager product allows for:
-- Automatic extraction (auto-loading) of contract terms from the original document (free text) into structured formats (databases, Excel spreadsheets, word summaries, XML, etc.);
-- Interrogation of contracts using free-phrased questions, such as definitions or inquiries into the meaning of wording and terms;
-- Automatic calculation of contracts' business and financial values, such as rents, proportional expenses, etc.;
-- Assessments of the completeness of contracts by flagging inconsistencies and warning of missing definitions and clauses; and
-- Cross-lease analysis (e.g. same building, same tenant, Right of First Refusal, Common Area Management, etc.).
-- And more...
Alex Lupu, Scio VP Marketing, Americas, commented that "Innovation Management will provide value to Scio as a strategic partner, securing funding that will allow us to bring unprecedented, high value tools to users to effectively manage, monitor, and analyze contracts. We selected Innovation Management Partners to assist us in this important project based upon their extensive knowledge of financial modeling, funding options, launching breakthrough technologies, and their ability to make the correct investment match."
Jeffery Bruce, Managing Partner, Innovation Management Partners, LLC, commented that, "The new technology that Scio has developed is incredibly exciting and powerful, with tremendous flexibility. This is a completely new operational paradigm for the management of contracts and real estate leases in particular. With 80% of business-to-business transactions now governed by contractual agreements, the market potential is enormous. Innovation Management will leverage our contacts within the real estate, software, and venture capital networks to secure the funding necessary to bring this to the marketplace. We are excited to work with Scio because this alliance allows us to continue to bring breakthrough technology, products, and services to market, creating wealth for investors in the process."
About Scio CM Systems, Ltd
Scio CM Systems, Ltd. is incorporated in Israel, with headquarters and R&D located in Jerusalem and additional offices in Sidney and Chicago. Scio develops software solutions that provide all the analytics to optimally manage complex contracts, automatically reading and understanding contract text as written. Scio is committed to streamlining the activities of attorneys, commercial property managers, real estate companies, and other heavy users of multiple contracts by developing products to significantly reduce their time and expense in contract administration, while maintaining high standards for accuracy. For more information about Scio CM Systems, Ltd., visit http://www.sciosystems.com. (http://www.sciosystems.com)
About Innovation Management Partners, LLC
Innovation Management Partners, LLC provides comprehensive solutions for transforming and embracing the Innovation Ecosystem, by helping companies commercialize and source new technologies, managing intellectual property, and providing intellectual property consultation. Innovation Management is a leader in technology transfer and providing unparalleled access to breakthrough technologies. They are empowered with global reach, connecting companies with foreign direct investors and domestic venture capitalists that are anxious to fund the adoption and commercialization of new technologies. Whether it is sourcing from Asia, Europe, or North America, Innovation Management is developing a network to source technologies. For more information about Innovation Management Partners, visit http://www.innovationmgt.com. (http://www.innovationmgt.com)
KEYWORDS: Innovation, Technology Transfer, Funding, Capital, Software