VERA.. $0.62
Veramark Awarded Telecom Expense Management BPO Contract by Panda Restaurant Group
Marketwire - Dec 08 at 08:00
Company Symbols: NASDAQ-OTCBB:VERA
Panda Seeks Savings and Efficiency by Outsourcing Telecom "Procure to Pay" Business Processes to Leading TEM Provider
ROCHESTER, NY -- (MARKET WIRE) -- 12/08/10 -- Panda Restaurant Group has selected Veramark Technologies, Inc. (OTCBB: VERA), a leading provider of Telecom Expense Management (TEM) solutions, to provide TEM services for its national chain of gourmet Chinese restaurants. Veramark will provide Panda with a full complement of services including telecom invoice audit and processing, service ordering and provisioning, account payment, and spend analytics services on a business process outsourcing (BPO) basis.
With more than 1300 restaurant locations around the country, Panda Restaurant Group receives nearly 600 telecom invoices from over 40 carriers every month. With the continued growth of the Panda chain, managing telecom expenses was becoming increasingly costly and time consuming. Panda's IT management team recognized the need to implement a holistic telecom expense management process that would enable them to better manage their growing telecom network.
The Veramark solution features an initial audit as well as ongoing telecom expense management. The initial audit will include a thorough inventory of Panda's telecom contracts, services, and circuits to identify opportunities for invoice consolidation and network optimization. Veramark will then implement ongoing processing of invoices, utilizing their TEM-enabling technology to automate the invoice review, validation, and payment processes.
"VeraSMART gives us the configurability and visibility we were looking for," said Panda's Xing Ming, who was instrumental in researching and selecting the Veramark solution. "We especially like the fact that it integrates with our Lawson AP system, completely eliminating the need for manual GL coding of telecom charges," Ming explained. "Veramark's expertise and long term vision make them a good partner for Panda."
"Panda management took the time to assess how best to manage their telecom environment," noted Daren Moore, Veramark's Senior Vice President of TEM Services. "Veramark will provide the people, processes, and technology to efficiently manage their telecom services and process invoices, allowing Panda to focus on delivering excellence to their customers."
TEM services for Panda are enabled by Veramark's Web-based VeraSMART software deployed as a cloud service. The Panda staff will have full access to the system through VeraSMART's browser-based interface, and have full visibility into all the usage and expense data captured by the VeraSMART system. Telecom spend reports will be distributed via the Web to key personnel across the Panda enterprise.
Veramark's solution for Panda includes business intelligence software, which will allow Panda to perform sophisticated analytics on the usage and expense data gathered by the VeraSMART system. Panda has seen the benefits of using business intelligence in other areas of their business and will use VeraSMART financial reporting for making strategic decisions regarding future telecom contracts and services.
"We are extremely pleased that Panda has selected Veramark to be their TEM provider," said Tony Mazzullo, Veramark's President and CEO. "Our cloud-based BPO solution is the perfect match for the telecom expense challenges facing Panda Restaurant Group, a widely distributed and fast-growing business. We look forward to a long-term partnership with Panda, delivering results that meet and exceed their expectations."
About Panda Restaurant Group, Inc.
With more than 1,300 restaurants in 38 states, and a team of more than 18,000 associates, family-owned Panda Restaurant Group is the largest and fastest-growing Asian restaurant company in the nation. Panda has set itself apart for the past quarter century through its commitment to excellence -- not only focusing on satisfying guests' tastes for Chinese food with fresh, flavorful dishes, but by satisfying associates with an unwavering commitment to education and community. Panda Restaurant Group includes Panda Inn, Panda Express, and Hibachi-San restaurant chains. For more information, visit (www.pandarg.com).
About Veramark Technologies, Inc.
Veramark is a leading provider of innovative enterprise solutions for telecom expense management and call accounting solutions. Veramark solutions provide visibility into usage and spend and enable best practices for managing complex unified communications networks. Veramark technology and services help enterprises understand, manage, and control their fixed and mobile telecom assets, costs, and related business processes. For more information, visit www.veramark.com.
Veramark, VeraSMART, and eCAS are registered trademarks of Veramark Technologies, Inc. MySMART and VeraSMART Performance Advisor are trademarks of Veramark Technologies, Inc. All other trademarks are the property of their respective owners. This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. A variety of factors could cause actual results to differ from the anticipated results expressed in such forward-looking statements. These may include but are not necessarily limited to changes in general economic conditions in the United States and overseas, technological changes in the telecommunications or computer industries, the timely and successful launch of planned new products, the timely installation and acceptance by end-user customers, and the impact of competition or changes in the marketing strategies of major distributors.
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