Innovation Management Partners, LLC, a technology transfer specialist who assists organizations to grow by sourcing new technologies and intellectual property, and contract management software developer Scio Systems Ltd. announced today that they have entered into a strategic alliance agreement. Under this agreement, Innovation Management Partners will assist Scio to bring its sophisticated contract management software to market by raising operating capital and providing marketing and advisory services.
CHICAGO (BusinessWire EON) April 4, 2007 --
Innovation Management Partners, LLC, a technology transfer
specialist who assists organizations to grow by sourcing
new technologies and intellectual property, and contract management
software developer Scio Systems
Ltd. announced today that they have entered into a strategic
alliance agreement. Under this agreement, Innovation Management Partners
will assist Scio to bring its sophisticated contract management software
to market by raising operating
capital and providing marketing and advisory
services.
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 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 www.innovationmgt.com.
(http://www.innovationmgt.com)
KEYWORDS: Innovation, Technology Transfer, Funding, Capital, Software
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