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August 3, 2005 Avolent Inc., the leading provider of Interactive eBilling software, today announced that Xerox Capital Services, LLC (a joint venture of GE Commercial Financial Services and Xerox Corporation), has selected Avolent's BizCast™ web-based invoicing solution. Xerox Capital Services will be the first in the industry to offer customers online self-service to review, parse, dispute, approve and pay invoices. Using BizCast, Xerox Capital Services anticipates significantly reducing invoice process costs, streamlining IT operations, and lowering Day Sales Outstanding (DSO), while setting new industry standards in customer service. The Leasing Industry Today – more than the “Art of the Deal” Equipment leasing is a $200 billion industry in the U.S. with over 35% of all business capital being leased. With “commoditized” products and aggressive competitors, leasing firms can no longer depend on winning deals based on price or products, but must focus on operational efficiency and customer service to maintain a competitive edge. Xerox Capital Services realized that one area of high operational costs and immense frustration for both leasing firms and their customers was the manual and complex invoicing process, where the invoices vary significantly each month based on usage of the equipment (i.e. number of copies) and how companies charge back equipment within their organization. “With millions of invoices sent every year, billing represents a critical interaction with our diverse group of customers and their specific product and service needs”, stated Kevin Divine, eBusiness Leader at Xerox Capital Services. “We believe that Avolent’s online solution can help XCS reduce the cost and administrative workload for invoice processing.” Xerox Capital Services successfully deployed the application in April of 2005. "Xerox Capital Services understands that you don’t have to sacrifice raising the bar on customer service to achieve operational effectiveness," stated Doug Roberts, chief executive officer of Avolent. "We are pleased to support Xerox Capital Services in leading the industry in this effort – minimizing the back-office financial cost and resource commitment of invoice processing and payment.” About Xerox Capital Services Xerox Capital Services, LLC (XCS) is a joint venture owned 81% by GE Capital and 19% by Xerox Corporation. With over 1,800 employees in four major locations, XCS is a world-class provider of specialized administration, financing and servicing programs for Xerox, its vendors, distributors, dealers and resellers in the United States. About Avolent Avolent provides application software for Interactive eBilling for large organizations that want to connect with customers online. Avolent’s award winning BizCast software product suite streamlines all processes in the invoice-to-cash cycle through real-time electronic invoicing and payment, customer self-service, cash management, forecasting, and a unique patent-pending ability to dynamically adjust trade terms to meet corporate financial goals. Avolent’s BizCast processes over $44 billion in invoices annually for customers such as AT&T, MasterCard, Highmark, Do It Best, Office Depot, PacifiCare, Xerox Capital Services, Unisys, Wells Fargo, and two of the three largest PC suppliers. For more information call (800) 553-5505 or visit www.avolent.com . Sites of Reference: http://www.avolent.com CONTACT: Rich Koch Avolent Phone Number: (415) 553-6974 Fax Number: (415) 553-6499 E-mail: rkoch@avolent.com |
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