FOR IMMEDIATE RELEASE:
Readies Market Launch of Document Processing Outsourcing (DPO)
Fairfield, NJ (September 8, 2004) - Archive Systems, a leader in document
management, today announced the closing of an $8.5 million venture round led by Edison Venture Fund, and joined
by the NJTC Venture Fund and Zon Capital. The funding will help drive a major market launch of the company's
innovative Document Process Outsourcing (DPO), combined hosted software and document processing service that has
been in limited release for the last two years. The company will use the new capital to expand sales and
marketing, as well as product development and support services.
"Two years ago we transitioned from traditional offsite document storage to pioneer the new
DPO market, and even in limited release we quickly secured strategic projects at major companies," says Archive
Systems CEO Rick Kushel. "With outsourced document processing, our clients were freed from cumbersome and costly
in-house document processing problems and could now slash costs and boost productivity by focusing on
streamlining back office processing. With this new capital we can reach a much broader customer base and expand
beyond our original target markets of back office accounting applications and mortgage and loan servicing. Today,
companies are under intense pressure to become leaner and more efficient. Back office 'paper' is at the heart
of many business inefficiencies and we provide a breakthrough solution."
"We saw a very eager market need for the proven Archive DPO solution," says Joe Allegra,
Edison General Partner, who joins Archive Systems' Board. "In today's economy, intense pressure drives the need
to cut costs and streamline the back office, and Archive DPO offers an incredibly appealing new alternative
solution."
Archive DPO provides a new breakthrough solution for back office efficiency. Traditionally,
companies had several unattractive choices to boost back office performance. They could continue with business
as usual, seeking ongoing marginal improvements. Or, they could cobble together imaging and workflow
technologies to build an in-house custom solution, but these solutions take too long and often cost much more
than anticipated. In-house solutions also require considerable upfront investment and can further strain limited
IT resources.
Archive DPO is a completely outsourced, turnkey, document capture, storage, retrieval and
workflow solution for both paper and electronic documents. With a hosted, outsourced solution there is no need
to integrate, license, implement, operate and maintain multiple, complex software modules. Instead documents
immediately become available "on demand" anywhere and anytime in a secure, managed environment, all backed-up
with continuously available, redundant offsite processing and storage. Freed from the business friction-point
problems of document handling, companies can now streamline internal processing using Archive DPO's powerful
and easily tailored workflow management technologies. Archive Systems provides complete source-to-shred document
management with offsite secure facilities. And, customers can use all of these capabilities immediately or easily
implement a phased implementation by picking and choosing specific capabilities to start with, and adding
capabilities over time as required.
About Archive Systems, Inc.
Archive Systems, Inc. flagship solution, ASPEN 360 Accounts Payable Edition, combines best practices AP Automation with ZeroTouch AP imaging and workflow. The product increases efficiencies and reduces costs with features such as straight through processing, which uses automated three-way matching to auto match invoices to PO and receipt line items without AP processor intervention. It includes the ASPEN 360 Invoice Virtualization Center, which removes from the client all tasks associated with document imaging, data capture, document classification, indexing, and OCR. The company also provides physical records management services such as business records storage, document shredding, and offsite data storage, through a number of Record Center locations. For more information, please visit www.archivesystems.com.
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