October 2, 2006
SYSCO to Pilot iTradeNetwork's Real-Time Contract and Rebate Management (CaRMA) Solution
CaRMA provides on-demand electronic communication, validation and synchronization of contract and performance data among foodservice manufacturers, distributors, operators, and brokers resulting in more timely and accurate payments as well as lower administrative costs on rebates, billbacks and programs
Livermore, CA (October 2, 2006) -iTradeNetwork announced today the planned pilot of their real-time Contract and Rebate Management (CaRMA) solution by SYSCO Corporation (NYSE:SYY). Through this innovative application, proof of purchase data will be automatically correlated with contract terms and the associated reconciliation information immediately calculated.
Noting the critical nature of contract management to foodservice companies, Larry G. Pulliam, executive vice president of Merchandising Services, SYSCO Corporation said, "In the past years we have been impressed with iTradeNetwork's forward-looking eBusiness solutions and product strategies. We are now ready to begin a pilot with iTradeNetwork's Contract and Rebate Solution with a selected number of suppliers."
"ITN is excited about the pilot of our CaRMA solution with SYSCO and the production roll out of CaRMA with other leading companies in the Food industry. Thanks to the leadership of companies such as SYSCO and many of the 35+ other companies that participated in our Foodservice Customer Advisory Council, CaRMA has undergone months of rigorous development and testing. CaRMA will bring significant value and cost savings to Operators, Distributors, and Manufacturers/Suppliers of all sizes, " said Robert Bonavito, Chief Executive Officer of iTradeNetwork.
About iTradeNetwork, Inc.
iTradeNetwork is a privately held technology leader in On-Demand E-Business solutions. The ITN suite of workflow collaboration products include: Forecast/Demand, Order Management System (OMS), Logistics, Contract and Rebate Management (CaRMA), Ad/Promotional Planning, Trade Spend Optimization, Data Synchronization, VMI, Financial Services and Content, as well as low cost integration to customers legacy systems. 16 of the top 20 North American Retailers and most leading Foodservice companies are utilizing iTradeNetwork's e-business solutions with over 4,000 trading partners/customers.
About SYSCO Corporation.
SYSCO (NYSE:SYY)is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries. For the fiscal year 2006 that ended July 1, 2006, the company generated $32.6 billion in sales. For more information about SYSCO visit the company's Internet home page at www.sysco.com.
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