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Accruent Secures Patent for Contract Abstraction Process

Provides customers with comprehensive, high quality data to drive cost savings.

Santa Monica, Calif., October 5, 2009 – Accruent, Inc., the leading provider of Enterprise Location Management (ELM) solutions, announced today that it has received a patent for its turnkey contract abstraction process. In recent years, Accruent has abstracted over 100,000 lease agreements for its customers, perfecting the process of interpreting and organizing vital contract data that is often stored in filing cabinets or managed in spreadsheets and legacy databases.

Reviewing and abstracting up to 1,000 data points per lease, Accruent’s ISO 9000-certified process delivers 99.95% customer-verified accuracy quickly and with a focus on driving value. Accruent’s process leverages its real estate expertise and strict quality controls, enabling customers to realize the full benefits of their ELM investment.

“Companies utilizing ELM solutions are saving millions of dollars annually by eliminating inaccuracies and enforcing compliance,” said Mark Friedman, Accruent’s founder and chief executive officer. “Accruent’s proprietary process, which converts complex contract and lease variables into actionable data, helps drive these savings by providing the information required to make quick, accurate and confident decisions.”

Pointing to customer successes, Mr. Friedman continued, “As part of the abstraction process, a Fortune 500 company found a clause five days before a lease renewal date that allowed them to close an underperforming location and save $3 million in rent annually. Another customer was able to collect $1 million in previously unidentified tax incentives.”

About Accruent:

Founded in 1995, Accruent is leading the industry with a new generation of enterprise solutions designed to fully leverage real estate and facilities as a competitive advantage. Accruent Enterprise Location Management solutions optimize the impact that locations have on organizational performance by rightsizing real estate and facilities portfolios, eliminating unnecessary spending, and supporting compliance and sustainability initiatives. Accruent’s solutions are used by over 400 leading organizations including 20 percent of the Fortune 500, more than 40 percent of the Top 100 Retailers, leading universities, and public sector entities. Another Accruent customer goes live every 10 days.
 

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