RELEASE: August 20, 2003
CINCINNATI — Ohio-August 20, 2003-- Cadence Network, Inc. today announced the continued growth of its alliance with Viterra Energy Services, Inc. of San Diego, California. The alliance brings together the utility expense management industry’s most powerful company and the global leader in consumption-based metering and billing of energy and water, creating a dynamic solution to assist multi-family residential management companies aggressively manage their facility related expenses.
“Viterra’s market presence, combined with Cadence industry leading multi-site utility expense management services, has created a dynamic and unparalleled offering for the multi-family residential management industry,” said Madeleine Ludlow, President and CEO of Cadence Network, Inc. “And our commitment to the alliance will continue to be demonstrated through the value we deliver to our customers, with the latest addition being BRE Properties, Inc.”
According to Viterra President Mike Clements, “Viterra’s Utility Expense Management service provides the most complete and proven UEM solution in the industry and can deliver substantial increases in profits for our clients. Our UEM solution provides the highest level of demonstrated quality of service from a team of financially sound and viable companies that are committed to providing service to the multifamily industry over the long term.”
According to Tyler Kemmer, Vice President of Ancillary Services for BRE, a Western-focused public apartment company, “We believe the service delivered from this alliance of Cadence and Viterra will benefit BRE. Recovering vacant unit theft, reducing vacant unit costs and late fees, and correcting and recovering utility errors should provide strong cash-on-cash returns to BRE and increase the value of our portfolio. The program also will free our community managers from utility billing, allowing them more time to provide service to our residents.”
Cadence continues to expand its suite of services to multi-site enterprises and to expand its markets to include specialized areas such as multifamily residential management.
About Viterra:
Viterra Energy Services is the market leader for the billing of water and energy consumption for more than 10 million homes worldwide and 700,000 in the U.S. Viterra has operations in 28 countries, including the U.S., Germany, China and Scandinavia. With over 100 years of experience and approximately 3,700 employees, Viterra achieved revenues of nearly $500 million in 2002. For more information, please visita www.viterrausa.com , or contact your Viterra representative. Be sure to ask about Viterra's "Premium Billing" Services.
About Cadence:
Cadences helps companies with multiple sites monitor and manage the third largest costs of doing business - multi-site operating expenses including energy, water, trash, lease and telecommunications.
Cadence provides Accounts Payable outsourcing solutions, web-based software applications and professional services (including invoice auditing, rate analysis, energy procurement, benchmarking, budget forecasting, lease auditing, etc.) that address the unique business needs of companies with many departments, managing many sites and vendors, across many geographically dispersed locations.
Cadence's Solution delivers hard-dollar cost savings and resource efficiencies with average net returns greater than 200% for tens of thousands of sites throughout North America. Cadence is an independent and privately held company located in Cincinnati, Ohio.
CONTACTS
Cadence Network Contact: Ben Dolan, Cadence Network, Inc. 866-CADENCE (866.223.3623) bdolan@cadencenetwork.com