Financial Services Provider Turns to Cadence for Energy, Expense Management Program
November 16, 2004
Cincinnati, OH -- November 16, 2004 – With oil price volatility fluctuating at record highs, top executives with leading financial and banking institutions have increasingly recognized the need to develop strategic energy management programs. As part of his recent "Call To Arms" initiative, Cadence CEO Jeffrey Hart challenged executives of multiple site organizations to take the necessary steps to decrease energy, leasing and telecommunications expenses through a more comprehensive expense management program.
Wachovia Corporation is the fourth largest bank holding company in the United States based on assets. Cadence will be providing energy and expense management software and services for 2,700 Wachovia branch locations, ATM and office buildings in the Southeast United States, as well as their corporate headquarters in Charlotte, North Carolina. According to Wachovia Corporation vice president for energy management, Stuart Rose, the organization needed a "proven, flexible system" that could bring more actionable intelligence to its nearly 11,000 bills it receives each month.
"We certainly did our due diligence in finding an expense management organization that had strong capabilities, a good track record, and a fair price - Cadence received high marks on each of those criteria," Rose explained. "We need to be able to track and measure energy usage, how much we pay and where improvements can be made. We chose Cadence because of their deep utility domain expertise and technology. Most importantly, Wachovia and Cadence approach business relationships based on trust and partnership. We have common values. Cadence has proven to be a truly strategic partner."
Rose added that they expect to save 1 to 2 percent immediately on Wachovia's energy costs because of efficiencies gained by implementing Cadence software and services in processing and payment of bills. "The switch to Cadence has been smooth, painless and a non-event for Wachovia."
Hart commended Wachovia executives for taking the initiative in finding better ways to not only protect how they use finite resources, such as oil, gas and water, but also in how they seek to bring the most value to their shareholders and customers. "There is time and money to be saved, and what are perceived as hard costs can be significantly impacted by smarter and more efficient procurement and more scrutinized bill auditing," Hart said.
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve approximately 14 million client relationships (including households and businesses), primarily in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states and Washington, D.C. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through wachovia.com.
Wachovia had assets of $436.7 billion, stockholders' equity of $33.9 billion and market capitalization of $61.4 billion at Sept. 30, 2004. SouthTrust had assets of $53.8 billion and stockholders' equity of $4.7 billion at Sept. 30, 2004.
About Cadence:
Cadence Network, Inc. is an expense management firm that delivers comprehensive expense management solutions for chain store and multiple site businesses in the banking, restaurant, retail and grocery industries. The people and products of Cadence allow successful businesses to monitor and manage the third largest costs of doing business - electric, gas, water, sewer, trash, lease and telecommunications. The solutions designed are customized to address the unique business requirements of companies with many sites and many departments managing many vendors across many geographically dispersed locations. Cadence offers accounts payable outsourcing, web based software applications and professional services.
CONTACTS
Cadence Network Contact: Ben Dolan, Cadence Network, Inc. 866-CADENCE (866.223.3623) bdolan@cadencenetwork.com