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FRENCH & ASSOCIATES, THE LEADING PROVIDER OF ORDER-TO-CASH OUTSOURCING, RECEIVES FUNDING FROM ACCRET
Added: (Tue May 22 2001)
DUBLIN, Ireland and NEW YORK, New York — May 22, 2001— French & Associates (F&A), the leading provider of order-to-cash and accounts receivable outsourcing for some of the world’s largest companies, announced that it has received a $10 million funding commitment from Accretive Technology Partners (www.accretivetechnology.com). French & Associates expects to apply the funds toward its aggressive growth strategy, including future expansion into North America; building out its global management team; and infrastructure and technology enhancements to serve Global 1000 companies.
“French & Associates’ value proposition is among the most compelling that we have seen in any technology-enabled company today,” said Michael Cline, Managing Partner of Accretive Technology Partners, and a pioneering investor in the business process outsourcing (BPO) sector. “We had searched globally for the right platform company that enables companies to outsource their complete accounts receivable and order-to-cash process. We were impressed by the combination of applied best practices, intellectual property, and technology that F&A has built through working with the world’s largest and most successful companies. In addition to its outstanding client base, the integrity and vision of its management team uniquely position the company to be the clear leader in this sector.”
Founded in Dublin, Ireland, French & Associates was formed by Paul French and Ivor Deane in 1987. French & Associates has built a strong franchise in outsourcing accounts receivable and key areas of the order-to-cash process for multinational companies on a pan-European basis. Today, the company serves some of the world’s largest and most dynamic companies including Microsoft, HP and Lotus Development Ireland (a division of IBM). In addition, F&A has developed a robust dispute-resolution management application, ARCollect?, that integrates with financial applications, such as general/ledger from Oracle and SAP, and manages workflow, communications, and data integration in order to successfully resolve customers’ billing inquiries and disputes. The company’s BPO infrastructure enables companies to outsource risk and credit analysis, real-time fraud detection, electronic bill payment and presentation (EBPP), and Internet billing as components of the complete order-to-cash process.
“We are very pleased to partner with Accretive Technology Partners. The firm has been actively involved in creating leaders in business process outsourcing for several years,” said Paul French, Chief Executive Officer of F&A. “We did not simply want a financial partner. We were impressed when Accretive approached us after having done a significant amount of investigation and due diligence on the entire sector. They immediately understood our vision and mission.” French also added, “We expect that Accretive’s involvement will significantly accelerate our efforts in the North American market, specifically targeting business-to-business companies with over $500 million in revenue. We feel these clients stand to gain millions in increased cash flow and total cost savings by outsourcing their order-to-cash process.”
An increasing number of Global 1000 companies are dissatisfied with investing millions of dollars to purchase, customize, and implement packaged applications only to find they are not achieving the intended ROI because their underlying business processes and internal skills sets have not changed. As a result, most large enterprises are considering business process outsourcing (BPO) initiatives – outsourcing non-core business functions – in order to gain significant cost savings as well as achieve best practices within the function. The order-to-cash process encompasses the set of functions from order entry, credit analysis, invoice generation and dispute management through cash collections and cash applications. “The complexity and administrative costs tied up in a company’s order-to-cash process make it among the back-office administrative functions best suited for BPO. As a result, the finance and accounting outsourcing market is growing rapidly, and potential demand is very substantial,” said Rebecca Scholl, Senior Analyst of Business Process Outsourcing at Gartner Dataquest. “By outsourcing the order-to-cash process, companies expect significant benefits in improved working capital, reduced total administrative costs in the function, and improved customer satisfaction through effective dispute resolution.”
About French & Associates (www.frenchassociates.com)
French & Associates transforms the order-to-cash process for the world’s leading companies. By assuming management and accountability of the complete order-to-cash process, French is able to deliver significant improvements in working capital, increase customer satisfaction and reduce overall finance and administrative costs. French & Associates serves the Global 1000, including companies such as Microsoft, HP, and Lotus Development Ireland (an IBM company), among others. Today French & Associates manages over $20 billion of revenue for its clients.
# # #
?2001 French & Associates. ARCollect is a trademark of French & Associates. All other brand and product names are trademarks of their respective owners.
? Indicates a trademark or registered trademark of French & Associates.
DUBLIN, Ireland and NEW YORK, New York — May 22, 2001— French & Associates (F&A), the leading provider of order-to-cash and accounts receivable outsourcing for some of the world’s largest companies, announced that it has received a $10 million funding commitment from Accretive Technology Partners (www.accretivetechnology.com). French & Associates expects to apply the funds toward its aggressive growth strategy, including future expansion into North America; building out its global management team; and infrastructure and technology enhancements to serve Global 1000 companies.
“French & Associates’ value proposition is among the most compelling that we have seen in any technology-enabled company today,” said Michael Cline, Managing Partner of Accretive Technology Partners, and a pioneering investor in the business process outsourcing (BPO) sector. “We had searched globally for the right platform company that enables companies to outsource their complete accounts receivable and order-to-cash process. We were impressed by the combination of applied best practices, intellectual property, and technology that F&A has built through working with the world’s largest and most successful companies. In addition to its outstanding client base, the integrity and vision of its management team uniquely position the company to be the clear leader in this sector.”
Founded in Dublin, Ireland, French & Associates was formed by Paul French and Ivor Deane in 1987. French & Associates has built a strong franchise in outsourcing accounts receivable and key areas of the order-to-cash process for multinational companies on a pan-European basis. Today, the company serves some of the world’s largest and most dynamic companies including Microsoft, HP and Lotus Development Ireland (a division of IBM). In addition, F&A has developed a robust dispute-resolution management application, ARCollect?, that integrates with financial applications, such as general/ledger from Oracle and SAP, and manages workflow, communications, and data integration in order to successfully resolve customers’ billing inquiries and disputes. The company’s BPO infrastructure enables companies to outsource risk and credit analysis, real-time fraud detection, electronic bill payment and presentation (EBPP), and Internet billing as components of the complete order-to-cash process.
“We are very pleased to partner with Accretive Technology Partners. The firm has been actively involved in creating leaders in business process outsourcing for several years,” said Paul French, Chief Executive Officer of F&A. “We did not simply want a financial partner. We were impressed when Accretive approached us after having done a significant amount of investigation and due diligence on the entire sector. They immediately understood our vision and mission.” French also added, “We expect that Accretive’s involvement will significantly accelerate our efforts in the North American market, specifically targeting business-to-business companies with over $500 million in revenue. We feel these clients stand to gain millions in increased cash flow and total cost savings by outsourcing their order-to-cash process.”
An increasing number of Global 1000 companies are dissatisfied with investing millions of dollars to purchase, customize, and implement packaged applications only to find they are not achieving the intended ROI because their underlying business processes and internal skills sets have not changed. As a result, most large enterprises are considering business process outsourcing (BPO) initiatives – outsourcing non-core business functions – in order to gain significant cost savings as well as achieve best practices within the function. The order-to-cash process encompasses the set of functions from order entry, credit analysis, invoice generation and dispute management through cash collections and cash applications. “The complexity and administrative costs tied up in a company’s order-to-cash process make it among the back-office administrative functions best suited for BPO. As a result, the finance and accounting outsourcing market is growing rapidly, and potential demand is very substantial,” said Rebecca Scholl, Senior Analyst of Business Process Outsourcing at Gartner Dataquest. “By outsourcing the order-to-cash process, companies expect significant benefits in improved working capital, reduced total administrative costs in the function, and improved customer satisfaction through effective dispute resolution.”
About French & Associates (www.frenchassociates.com)
French & Associates transforms the order-to-cash process for the world’s leading companies. By assuming management and accountability of the complete order-to-cash process, French is able to deliver significant improvements in working capital, increase customer satisfaction and reduce overall finance and administrative costs. French & Associates serves the Global 1000, including companies such as Microsoft, HP, and Lotus Development Ireland (an IBM company), among others. Today French & Associates manages over $20 billion of revenue for its clients.
# # #
?2001 French & Associates. ARCollect is a trademark of French & Associates. All other brand and product names are trademarks of their respective owners.
? Indicates a trademark or registered trademark of French & Associates.