Breukelen, the Netherlands -- TIE Kinetix (Euronext: TIE) announced today that they have entered a five-year contract with the second largest Dutch bank, Rabobank, to facilitate 100% supply chain digitalization with their FLOW Partner Automation platform. The initial contract size exceeds EUR500,000 and includes a phased onboarding approach to enable electronic invoicing with approximately 23,000 suppliers.
The agreement follows a successful Proof of Concept (POC) that tested various means of electronic invoice receipt via FLOW with selected suppliers of Rabobank. With desired invoice exchange results through the PEPPOL network, manual portal entry, and automated PDF processing, the POC forms the basis of the agreement.
To maximize results, TIE Kinetix will support Rabobank in achieving their digitalization goals with onboarding services. This provides a hands-free approach to onboarding and will ensure mass electronic invoicing adoption from all suppliers in as little time as possible.
This contract is yet another major accomplishment for TIE Kinetix and further strengthens the company's position as a leader in electronic invoicing for both public and private sector organizations. TIE Kinetix anticipates that they will help Rabobank to achieve the goals they have set forth during the initial five-year period, after which the contract is eligible for unlimited 12-month extensions.
This document may contain expectations about the financial state of affairs and results of the activities of TIE Kinetix as well as certain related plans and objectives. Such expectations for the future are naturally associated with risks and uncertainties because they relate to future events, and as such depend on certain circumstances that may not arise in future. Various factors may cause real results and developments to deviate considerably from explicitly or implicitly made statements about future expectations. Such factors may for instance be changes in expenditure by companies in important markets, in statutory changes and changes in financial markets, in the EU grant regime, in the salary levels of employees, in future borrowing costs, in future take-overs or divestitures and the pace of technological developments. TIE Kinetix therefore cannot guarantee that the expectations will be realized. TIE Kinetix also refuses to accept any obligation to update statements made in this document.
For more information please contact:
TIE Kinetix N.V.
Jan Sundelin, CEO, or Michiel Wolfswinkel, CFO
De Corridor 5d
3621 ZA Breukelen
T: +31 (0) 88 3698060
About TIE Kinetix
At TIE Kinetix, we deliver Software as a Service (SaaS) solutions to companies, governmental institutions, and their suppliers, to help them exchange all business documents electronically and simplify supply chain processes as a result. FLOW Partner Automation, our software platform, empowers its users to engage in smart business exchanges and streamline communication through seamless integration with any existing system. Since 1987, we have supported all EDI and e-invoicing standards and communication methods worldwide. Today, our global team of experts share their knowledge with our 2,500+ customers, facilitating the exchange of over 1 billion documents through FLOW each year.
TIE Kinetix is a public company (Euronext: TIE), and has offices in the Netherlands, France, Germany, Australia, and the United States. For more information, visit www.TIEKinetix.com, and follow us on LinkedIn, Twitter, Facebook, Xing, and YouTube.