Corcentric Implements COR360 Accounts Payable Automation Solution at WD-40 Company

Corcentric to Provide WD-40 Company with COR360 Accounts Payable Automation Solution. End Quote

We are excited to integrate the COR360 Accounts Payable automation solution into our current AP processes.

(1888PressRelease) April 17, 2012 - Corcentric, a leading provider of SaaS Accounts Payable automation solutions hosted in the cloud, today announced an agreement to implement its AP automation solution to WD-40 Company, a global consumer products company and maker of the trusted and versatile WD-40 Multi-Use Product.

The integration of COR360 into WD-40 Company's Accounts Payable processes will help them bridge the last automation gap related to their non-PO based invoice workflow. As part of the solution, WD-40 Company will be using the COR360 platform to streamline the invoice approval workflow for faster processing and to reduce costs associated with manual processing. According to a study by the Aberdeen Group, organizations that automate these processes can shave 30% off the cost of processing and can decrease processing time from 17 days to less than five. Additionally, with COR360's automated processes in place, WD-40 Company will be able to process a higher volume of invoices and at a faster speed without adding more staff.

"We are excited to integrate the COR360 Accounts Payable automation solution into our current AP processes. By incorporating the most advanced AP automation technology into our current processes, we will be able to increase visibility of our vendor invoices, force compliance of appropriate invoice approval levels and reduce processing costs; a few of the many rewards we will reap with the streamlined invoice processing. Additionally, we were very impressed with the customer support that Corcentric has continued to provide. Their support allowed us to quickly implement and start using COR360 for our non-PO based invoice processes. Between signing the contract and going live, we were able to implement and go into production within two months," stated Robert Ramirez, Accounts Payable Lead, WD-40 Company.

"Industry leading organizations are beginning to understand the full value of replacing their manual and paper-intensive AP processes for streamlined, automated solutions," stated Rob DeVincent, Vice President of Product Marketing at Corcentric. "Our clients understand that by adopting SaaS-hosted AP automation tools, they stand to not only save significant amounts of money, but can also accelerate payment cycles, leverage discount opportunities, and move their teams to more strategic projects as a result of implementing ZeroTouch, paper-free operations."

About WD-40 Company

WD-40 Company, with headquarters in San Diego, is a global consumer products company dedicated to delivering unique, high-value and easy-to-use solutions for a wide variety of maintenance needs of "doer" and "on-the-job" users by leveraging and building the brand fortress of the company. The company markets multi-purpose maintenance products - WD-40® multi-use product and, 3-IN-ONE®, BLUE WORKS® and WD-40 Specialist™ product lines. The company also markets homecare and cleaning brands: X-14® mildew stain remover and automatic toilet bowl cleaners, 2000 Flushes® automatic toilet bowl cleaners, Carpet Fresh® and No Vac® rug and room deodorizers, Spot Shot® aerosol and liquid carpet stain removers, 1001® household cleaners and rug and room deodorizers, and Lava® and Solvol® heavy-duty hand cleaners.

WD-40 Company markets its products in more than 160 countries worldwide and recorded sales of $336 million in fiscal year 2011.

About Corcentric

Corcentric is a leader in financial process automation, specializing in Accounts Payable automation, PO requisitioning and imaging, and workflow solutions. By creating a paperless conduit between procurement, Accounts Payable, Accounts Receivable, and Suppliers, Corcentric allows companies to immediately manage 100% of their invoices electronically. Our cloud-based (SaaS) architecture allows for solutions to be configured in days rather than months for rapid return on investment.

Corcentric was founded in 1998 and is headquartered in McLean, VA with offices in Cherry Hill, NJ; Oakbrook Terrace, IL; Coral Springs, FL; Norcross, GA; and Fairfield NJ. More than 3,000 companies rely on Corcentric to streamline their invoicing and payment processes to gain controls and efficiency while optimizing working capital.

For more information on Corcentric, call 888.525.7677 or visit corcentric.com.

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