Avendra and API announce partnership for AP outsourcing services

API Outsourcing, Inc., a leading provider of Finance and Accounting Outsourcing services (FAO), and Avendra, North America's leading supply chain and procurement service provider for the hospitality segment, have agreed to a strategic partnership to provide automated Accounts Payable Outsourcing Services to Avendra's customers.

With this innovative service, Avendra's customers will have the ability to electronically route invoices throughout their organizations and automate processing and payment functions. Customers routinely save as much as 60 percent of their current accounts payable processing costs, while also improving the control and visibility of their organization's spend, according to the companies. The solution is entirely Web based and is implemented with zero investment in hardware, software, or staff.

"As an industry leader, we wanted a partner that aligned well with Avendra, bringing the same commitment to excellence that we're known for in the hospitality industry," said Robert Heaton, chief financial officer of Avendra. "Over the past ten years we've worked collaboratively with customers and suppliers to build a more efficient supply chain for the hospitality industry. Now, we are building upon this strong foundation and extending our offering in new and innovative ways to enable a seamless procure-to-pay process for customers who desire a more comprehensive solution. Our partnership with API Outsourcing is an important component of this strategy."

Gary Halleen, president and CEO of API Outsourcing, said, "API is excited to partner with the clear industry leader. Avendra's thought leadership sets the bar for best practices in providing innovative and comprehensive supply chain solutions for the hospitality industry."

About API Outsourcing:

API Outsourcing, Inc., is a leading onshore Finance and Accounting Outsourcing (FAO) provider of innovative state-of-the-art document management, accounts payable, accounts receivable, and accounting services headquartered in St. Paul, Minnesota. By transforming manual paper-dependent payables and billing processes through our imaging, bill delivery, and workflow systems, customers minimize the labor intensive work associated with back-office processing and can focus on their core business. Outsourcing benefits include improved cash flow, reduced processing costs up to 60 percent, increased business intelligence, and improved customer/vendor relationships. API currently processes more than 100 million transactions annually, delivers world-class quality, provides exceptional customer satisfaction, utilizes Six Sigma practices, and performs a SAS 70 Type II Audit annually.

About Avendra:

Avendra is North America's leading procurement services company serving hospitality-related industries. Avendra customers gain access to contracts leveraging $3 billion of annual purchases, expert advisory services, and in-depth purchasing data and analysis. Through Avendra, customers obtain substantial savings on their purchases and other value added services to improve their operations and bottom line results. Formed in 2001, the company is headquartered in Rockville, Maryland, and has regional offices throughout the United States and Canada. For more information, call toll free, (866) AVENDRA, visit www.avendra.com, or e-mail inquiries to [email protected].