PROACTIS Holdings PLC Partnership Agreement with P&O Ferrymasters

07/06/2016

PROACTIS Holdings PLC Partnership Agreement with P&O Ferrymasters

PROACTIS Holdings PLC ("PROACTIS", the "Group" or the "Company"), the global specialist Spend Control and eProcurement solution provider, is pleased to announce that P&O Ferrymasters ("POFM") has selected the PROACTIS Supplier Network to streamline electronic communications across its supply chain and offer an accelerated payment facility.

POFM and PROACTIS (together, the "Parties") have entered into a Partnership Agreement that will extend the current contracted relationship for the provision of PROACTIS' solutions for a further five years to June 2021 and also to utilise PROACTIS' Supplier Network technology to:

  • Automate the processes of supplier engagement and record management through a self-service portal;
  • Enable all suppliers to transact electronically with a full range of electronic invoice methods for all suppliers to adopt, increasing POFM's and their own efficiency by streamlining invoice handling;
  • Present online transaction status visibility throughout the process to efficiently involve suppliers on a self-service basis to streamline communication; and
  • Offer a flexible Accelerated Payment Facility which enables suppliers, on an invoice by invoice basis, to support their own economic situation with fast access to an early payment.
  • POFM has approximately 7,850 suppliers and has annual bought in spend of approximately £350 million.

In addition, POFM has elected to deploy PROACTIS' Spend Analysis technology to facilitate near real time understanding of its spending profile and patterns and to work with PROACTIS on deploying the technology enterprise wide.

Chris Cassidy, Finance Director at POFM, commented:

"The existing PROACTIS Invoice Processing Solution has already delivered tangible savings for POFM. The extension of the current contractual arrangements and the deployment of the new technology is testament to our valued and successful working relationship.  We are very excited about adopting the PROACTIS Supplier Network technology as it provides a wide range of electronic connectivity options to streamline our supplier relationships and to deploying the PROACTIS Spend Analysis technology in the business that will give fast access to near real time spending patterns and give greater transparency.  We look forward to realising these considerable benefits for POFM whilst providing substantial benefits to suppliers through the opportunities to accelerate payment and expand sales with other customers."

Rod Jones, Chief Executive at PROACTIS, commented:

"POFM is a long standing, dynamic and valued client with an innovative approach to the use of technology to improve business performance. The PROACTIS Supplier Network and Spend Analysis technologies will provide even greater returns for POFM and its suppliers will also benefit through the online e-invoicing capabilities they now have access to and through the accelerated payment facility to support their working capital positions. I'm absolutely delighted that POFM has committed to PROACTIS for a further five years which is crucial to our strategic objectives."