Covendis Adds Full Currency Conversion Capabilities

CONTACT: Raymond Tsao
Covendis Technologies
(770) 903-9990
www.covendis.com

Covendis Adds Full Currency Conversion Capabilities for Over 100 Leading Currencies.

Atlanta, Georgia, October 1, 2005 – Covendis Technologies announced that it has enabled full currency conversion for over 100 leading currencies within its services procurement automation platform.

“Our customers are doing business across numerous geographies and regions and need an easy way to work with suppliers in any number of currencies at any given time” said founder and Chief Executive Officer Raymond Tsao. “We have enabled this for all of our customers who are currently using this in North America, Europe and Asia. We are possibly one of the few service providers with a platform that can manage this level of currency complexity easily and effectively.”

The Covendis platform has been developed to easily handle localization, while still providing visibility and control globally. Customers may select a dominant currency, and then add all of the currencies they wish to be available for services procurement. Requestors may create requisitions in any of the available currencies. Suppliers may create consolidated invoices in the dominant currency, or may be allowed to create separate invoices for specific currencies. For example, a company may have a supplier that is providing services in US Dollars, in Euros, and in Rupees, all at the same time. The supplier may create a consolidated invoice in Euros, and the fees and expenses that were billed in the other currencies are converted to Euros. If the customer established US Dollars as its dominant currency, it can view all of its summary reporting in US Dollars, irrespective currencies used for the invoices. All currencies are updated on a daily basis to ensure accurate conversion and reporting.

About Covendis

Headquartered in Atlanta, Covendis Technologies ( www.covendis.com ) helps companies buy services better, faster, and cheaper. Covendis is the leading services procurement automation (SPA) solutions company. Global 2000 companies, managed service providers (MSPs), and online marketplaces use Covendis applications to gain visibility and control of services expenditures, which account for over half of every corporate purchasing dollar. Covendis customers reduce costs, improve operational efficiency, and have on-demand access to key performance indicators of their services procurement activities.

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