PLEASANTON, Calif.—Verizon Wireless selected Xign Corp., a purveyor of on-demand, order-to-pay software, to streamline its order delivery, invoice processing and payment management. By moving to electronic billing and payment of vendor accounts, Verizon plans to save money through efficiencies and by garnering discounts for early payment of its bills.
Xign’s existing customers include T-Mobile USA Inc. and Sprint Nextel Corp., so with the Verizon deal the Pleasanton, Calif.-based software firm now serves three of the top five wireless carriers in the United States, as well as non-telecom companies such as MetLife and Bristol-Myers Squibb.
Terms of the arrangement were not announced. Xign is a privately held company.
Firms already in Xign’s supplier network represent half of Verizon’s annual spending on vendors, which Xign said was a factor in Verizon’s selection. The companies said the teaming would reduce risks in implementing the electronic billing and payment system and facilitate Verizon’s return on its investment with Xign. Verizon cited Xign’s successful implementations both inside and outside the communications business, as well as Xign’s ability to help Verizon capture early payment discounts, as strong factors in the deal.
