Accenture Teams with Vectiv to Develop On-Line Site Procurement Solution; Retail Industry First Market
Solution Will Speed Real Estate Transactions, Offer a Full Range of Supporting ervices
SAN FRANCISCO, CA (JULY 24, 2000) - Accenture today announced an initiative to work with Vectiv Corporation to develop a site procurement solution, which is aimed at helping businesses identify, evaluate and acquire commercial real estate faster and more efficiently. The retail industry has been targeted as an initial market for the solution.
In return for helping Vectiv craft its go-to-market strategy, assisting with product development, and providing ongoing consulting services, Accenture will receive a combination of cash and a minority equity stake in the new company.
The Vectiv solution will be designed to help users to make better site selection decisions, and make them more quickly, by providing aggregated data and analytics, a decision support engine, and a workflow platform. For example, real estate decision makers seeking to buy or lease new sites can use Vectiv to analyze and identify the available locations that best match the characteristics of their company’s current top performing stores. The workflow platform supports all internal and external participants involved in the process, allowing them to communicate, collaborate and manage documents and data throughout the site procurement lifecycle.
"The commercial real estate market is complex, document intensive, and fragmented - involving multiple parties in every transaction," said Francesco J. Rockwood, President and CEO of Vectiv. "Our vision is to integrate these parts in a comprehensive solution that maximizes effectiveness and efficiency for everyone involved, helping them to open new facilities faster, in better locations and at a lower cost."
"We teamed with Accenture because they have a proven track record of helping new companies scale quickly to develop valuable products for new marketplaces," Rockwood added.
The Vectiv solution will leverage the power of the Web to deliver its services via an application services provider (ASP) technical infrastructure. The ASP allows users to benefit from the efficiency of accessing data and services from the Web rather than investing in and maintaining several software applications. It will enable retailers to quickly review and assess available locations based on specified business criteria in order to choose the sites that best support their growth strategies locally and around the globe.
When it is launched in the fall, the Vectiv solution will also provide a marketplace for third-party vendors to transact business. By tapping into these resources online, companies will be able to access all the necessary services - information providers, brokers, attorneys, architects, contractors - needed to complete site acquisition and development.
"The real power of this exchange is its ability to revolutionize the process of acquiring real estate, which has long been held as a complicated -- but necessary -- process for quickly growing retail companies," said Frank Crocitto, partner, Accenture. "Soon retailers will be able to use their top-tier contributing stores as models for future growth; rapidly locate and select available sites that best match those characteristics; and finally, streamline the acquisition process."
About Vectiv Corporation
Headquartered in San Francisco, Vectiv Corporation was founded in late 1999 by real estate industry and technology executives who saw a need to improve and expedite the process by which corporations make real estate purchase decisions. Vectiv offers a web-based, hosted software solution that allows retail real estate decision makers to leverage the power, speed and convenience of the Internet to complete the lifecycle of retail site procurement and development. Real estate decision makers can use the Vectiv System to communicate, collaborate and manage the process from start to finish. Vectiv is the only solution focused on the strategic real estate decision maker. For more information please go to http://www.vectiv.com.