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Basware and Cortex Announce E-Invoicing Project with Apache Corporation

Basware, the global leader in purchase-to-pay solutions, today announced it has signed a project agreement with Cortex and Apache Corporation. The joint solution will utilize Basware’s Invoice Automation solutions and the Cortex Trading Partner Network to reach Apache’s top suppliers in North America.

“The joint solution offered through our partnership with Cortex will enable Apache to strengthen its supplier relationships and provide the company with improved efficiency and transparency throughout its financial supply chain,” said Ari Salonen, general manager, North America, Basware, Inc. “Our automated solutions, combined with Cortex interoperability network, make it easier for an increasing number of companies to embrace electronic e-invoicing and to reap the benefits that can be gained from eliminating manual invoicing processes.”

“We are impressed to see immediate results from our agreement with Basware. This project with Apache is one example of the work we are doing in growing our network and expanding our supplier relationships across North America,” said Ryan Lailey, Vice President of Business Development at Cortex. “Not only is this our third major buying organization to join our Network this year, but this project will also continue our momentum in the marketplace with other large buying organizations. Our Trading Partner Network and support services continue to deliver superior value for our clients in a reliable, low cost, low risk implementation.”

Apache will be able to receive e-invoices from its suppliers via Cortex, which will be processed using Basware’s Invoice Automation solutions. This process automation will streamline the invoicing process, and minimize the time and money spent manually handling invoices.

Basware’s global e-invoicing network includes more than 60 partners in the U.S., Europe and Scandinavia, providing direct connections around the world, and transmitting more than nine million transactions annually.

About Apache

Apache Corporation is an independent oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom North Sea, Australia and Argentina. Apache posts announcements, updates and investor information, in addition to copies of all recent press releases, on its Web site, www.apachecorp.com.

About Cortex Business Solutions Inc.

Cortex Business Solutions Inc. is an industry leading service company that improves efficiencies, reduces costs and streamlines procurement and supply chain processes for its customers. Accessing the Cortex Trading Partner Network enhances the exchange of business critical documents, such as purchase orders, receipts and invoices resulting in improved cash flow management and business controls, while reducing day’s outstanding and administrative costs. Cortex is a low cost, low risk solution that can be implemented quickly by leveraging its customers existing business environment. More information can be found at www.cortex.net.

About Basware

Basware is the global leader in purchase-to-pay solutions with more than 1,500 customers and 850,000 users in over 50 countries around the world. With Basware, organizations can reduce the cost of buying and paying for goods and services and gain visibility and control of their entire spending process by automating manual processes, from sourcing, contract management, purchasing and supplier collaboration to invoice automation. Basware solutions and services enable substantial cost reductions across businesses and deliver value by providing compliance and control, as well as fast return on investment. The solutions are distributed and implemented, either on site or as a service, in Europe, the U.S., and Asia-Pacific through an extensive network of Basware offices and business partners. The company’s U.S. business, Basware, Inc., is headquartered in Stamford, Conn. More information can be found at www.basware.com/us.

The Basware name is a registered trademark of Basware Corporation. The Basware logo is a trademark of Basware Corporation.

All other product and service names mentioned herein are trademarks of their respective companies.

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