Nextance Selected by Wyeth for Enterprise Contract Management

Business Wire, May 20, 2002

Business Editors/High-Tech Writers

REDWOOD CITY, Calif.--(BUSINESS WIRE)--May 20, 2002

Nextance, a leading provider of enterprise software for contract and commitment management, today announced that it has contracted with Wyeth Phamaceuticals, a division of Wyeth (NYSE:WYE), for implementation of the Nextance(TM) system for the management of contracts and related commitments.

Nextance will provide a collaborative contract creation capability, a centralized contract database in which to store and search all contracts, terms and related documentation, and alerts and notifications for the efficient management of rights and obligations over the life of each contract.

"Large public and private organizations such as Wyeth are beginning to adopt the perspective of Enterprise Contract Management, going beyond managing their agreements in functional silos across the enterprise," said John Van Decker, senior program director at META Group. "Few contract management solutions have been designed with the requirements of the enterprise in mind. The benefits can be significant if companies find a solution that fits their contracts and unique business processes."

In addition to Wyeth, Nextance customers are leaders in both the public and private sectors. "Our solutions span all industries and all types of contracts and other complex documents," said Kirk Krappe, president and CEO of Nextance, Inc. "Global 2000 companies and public organizations are now realizing that solutions exist for challenges they have struggled with for a long time. It is an exciting trend to be a part of and Nextance is privileged to lead the way."

About Nextance, Inc.

Nextance, Inc. is a leading enterprise software firm providing applications that assist Global 2000 companies and public organizations in better managing contracts, commitments, related documents, and supporting business processes. Companies using Nextance software gain control over their contracts, rights, and obligations and realize increased revenues, reduced expenses, and reduced contractual risk. Nextance is privately held and is headquartered in Redwood City, Calif. Additional information about Nextance is available at http://www.nextance.com.

Nextance(TM) is a trademark of Nextance, Inc. All other company names mentioned herein may be the trademarks of their respective owners.