Rearden Commerce Announces Deem@Work Market Demand along with Sale of ExpenseWire
Rearden Commerce announces significant new customer wins and widespread demand within the financial and travel services segments since the July 2012 introduction of Deem@Work, its cloud suite of spend and expense management applications. Within four months of announcing the introduction of Deem@Work, the company has already debuted its first financial partner to offer the suite to its small/midsize business cardholders and signed a leading car rental company who will leverage Deem@Work to engage with their tens of thousands of small business customers. “The feedback and validation from current and prospective partners and customers along with leading industry and financial analysts has exceeded our highest expectations” says Patrick W. Grady, CEO of Rearden Commerce.
In connection with the market acceptance of Deem@Work, Rearden Commerce today announced the sale of its expense management business, ExpenseWire, to Paychex Incorporated. In accordance with the company's recently declared strategy, this mutually beneficial transaction will enable Rearden Commerce to focus on its Deem@Work™ product line, a suite of integrated spend and expense management applications that helps businesses and users save time and money on the items and services they buy every day, coupled with the tools needed to effectively manage their expenses and travel spend. It is the only smart, integrated solution in the market today that marries purchasing business goods and services with travel and expense management.
“Today we took another step towards the strategy we announced in July to streamline operations and accelerate traction of Deem@Work,” said Patrick W. Grady, founder and CEO, Rearden Commerce. “Paychex is a long-standing partner of Rearden Commerce and has been white-labeling and reselling ExpenseWire for years, so the deal makes perfect sense.”
The Deem@Work product suite provides our partners a lower total cost of ownership, higher engagement and loyalty from their customers because of its simplicity and ease of use, increased revenue and profit through the revenue share of products and services sold through Deem@Work.
The Deem network brings together companies in all industries so they can connect more frequently and in more relevant ways with their existing consumer and business customers while also finding new customers. All participants in the Deem network can leverage Rearden Commerce's white-label applications and relevant network content to deliver more relevant and personalized marketing experiences to their customers. This interaction drives more customer engagement, loyalty and enhanced monetization.
About Rearden Commerce, Inc.
Rearden Commerce, creator of the Deem™ marketplace, is transforming commerce on behalf of buyers and sellers. Deem is designed to leverage big data, analytics and semantics technology to optimize the exchange of goods, services, and information with personalization and repeat value to drive customer loyalty. Deem is distributed globally by more than 40 strategic partners including American Express and JPMorgan Chase — connecting millions of consumers and business customers across every market segment to more than 1.2 million merchants. Rearden Commerce is headquartered in Foster City, California.
About Paychex, Inc.
Paychex, Inc. (NASDAQ: PAYX) is a leading provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, check signing, and Readychex®. Human resource services include 401(k) plan recordkeeping, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. A variety of business insurance products, including group health and workers' compensation, are made available through Paychex Insurance Agency, Inc. Paychex was founded in 1971. With headquarters in Rochester, New York, the company has more than 100 offices serving approximately 567,000 payroll clients as of May 31, 2012. For more information about Paychex and our products, visit http://www.paychex.com.
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