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Large Public REIT Centralizes AP Across 46 States with AvidInvoice
Charlotte, NC (January 22, 2009) - The Lightstone Group has selected AvidXchange and Intuit Real Estate Solutions (IRES/MRI) for their back-office platform. AvidInvoice for MRI is a web-based invoice management system designed to automate the way companies manage their accounts payable documents. The AvidInvoice module provides finance executives and AP managers with enforceable controls, powerful reporting and added "visibility" to all invoice documents in their organization while providing invoice "approvers" with features that make it easier to apply accounting codes and approve or dispute invoices.
About The Lightstone Group
Founded in 1988 by David Lichtenstein, The Lightstone Group is a non-traded public REIT. The company has grown into one of the largest private owners of real estate in the United States. The Lightstone Group employs over 1,000 professionals and maintains its corporate headquarters in New Jersey with regional offices in Illinois, Maryland, New York and Virginia. The company currently owns a portfolio of diversified properties in 46 states plus the District of Columbia, Canada, and Puerto Rico, spanning more than 22,000 multifamily units, 680 hotels and approximately 20 million square feet of office, industrial, and retail properties. The Lightstone Group has completed $2 billion in acquisitions since 2004. Additional information on The Lightstone Group can be found at www.lightstonegroup.com.
About Intuit Real Estate Solutions
Intuit Real Estate Solutions (IRES/MRI), headquartered in Cleveland, Ohio, offers business management solutions to the global property management industry as well as to corporate real estate managers. Offering the most flexible solutions with both outsourced hosted offerings and packaged enterprise software, IRES strives to develop long-term successful relationships with its clients. The business currently has more than 4,500 clients on five continents and in 41 countries. Additional information on Intuit Real Estate Solutions can be found at www.realestate.intuit.com.
About AvidXchange
Founded in 2000, AvidXchange, Inc., headquartered in Charlotte, North Carolina, is the industry-leading provider of paperless invoice management and electronic purchase order tools for real estate companies in the office, retail, multi-family and industrial sectors. More than 35 public REITs and over 150 real estate companies are managing their payables with AvidInvoice, the SAS 70 Certified AP workflow solution that eliminates lost invoices, minimizes late fees/overnight courier charges and reduces invoice processing costs by up to 50%. Additional information on AvidXchange can be found at www.avidxchange.com.
For Immediate Release
Contact: Michael Praeger
mpraeger@avidxchange.com
704.971.8101
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