Transcepta Press Release

MONSTER WORLDWIDE EXTENDS ACCOUNTS PAYABLE AUTOMATION WITH TRANSCEPTA E-INVOICING SOLUTION

Transcepta Selected Due to Vendor On-boarding Technology and Integration with Basware A/P Automation Solution

ALISO VIEJO, Calif., July 21, 2008 Transcepta, a leading innovator of hosted electronic invoicing solutions, today announced that Monster Worldwide has selected its electronic invoicing (e-Invoicing) solution as part of an overall initiative to automate its accounts payable (A/P) process. Monster Worldwide is expanding its Basware Invoice Automation solution to include receiving e-Invoices and integrating them into Monster’s enterprise-wide Oracle Financials System.

Together, Transcepta and Basware will provide Monster with an end-to-end A/P automation solution. Transcepta will reduce Monster’s operational costs by eliminating manual data entry and processing of A/P invoices with its e-Invoicing solution. Transcepta’s popular e-Invoicing solution uses a unique vendor on-boarding approach that lets vendors submit invoices directly from their existing billing system, yet the connection to the Transcepta Community is completed in less than a day. The Transcepta solution is combined with Basware’s Invoice Automation solution, which provides complete automation of the A/P process including electronic workflow, revision, purchase order matching, cost allocation and approval of invoices, as well as transfer to the company’s A/P system.

According to Monster Worldwide, Vice President, North America Shared Services Dave Griebl, "Vendor adoption is the key success factor for the e-Invoicing portion of this project. Transcepta was selected because it offers the best technology and approach to enabling all of our vendors, regardless of size, to send e-Invoices that feed directly into our A/P automation system. Transcepta has a tight integration already in place with Basware and can get our vendors operational in less than a day."

Because vendor adoption is the critical component to successful e-Invoicing projects, Transcepta has developed the industry leading technology and approach to vendor on-boarding. To maximize vendor adoption, Transcepta manages the entire on-boarding process for Monster. As part of this service, Transcepta notifies each vendor of the Monster e-Invoicing initiative and works with them to determine their optimal invoice submission option. Transcepta offers Monster’s vendors a variety of invoice submission options, including the patent pending Transcepta Virtual Printer. For each of these invoice submission options, set up is completed in less than a day and vendors are able to send invoices directly from their existing billing system for guaranteed, secure delivery directly into the Basware solution. Further, vendors do not pay any setup or implementation fees and in the vast majority of cases Transcepta does not require participation from vendor IT resources.

The Transcepta Electronic Invoicing Community is a collection of vendors and buyers who leverage Transcepta’s e-Invoicing technology to streamline their invoicing process for better back-office efficiency and stronger trading relationships. Vendors can leverage their existing accounting system without upfront fees or onsite installation. Historical e-Invoicing solutions have had mixed results primarily because the value proposition is typically strong for the buyer and weak for the vendor. Transcepta’s Community is the only solution in the market with tangible benefits for both vendors and buyers.

"Corporate buyers are looking for a solution that helps them to receive invoices electronically from all of their vendors, regardless of size or technical capacity," said Shan Haq, Transcepta vice president of marketing and product management. "We help companies bridge the gap that exists with their vendors. Transcepta supports all ERP and accounting systems and we can extend any Electronic Data Interchange (EDI) infrastructure. Transcepta has the industry’s best technology and vendor on-boarding process. With Transcepta, businesses have peace of mind that their vendors can easily participate in e-Invoicing even if they have rejected web submission portals, EDI or e-Invoicing networks with ’EDI like’ technology in the past."

"E-Invoicing is fast replacing paper-based invoices in companies around the world, and Monster is leading the way," said Jaakko Elovaara, global vice president of channel sales, Basware. "Receiving e-Invoices from the Transcepta Community improves the overall financial process and enhances the Basware A/P solution, by taking a very rich Basware footprint and expanding functionality out to Monster’s entire vendor base, making Monster’s A/P process much more automated."

About Basware

Basware is the global leader in Purchase to Pay solutions with more than 1,200 customers and 650,000 users in over 50 countries around the world. Basware solutions automate business-critical financial processes and deliver value by providing compliance and control, as well as fast return on investment. The solutions are distributed and implemented in Europe, the U.S., and Asia-Pacific through an extensive network of Basware offices and business partners.

In 2007, net sales reached more than US $107 million. The growth target for net sales for 2008 is 15–25%. Founded in 1985, Basware Corporation is a public company listed on the OMX Nordic Exchange Helsinki (HEX:BAS). Headquartered in Finland, it has seven subsidiaries in Europe and one in the U.S. The company’s U.S. business, Basware, Inc., is headquartered in Stamford, Conn. More information can be found at www.basware.com/us.

About Transcepta

Transcepta was founded in June 2005 with the mission of creating easy-to-implement, on-demand, electronic invoicing and Electronic Invoice Presentment and Payment (EIPP) solutions for businesses of all sizes. Transcepta offers its services through an online Community, which is a collection of vendors and buyers that leverage Transcepta’s unique electronic invoicing technology to streamline the invoicing and payment process.  Thousands of companies have joined the Transcepta Electronic Invoicing Community, which offers cost reduction, efficiency and stronger trading relationships.  Transcepta’s online trading community offers quick and easy deployment and does not require in-house IT resources or an up-front capital investment and Transcepta’s technology supports all major accounting ERP systems.  Transcepta is located in Aliso Viejo, Calif.  For more information, visit www.transcepta.com.