Retek Partners with UCCnet to Deliver Global Data Synchronization Platform to Retailers
Enhancement of Retek Solutions Will Provide Retailers a Platform for Accurate Data Synchronization
MINNEAPOLIS - May 13, 2003 - Retek Inc (Nasdaq: RETK) has announced that it will work with UCCnet, a tax-exempt, neutral organization that provides item registry and data synchronization based on industry-developed standards, to improve master data synchronization for its customers worldwide. The enhanced Retek solutions will offer functionality that addresses the challenges associated with retail data synchronization by incorporating the universal data standards generated and maintained by UCCnet.
"Retek is a leading retail enterprise solution provider and they are actively driving the retail industry`s adoption of UCCnet synchronization service and the UCCnet GLOBALregistry," said Fred Geiger, senior vice president - product for UCCnet. "The development of a fully compliant GDSN (Global Data Synchronization Network) will greatly enhance the goal of providing a platform for shared, common product information that will allow retailers to focus on their core competency of selling and servicing customers."
Retek offers a comprehensive end-to-end suite of integrated retail solutions that create value by applying innovative technology to help retailers efficiently create, manage and fulfill consumer demand. As the retail industry moves to standardize on UCCnet, UCCnet compliant systems become a critical tool for retailers and their suppliers to control supply chain costs and improve the efficiency of their trading partnerships.
Retek and UCCnet`s item registry and data synchronization services provide an open repository for item, location and trading partner capabilities and enable suppliers to communicate new or changed product data, ensuring that all trading partners are using identical, accurate and standardized item information. Users are able to significantly reduce errant purchase orders, returned shipments, reductions, logistics systems errors and associated costs throughout the supply chain. These services help retailers ensure they have the right products at the right retail locations at the right time, and enable suppliers to decrease deductions and improve speed to market for new products.
"We understand the critical importance of standardized data synchronization and support the vision of UCCnet in making this a reality," says Duncan Angove, chief strategy officer at Retek. "Our goal is to help our customers make the transition to UCCnet standards as efficient and effective as possible."
About UCCnet
UCCnet is a not-for-profit, tax-exempt neutral organization that provides item registry and data synchronization based on industry-developed standards. UCCnet provides a foundation for electronic commerce and cost effective transaction of data among partners. Through its support of global EANoUCC standards, UCCnet delivers an open platform for collaborative commerce services, including compliance verification, synchronization of product information, registry and lifecycle management of synchronized products, user locations and user trade capabilities.
As a subsidiary of the Uniform Code Council, Inc., the global standards organization, UCCnet leverages its position to enable the rapid, clear development of industry Internet standards and practices. In addition, UCCnet certifies technology solution providers and provides implementation methodology, allowing small, medium and large enterprises to implement item registry and data synchronization services into their business in a swift and efficient manner. For more information, visit www.UCCnet.org.
About Retek Inc.
Retek Inc. (Nasdaq:RETK) is the leading provider of mission-critical software and services to the retail industry. Retek solutions integrate collaborative software with patented predictive technologies, consulting services, and the best practices of customers and partners to help retailers create, manage and fulfill consumer demand. Leading global retailers including Tesco, Best Buy, Gap Inc., Sainsbury`s, Eckerd Corp. and Selfridges use Retek solutions. On the net: Retek at http://www.retek.com.
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Retek is a trademark of Retek Inc. Other names may be trademarks of their respective owners.
Forward-looking statements contained in this press release are made under the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. Such factors are described from time to time in the company`s Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission.
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