August 4, 2005 | Imaginestics and Akoya Partnership
Purdue Research Park, West Lafayette, Indiana, U.S.A - Imaginestics, LLC., leading provider of design reuse management solutions for discrete manufacturing, and Akoya, Inc., the leader in next-generation cost management solutions for direct materials purchasing, have formed a partnership. Akoya will license key technology from Imaginestics' i-migrate product to enable access to part and geometric information in CAD applications for its direct material cost management solution.
Imaginestics' i-migrate product gives Akoya access to parts information embedded in design applications. This is a key component of Akoya's solution, which draws from the company's existing designs, and purchasing and financial systems to strip out information at the parts feature level. The Akoya analytical engine then pinpoints sweet spots with real cost reduction potential across several opportunity scenarios including product design, sourcing, and pricing.
"The Imaginestics technology provides us with critical data which includes both text and part geometry," said Theodore Greene, CEO of Akoya, Inc. "This data, used within our models, provides us with unprecedented insight into the true costs of a product, which can lead to substantial cost savings in direct material procurement," Greene added.
"Imaginestics' technology is a great fit for Akoya," observed Nainesh Rathod, CEO of Imaginestics. He further stated, "Both companies are looking for ways to build more efficiency in the manufacturing sector. This common use of part and geometric data creates excellent synergy."
About Imaginestics
Imaginestics (www.Imaginestics.com) is the emerging leader in Design Reuse Management (DRM) systems for the manufacturing and life sciences industry. DRM is the process of applying current and legacy design knowledge at the point of application so that it can be processed when it is useful. Imaginestics' product suite includes i-advisor, an engineering advisory system; i-config, an enterprise-wide product configurator; 3D-Config, an interactive and configurable online parts catalog; and i-compare, an intelligent design content extraction, matching, and locator tool.
About Akoya, Inc.
Akoya, Inc. is the leader in next-generation cost management solutions for direct materials. The company's core technology was developed at Caterpillar Inc. and serves as the foundation of its feature-based spend cost management solution. Through its cost-management analytics solution, Akoya aims to replace the current practices for procurement cost management, which are often labor-intensive, time-consuming, and inefficient. The name Akoya, derived from the Akoya Cultured Pearls, signifies the search for value that is the hallmark of this new software. For more information on Akoya, visit www.akoyainc.com or call 309-690-6900.