Selectica (NASDAQ: SLTC), provider of deal management solutions including sales configuration and contract lifecycle management solutions, today announced that Union Bank, N.A., a full-service commercial bank providing an array of financial services to individuals, small businesses, middle-market companies, and major corporations, has rolled out Selectica Contract Lifecycle Management software to manage the company’s vendor agreements. “We needed a system that could provide deep visibility into our agreements, as well as ensure company-wide compliance for contracts affected by stringent banking regulations,” said Cath Whistler, Vice President, Manager of Contracts Management for Union Bank. “Selectica’s solution gives us the opportunity to demonstrate auditable consistency across contracts throughout the company.” Selectica’s contract management solution streamlines the entire contract lifecycle, from contract request, authoring, negotiation, and approval, through contract execution, on-going obligations management, amendment, and renewal. The solution’s enterprise view of contracts and comprehensive reporting capabilities will allow Union Bank to automate the ongoing supervision of contractual relationships by consolidating and maintaining accurate contract data while also minimizing risk. Union Bank’s contract management system selection process consisted of a rigorous evaluation of solutions from 40 vendors in both the contract management and vendor risk management spaces. The complexity of Union Bank’s agreements and required contract oversight necessitated a solution beyond their previous homegrown systems. Union Bank ultimately decided to utilize Selectica’s solution based on several criteria, including the flexibility of its authoring tools, the highly configurable nature of the system, and the ability to gain an effective view of the prevailing language and terms across multiple contract amendments. Union Bank personnel in the contracts management organization are currently using the system – deployed behind the firewall – with expansion expected to occur across departments. “Forward-thinking financial institutions like Union Bank see the role that Selectica Contract Lifecycle Management plays in a sound corporate governance strategy,” said Allen Pogorzelski, Vice President of Marketing at Selectica. “We’re honored to have Union Bank join the ranks of leading companies that have chosen to manage risk and improve compliance with Selectica solutions.”
About UnionBanCal Corporation & Union Bank, N.A.Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $79.1 billion at December 31, 2010. Its primary subsidiary, Union Bank, N.A., is a full service commercial bank providing an array of financial services to individuals, small businesses, middle-market companies, and major corporations. The bank operated 401 banking offices in California, Washington, Oregon and Texas, as well as two international offices, on December 31, 2010. UnionBanCal Corporation is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group, Inc. Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG, NYSE:MTU), one of the world’s largest financial organizations. Visit www.unionbank.com for more information. About Selectica, Inc. Selectica (NASDAQ: SLTC) provides Global 2000 companies with deal management solutions to help companies close business faster, with higher margins and lower risk. Selectica offers tightly integrated applications for sales configuration, pricing, quoting, and contract lifecycle management, including modules for mobile devices and employee self-service. With over 100,000 users and over one million new contracts processed annually, Selectica is changing the way companies do business. Selectica customers represent leaders in technology, healthcare, government contracting, and telecommunications, including Bell Canada, Cisco, Covad Communications, Fujitsu, CA Technologies, ManTech, and Qwest Communications. For more information, visit www.selectica.com. Forward Looking Statements Certain statements in this release and elsewhere by Selectica are forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. Such information includes, without limitation, business outlook, assessment of market conditions, anticipated financial and operating results, strategies, future plans, contingencies and contemplated transactions of the Company. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of Company operations, or the performance or achievements of the Company or industry results, to differ materially from those expressed, or implied by the forward-looking statements. In addition to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties and other factors that could cause or contribute to actual results differing materially from those expressed or implied for the forward-looking statements include, but are not limited to the on-going global recession; fluctuations in demand for Selectica's products and services; government policies and regulations, including, but not limited to those affecting the Company's industry; and risks related to the Company's past stock granting policies and related restatement of financial statements. Selectica undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Additional risk factors concerning the Company can be found in the Company's most recent Form 10-K, filed by the Company with the Securities and Exchange Commission.