Fortis invests in Geac Performance Management
MARKHAM, ON and STUDLEY, UK, July 26, 2004 - Fortis, a European top 20 banking, insurance and investments group, has awarded a contract to Allshare, the distributor in the Netherlands for Geac(R) (TSX: GAC, NASDAQ:GEAC), for Geac Performance Management software and related implementation services. The scheduled "go live" date for the first phase of implementation of the Geac software is mid-August 2004.
Fortis, which has a market capitalisation of (euro) 23 billion and more than 50,000 employees, chose Geac because of the integrated nature of its MPC software for planning, budgeting, forecasting, consolidation, reporting, analysis and strategy management. Fortis has been a long time customer of Geac SmartStream financial software, which is in use throughout significant parts of the organisation. Fortis also recognised the personal and professional skills of the Allshare employees, who are currently undertaking the implementation.
Once fully deployed in 2004, MPC - running on Microsoft SQL Server - will provide the group with a true global system supporting both the businesses and the operating companies. The first phase will go live in August and will support the Fortis target setting process.
Alexander Carp, director of process management at Fortis, said: "To date our budgeting process has been primarily spreadsheet-based. The follow-up of the process has been very time-consuming, especially as it has had to cover all of our businesses and operating units, following numerous recent acquisitions. Our initial focus is to have a new global budgeting solution in place, which can support 1,000 worldwide users. This new budgeting process will be better linked to our business strategy as it will be able to incorporate a 'top down-approach' assisted by 'bottom-up' detailed submissions. So implementing Geac Performance Management helps Fortis to move towards a more uniform global approach which allows for big improvements in quality, speed and transparency."
"We are pleased that a long standing Geac customer has chosen to expand their reliance on Geac software into a new aspect of their business," said Jon Brooks, Managing Director of Geac Performance Management European and Asia Pacific operations. "It's testimony to the inherent value of our MPC software and to the confidence and relationship we build with our customers over time. Furthermore, the financial services industry is an area of strength for Geac - more than 40 of the world's largest banks use Geac financial software - so Fortis is in good company."
This and other recent customer successes have not changed the seasonal nature of Geac's business revenue where first quarter results have been historically the lowest. The marketplace for Geac's products and services remains intensely challenging.
Geac (TSX: GAC, NASDAQ:GEAC) is a global enterprise software company for Business Performance Management, providing customers worldwide with the core financial and operational solutions and services to improve their business performance in real time. Further information is available at http://www.geac.com or through e-mail at email@example.com.
This press release may contain forward-looking statements based on current expectations. Important factors that could cause a material difference between these forward-looking statements and actual events include those set forth under the heading "Risk Factors" in Geac's annual report on Form 20-F, No. 333-103019, for the fiscal year ended April 30, 2003, filed on October 31, 2003 with the United States Securities and Exchange Commission available through the website maintained by the SEC at http://www.sec.gov http://www.sec.gov/, and filed on November 3, 2003 with the Canadian Securities Administrators and available through the website maintained by the Canadian Securities Administrators and the Canadian Depository for Securities Limited at http://www.sedar.com http://www.sedar.com/. Geac is a registered trademark of Geac Computer Corporation Limited. All other marks are trademarks of their respective owners.
SOURCE Geac Computer Corporation Limited
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