Applix drives success of AutoOne Insurance’s financial reporting
WESTBOROUGH, Mass., October 24, 2007 -- Applix, Inc. (NasdaqGS: APLX), the leading business analytics software solutions provider, today announced that its business analytics platform is empowering AutoOne Insurance, a division of the OneBeacon Insurance Group, to respond to budgeting changes immediately and report financial results in real-time. Members of AutoOne’s finance team will discuss how the company has saved 80-85 percent in man hours on budgeting, among other quantitative results, at Applix’s High Performance Panel: Agility at the Speed of Business, being held October 30, 2007.
“The greatest benefit has been the flexibility Applix’s technology has brought to the company,” said Tom Manion, vice president of finance and CFO of AutoOne. “We are now able to respond to changes immediately and report results in real-time. The ability to ‘slice and dice’ actual financial results and compare them to planned results has proven invaluable.”
AutoOne has grown rapidly since it was formed in 2001 and currently provides auto insurance to both voluntary and assigned risk drivers. To ensure growth and profitability it is critical the company has the capability to quickly integrate new products and regions without spending weeks on planning and testing.
“We required a simple solution for complex analyses that would allow for real-time calculations from data across 43 cost centers, 22 states, 12 products and 5 corporate locations,” said Lisa Tancredi, assistant vice president of financial reporting of AutoOne. “Additionally, we also needed to reduce the time it takes for month-end closing while increasing the level of detail reported. Only Applix’s solution could meet our varied demands, outperforming all other solutions.”
“Organizations select Applix’s technology over other business analytics platforms because the solution delivers real-time feedback to the complex business processes and analytics that drive agile decisions,” said Ben Plummer, senior vice president of worldwide marketing and strategic alliances for Applix. “Many companies such as AutoOne, require a flexible solution that has the capability to handle large, complex models. Without a single cohesive solution, it becomes more difficult to manage various data sets and agility is compromised.”
Applix’s High Performance Panel: Agility at the Speed of Business — October 30, 2007
Please join moderator Roy Harris, senior editor, CFO Magazine, and guest panelists: Mark Smith, CEO and executive vice president of research, Ventana Research; Ben Plummer, senior vice president of worldwide marketing and strategic alliances, Applix; Tom Manion, vice president of finance and CFO, AutoOne; and Lisa Tancredi, assistant vice president of financial reporting, AutoOne, to learn more about the benefits of deploying a unified set of performance management applications that include planning, budgeting, consolidation and financial reporting.
This complimentary event will be broadcast live, in high-definition, to various Morton’s Steakhouse locations throughout the United States at 4:30 pm PT/7:30 pm ET. To register and select the location nearest you please visit: http://www.insite24.com/applix/RSVP071030.aspx.
About AutoOne Insurance Group
AutoOne Insurance is a division of the OneBeacon Insurance Group, which is rated A (Excellent) by A.M. Best. AutoOne Insurance is based in Melville, New York and is an approved LAD servicing carrier in the states of Arizona, California, Colorado, Connecticut, Delaware, Idaho, Maine, Montana, New Mexico, New Jersey, New York, Nevada, Oregon, Pennsylvania, South Carolina, Texas, Utah, Vermont, Washington, W. Virginia, Washington D.C. and Wyoming. AutoOne also offers voluntary automobile products such as Private Passenger, Physical Damage and Take-out programs to qualified New York drivers.
OneBeacon Insurance Group is wholly owned by White Mountains Insurance Group, Ltd. of Hamilton, Bermuda. White Mountains' principal businesses are conducted through its subsidiaries and affiliates in the business of property-casualty insurance and reinsurance. The company is publicly traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbol "WTM."
Applix (NasdaqGS: APLX) empowers agile enterprises by offering the only complete Business Analytics software solution. The Company is focused exclusively on providing a single, cohesive Performance Management and Business Intelligence solution, with strategic planning, forecasting, consolidations, reporting and analytics across financial, operational, sales and marketing, and human resources departments. The Applix platform, powered by the renowned TM1 analytics engine, reaches farther, deploys easier, and reacts faster than any business analytics solution available today. Applix and its global network of partners help more than 3,000 customers worldwide manage their business performance and respond proactively to the marketplace. Headquartered in Westborough, MA, Applix maintains offices in North America, Europe and Asia Pacific. For more information, please visit www.applix.com.
Any statements in this press release about future expectations, plans and prospects for Applix, Inc., including any statements containing the words “believes,” “anticipates,” “plans,” “expects,” and similar expressions, constitute forward-looking statements. Forward-looking statements necessarily involve risks and uncertainties, and actual results could differ materially from those indicated by such forward-looking statements as a result of various important factors. Factors that could cause or contribute to such differences include without limitation, competitive pressures, changes in customer demands, adverse economic conditions, loss of key personnel, litigation, potential fluctuations in quarterly results, lengthy sales cycles, market acceptance of new or enhanced products and services, factors affecting spending by customers and other risks, uncertainties and factors including those described in the Company's most recent Form 10-K or 10-Q under the heading "Risk Factors"/"Factors That May Affect Future Results." In addition, the forward-looking statements provided by the Company in this press release represent the Company's views as of the date of this release. The Company anticipates that subsequent events and developments may cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, and these forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this release.
©2007 Applix, Inc. All rights reserved. Applix and TM1 are registered trademarks of Applix, Inc. All other trademarks and company names mentioned are the property of their respective owners.
Contacts Applix Charlotte Locke, 508-475-2441 firstname.lastname@example.org http://www.applix.com
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