Geac Computer Corporation Limited.
Old Mutual Goes Live on Geac Performance Management
MARKHAM, Canada and STUDLEY, England, July 6 (ots/PRNewswire)
- International Financial Services Group Deploys Web-based System for Financial Reporting, Data Consolidation, Budgeting, Forecasting and Planning Worldwide
Old Mutual plc, a FTSE 100 listed international financial services group, has gone live on a Geac Performance Management solution. The internet-based reporting, planning, budgeting, forecasting and consolidation solution from Geac(R) (TSX: GAC, NASDAQ: GEAC), a global enterprise software company for Business Performance Management, will be used across Old Mutual's three principal geographies: UK, South Africa and United States.
Old Mutual is also working to meet IFRS requirements, which require a much greater depth of information, expanding from 3,500 line items to 8,000 line items.
Old Mutual's Geac Performance Management installation will ensure data integrity and provide greater control over information. Old Mutual will be able to consolidate data from across eight of its major subsidiaries, including more than 100 business units, incorporating cash flows, balance sheets, profit & loss, as well as off balance sheet transactions and funds under management.
Simon Cordier, project manager at Old Mutual, comments:
"The Geac Performance Management solution will provide us with the ability to consolidate and disclose the necessary levels of detail required for segmental reporting for our business units. It also provides a platform to ensure that each unit can provide valuable, transparent management information to help ensure ongoing profitability."
About Old Mutual
Old Mutual plc is an international financial services group whose activities are focused on asset gathering and asset management in its three key territories:
- South Africa - where it is the largest financial services group, providing life assurance, institutional and retail asset management, banking and general insurance operations.
- United States of America - where it is one of the top ten fixed annuity businesses and operates through 21 asset management businesses offering a diverse range of investment styles and products.
- United Kingdom - where it is listed in the UK FTSE 100 index with a market capitalisation of pnds stlg 3.8 billion.
Old Mutual has been in business for more than 150 years with 60% of its business in South Africa, 30% in the United States and 10% in the United Kingdom. It is listed on the following stock exchanges: London, Zimbabwe, Johannesburg, ZSE, Mongolian and New York.
About Geac
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 info@geac.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 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 www.sedar.com. Geac is a registered trademark of Geac Computer Corporation Limited. All other marks are trademarks of their respective owners.
Contact:
Investor Contact: Alys Scott, Geac, +1-905-940-3751,
alys.scott@geac.com; European Media Contacts: Alexandra Bell,
Citigate Dewe Rogerson, +44-1604-232-223,
alexandra.bell@citigatedr.co.uk; Richard Moore, Geac,
+44-1527-496-200, richard.moore@geac.com; North America Media
Contact: David Domeshek, Geac, +1-508-871-5064,
david.domeshek@geac.com