Integration of Hyperion System 9 Financial Management with Movaris OneClose Creates Unified Solutions for Financial Close Process and Compliance Activities
Santa Clara, CA — October 10, 2006 — Hyperion (Nasdaq Global Select: HYSL), the global leader in Business Performance Management software, and Movaris, the innovative software company that automates and unifies account reconciliations, SOX compliance, financial close and financial reporting processes, today announced a strategic partnership to market integrated solutions that address the critical issues associated with the ‘last mile’ of finance. The ‘last mile’ refers to the series of steps and activities involved in the financial close, from consolidation through a company's public disclosure of its financial results, including filings with the SEC. The process of preparing financial statements is the final opportunity to identify and address the issues or errors that could later result in a restatement of financial results.
The first solution to be marketed under this partnership is the Integrated Close Solution, which enables customers to better integrate, manage and control the data, processes and workflow throughout the financial close and compliance process. The Integrated Close Solution joins data and functionality from Hyperion System 9 Financial Data Quality Management and Hyperion System 9 Financial Management modules with the Movaris OneClose financial controls, account reconciliation and financial close solution. Users gain unprecedented transparency, visibility and efficiency across both the data and process activities of the financial close, resulting in increased financial data quality and accuracy.
“Hyperion has been the market leader in financial consolidation and reporting for 25 years,” said Rich Clayton, vice president of product marketing at Hyperion. “We view the Integrated Close Solution as the next level of automation in the financial close process. The combination of Hyperion System 9 and Movaris' OneClose solution for compliance, close automation and account reconciliations is a truly innovative way of confidently addressing the closing process within the management cycle.”
“Our partnership with Hyperion demonstrates that we share the vision of bringing world-class solutions to the ‘last mile’ of finance.” said Eric Keller, CEO of Movaris. “We're pleased to join with Hyperion to provide unified solutions that help companies better manage their close processes and reduce their risk of material weaknesses and restatements.”
“The fiscal closing process is largely a manual effort, performed under significant time pressure by overworked finance groups sitting around conference room tables making real-time decisions with hopes that they won't forget anything,” said John Hagerty in the October 2006 AMR Research Alert Hyperion Partners With Movaris To Better Control Financial Close Process. “Together with this partnership, Hyperion and Movaris are offering a compelling product to increasingly receptive buyers that want to integrate and automate much of their financial reporting and compliance work.”
Available today, the Integrated Close Solution enables users to work in either the Hyperion or Movaris environments since data, controls, and process management are shared by both applications, including the capability to drill down to detail within data or closing tasks.
Hyperion Solutions Corporation (Nasdaq Global Select: HYSL) is the global leader in Business Performance Management software. More than 12,000 customers in 90 countries rely on Hyperion both for insight into current business performance and to drive performance improvement. With Hyperion software, businesses collect, analyze and share data across the organization, linking strategies to plans and monitoring execution against goals. Hyperion integrates financial management applications with a business intelligence platform into a single management system for the global enterprise. For more information, visit www.hyperion.com.
Movaris helps finance organizations transform their ‘last mile’ — the series of manual tasks performed during account reconciliations, SOX compliance, and financial close — into a repeatable and efficient process. Movaris OneClose is the industry's only application suite that automates and unifies these processes with a company's financial statements, creating a new, auditable, transparent system of record. Movaris OneClose customers realize: more analysis time by automating routine workflows, reduced audit fees from auto-generated evidence binders and increased accuracy of financial reports by reconciling, unifying, and standardizing processes throughout a company's global finance organization. Movaris is headquartered in San Jose, California, with offices in Atlanta, Boston, Chicago, Los Angeles and New York. For more information, please visit www.movaris.com or call 888-800-7545.
Safe Harbor Statement
Statements in this press release other than statements of historical fact are forward-looking statements, including, but not limited to, statements concerning the potential success of anticipated product features, the anticipated product offerings and the potential market opportunities for business performance management software. Such statements constitute anticipated outcomes and do not assure results. Actual results may differ materially from those anticipated by the forward-looking statements due to a variety of factors, including, but not limited to the company's ability to retain and attract key employees, the successful and timely development of new products, the impact of competitive products and pricing, customer demand, and technological shifts. For a more detailed discussion of factors that could affect the company's performance and cause actual results to differ materially from those anticipated in the forward-looking statements, interested parties should review the company's filings with the Securities and Exchange Commission, including the Report on Form 10-K filed on September 1, 2006. The company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
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To learn how Movaris OneClose can help your company achieve its compliance and financial close goals, please contact us at firstname.lastname@example.org or 888-800-7545.