SimCorp reports Pirelli contract
23 May 2007 | 2057 views | 0
Source: SimCorp Treasury Solutions
SimCorp Treasury Solutions announces that the IT2 Treasury Management System has been selected by the Pirelli Group to provide an integral solution for their Treasury and Asset Management requirements.
The Pirelli Group is a multinational corporation, which operates in several global businesses including the world-renowned tyre manufacturing operation, one of the most dynamic and innovative Real Estate groups operating in Europe, and start-up businesses in broadband solutions and the environment. In fiscal 2006, Pirelli's turnover was approximately EUR 4.8 billion, with an EBIT of approximately EUR 401 million.
Pirelli's search for a replacement TMS was driven by the necessity to upgrade their technology. The Treasury centre performs basically standard operations with respect to Foreign Exchange and Money Market activities, and liquidity management. Pirelli additionally has a significant need to manage asset investment portfolios. These actively managed portfolios include multi-currency Government & Corporate bonds (fixed & floating), equities, derivatives (options & futures) and hedge fund investments, plus cash.
Pirelli conducted a thorough and objective system selection process, and chose IT2 as their single solution. Susanne Zimmermann, Corporate Treasurer, comments: "At the start of our selection process, we decided that an integrated Best Practice Treasury and Asset Management solution was our ideal result; but we were not certain that such a system existed. We were delighted to have found a full, integral solution in IT2. In addition, the IT2 process maps offer a very powerful and valuable tool for a multi-centre Treasury such as ours: they will enable us to define, document and manage our Treasury processes, and the transparency and control they offer are key supports for the Pirelli compliance requirements."