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Provident International selects Applix for financial forecasting

05 July 2007  |  1768 views  |  0 Source: Applix

Applix (NasdaqGS: APLX) a leading business analytics software solutions provider, today announced that Provident International, the UK-based consumer credit company, has selected Applix to provide financial forecasting and consolidation across its entire international division.

Provident International will implement Applix and its high performance analytics engine, Applix TM1, to provide a real-time, flexible alternative to its complicated forecasting models. More than 50 users in 20 business units spanning seven European countries and Mexico will access the system. The solution will manage profit and loss, and balance sheet and cash flow forecasting, which encompasses multiple legislations and accounting bases.

"Applix strongly demonstrated - through tailored proof of concept demonstrations, appropriate third party references and detailed invitation to tender responses - that they had the capability to meet and rapidly deliver solutions to our complicated requirements," said Stephen Smith, value forecasting professional, Provident International. "Applix went to great lengths to prove that some of the most complicated parts of our forecasting environment could be handled in real-time through their system."

The solution will provide both Excel and Web interfaces, enabling the company to leverage existing skills and allowing users to work locally or remotely, while continuing to perform all activities and operations. Provident International also expects to be able to revise assumptions in budgets and plans, run "what-if" scenarios, re-calculate data to reflect new real-time information, and develop charts directly in a Web browser.

Martin Richmond-Coggan, VP of EMEA, Applix, commented, "We are pleased that Provident International has chosen Applix over other major Business Analytics suppliers. Applix was able to build a strong partnership with Provident International during the process in which we demonstrated yet again that our solution is the most capable to meet Provident International's complex business analytics needs on a single platform."

Provident International has ambitious plans for Applix TM1 and intends to expand the solution to other areas of its business following a successful initial implementation.

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