IT2 will form the central control hub for group-wide treasury operations, which are being re-insourced. It will support treasury activities in Mechelen, Belgium and Linz and Vienna, Austria.

Borealis is a leading provider of innovative plastics solutions across a wide range of industries and applications. In fiscal 2006, Borealis's sales were approximately EUR 6billion. The Borealis Group Headquarters is located in Vienna.

The Borealis team selected IT2 after a rigorous system selection process. IT2 Treasury Solutions was successful through demonstrable functional fit, ease of use and, especially, ease of reporting.

The central IT2 system will integrate with SAP, electronic confirmations, FX & money market dealing portal and Cash Management Banks. IT2 will provide a highly automated best practice solution for front and back office operations, debt management, cash and liquidity management, risk management and the associated accounting and hedge accounting. An important objective is to consolidate and improve group treasury reporting and compliance.