Source: IT2 Treasury Solutions
IT2 Treasury Solutions announces that CEVA Logistics, the global supply chain management company, has selected the IT2 Treasury Management System as its cash and treasury management technology solution.
CEVA combines two logistical companies, TNT Logistics and EGL Eagle Global Logistics, which merged in August 2007. CEVA employs around 52,000 people, and operates an extensive office network with facilities in 151 countries. Its sales turnover in fiscal 2006 was € 6 billion. CEVA is an un-listed company, owned by affiliates of Apollo Management, L.P., one of the leading private equity investors in the world.
CEVA Logistics, located in Amsterdam, the Netherlands, was divested from TNT, and was therefore without any existing treasury operation and system. CEVA's new treasury team selected IT2 to provide a best practice solution, which will initially support FX and interest hedging, cash & liquidity management and guarantee management. IT2 will also handle CEVA's cross currency / cross border cash pool arrangement.