SADCI, a major Iberian distributor for Geac (TSX:GAC and NASDAQ:GEAC), has been awarded a contract by Portugal's largest retail bank, Caixa Geral de Depósitos (CGD), for Geac M Series software and related services.
In addition to the software's flexibility and strong processing capacity, the Geac system was selected by CGD primarily to address impending IAS/IFRS compliance requirements.
The Geac system is scheduled to be live by the end of 2004, ready for the start of the new IFRS accounting standards on January 1, 2005.
Aside from IFRS compliance, CGD, a long term Geac customer, needed to increase the efficiency and productivity of its financial system, while allowing wider availability of information to help manage the business.
Geac's M Series solution, which is currently being implemented at CGD with a user-friendly Web browser interface on a mainframe platform, has a strong track record in many of the biggest and best known financial organisations in the world. More than 40 of the world's largest banks use Geac financial software.