SAP announced today that global financial information services company, Markit, has selected SAP BusinessObjects Planning and Consolidation (BPC) following its successful implementation of the SAP Business All-in-One solution.
The technology solution was selected by Markit's finance department based on the functionality and scalability of the technology.
Markit was formed in 2001 as the first independent source of daily credit derivative pricing. Today, Markit is a leading, global financial information services company that provides independent data, valuations and trade processing across all asset classes. Clients include the most significant institutional participants in the financial market place.
"Markit selected SAP's BPC solution because it will allow us to streamline the planning, budgeting and forecasting process. Our successful implementation of the SAP Business All-in-One solution a year ago encouraged us to look at other areas of the business that would benefit from additional streamlining of processes," said Rony Grushka, Chief Financial Officer of Markit.
The SAP BPC solution will enable Markit to integrate corporate and departmental financial planning seamlessly, quickly model business scenarios and re-forecast to meet rapidly changing business conditions.
"The continued investment in SAP from Markit proves that our technology addresses the needs of fast-growing mid-sized businesses and provides strategic benefits, as well as a platform for future growth. Customer relationships are key to SAP and it delights me to see our existing customer base coming back again and again for help with their business requirements," said Stephen Read, Director of SME, SAP UK & Ireland.
Markit selected SAP BusinessObjects Planning and Consolidation in March 2010 and it is expected to go-live in August 2010.