Geac inks $400K ASP services deal with EDB

Source: Geac

Geac (TSX: GAC; NASDAQ: GEAC), a global enterprise software company, today announced a new US$400,000 contract and a renewal of an existing maintenance and support contract worth US$180,000 with one of its customers in Norway.

EDB Business Partner Norge AS (EDB) is an ASP (Application Service Provider) which provides a range of outsourced services across the Nordic region - processing 40 million transactions a day. Amongst its portfolio of services it provides 57 Nordic banks with access to its mainframe-based finance system - Millennium, from Geac. Under the new contract it will provide 600 users with web-based access to this robust finance system through Active Client, and also the ability to sign up to access MPC, Geac's integrated corporate performance management system.

Oslo-based EDB Business Partner has served Norwegian banks for more than 35 years, and is expanding rapidly in the area of Business Intelligence, Performance Management and Compliance. One of the important advantages is that EDB Business Partner covers both operational and administrative systems. Many of EDB Business Partner's customers benefit from these integrated and holistic solutions.

Ivar Stokkerud, VP for EDB Business Partner, said: "Our ASP offering provides our customers with access to the latest technology. Unlike many European countries the Nordic banking sector is extremely fragmented, and includes lots of smaller players. Without ASP most of them would not have access to these systems - which are typically used by the larger corporations. We have used Geac's Millennium product for many years so we're delighted to be able to offer even easier access to our core finance system via the internet.

"In particular MPC is expected to make an enormous difference as it will enable our banking customers to adopt an integrated approach to strategic planning, budgeting, forecasting, consolidation, reporting & analysis. This will be hugely beneficial to many of them as these processes are often fraught with difficulties and errors when underpinned by mere spreadsheets."

Tim Wright, Geac's Chief Executive for EMEA, said: "This latest contract is testament to our ability to provide added value to our customers with our performance management solutions. It demonstrates the compelling offering that we continue to provide to banks of all sizes within the global banking arena. Without doubt many European banks are beset with a growing regulatory burden, but we can help them by providing them with the assurance they have the right support through solid financial systems."

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