Actavis Group has implemented SimCorp's IT2 to manage its centralised treasury operations.
Headquartered in Iceland, Actavis Group is the world's fourth largest generic pharmaceutical company in terms of revenue, with operations in 32 countries.
The Group's continued growth by acquisition has seen a doubling in turnover and the subsequent increase in the scale and complexity of its treasury-related activities has required the implementation of a robust and scaleable treasury management system.
SimCorp's IT2 was selected from a short list of three systems because of its ease of use (Actavis particularly liked IT2's unique Treasury Process Maps), the fit to current and future requirements, and overall cost-effectiveness. Following a successful implementation, which was both on time and on budget, the system is now being used for:
- Cash Management (including notional cash pooling via an In-House Banking structure)
- Hedging using FX and Interest Rate Derivatives
- Money Market Dealing
- Debt and Facility Management
- Accounting (with an interface to the Corporate GL system)
"Our Internal Audit Department is very happy with the extra control IT2 has brought to our Treasury," comments Oskar Sigurdsson, Director of Group Treasury. "The system has also helped us cope with increasing volumes, and the implementation of an In-House Bank has reduced the number of physical cash movements and simplified the accounting associated with inter-company transfers. We are now planning to adopt Hedge Accounting and IT2 offers all the tools we will need in this area."