Paris, May 26th, 2009 – The Schuller Group, a major automobile distributer in France, and Kyriba, the leader of SaaS cash and treasury management solutions, announced that Schuller Group chose the Kyriba solution to optimize their cash management operation.
Since 1989, Schuller Group has been a major auto distributer in France. The holding company and its 50 subsidiaries did not have a centralized treasury and it was difficult to know what reserves were available in order to optimize them. Given the current economic situation for the car industry, Schuller wanted to implement a treasury management solution. An invitation to bid was offered in mid-2008 to Kyriba and several other providers. When Matthieu Pécheur arrived as the group treasurer in 2009, he recommended Kyriba which reinforced the decision made by the internal team.
Once the decision was made, the implementation was completed in less than one month.
For the moment, we implemented the holding and two subsidiary companies in order to structure and validate our organization. Very quickly we will extend this implementation to all our subsidiary companies in order to maximize our cash reserves by implementing cash-pooling” specified Matthieu Pécheur, Group Treasurer.
“We more than satisfied the Schuller group with our SaaS solution. Kyriba offers functional and technical independence from the IT teams of our customers without additional expenditure, which enables them to concentrate on their core business” specifies Patrick Godet, Account Management and Partnership Manager of Kyriba Semea.
“In this period of uncertainty and in a sector in full change, a solution such as Kyriba is a considerable asset to be able to ensure the optimization of our financial expenses and available reserves,” Matthieu Pécheur concludes.
About Schuller Group
Distributor approved since 1989, the Schuller group is a major automobile distributor in France in 4 areas: Brittany, the Nord/Pas-de-Calais Area, the Champagne Ardenne and the Ile de France. It is also a multi-name group with a wallet of 19 distributed models including Renault, Ford, Volkswagen, Audi, Opel, BMW, Citroen, Seat, Nissan, Kia, etc.
About Kyriba Corporation
Kyriba is a global provider of treasury solutions delivered under the Software-as-a-Service (SaaS) model. Customers utilize the online system to automate and better control their daily cash management tasks, including centralization of consolidated bank balance and transaction reporting, payments, cash positioning/forecasting, automated general ledger posting and investment, debt and FX portfolio reporting. The system automatically collects bank statements and facilitates automated cash, bank, and ledger reconciliations through Kyriba’s daily bank connectivity monitoring service. The solution also meets stringent Sarbanes-Oxley 404 audit trail, workflow, and control requirements while providing seamless integration with third-party applications. Founded in 2000 and headquartered in San Diego, Kyriba has offices in New York, Paris, Milan, Hong Kong, and Rio de Janeiro serving a global client base of more than 7,000 subscribers across several hundred corporations, insurance companies, and financial institutions.