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Kyriba Expects Continued ASP Growth Amidst IT Spending Delays Related to Credit Crunch |
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San Diego, CA – August 20, 2008 - Kyriba Corporation, the worldwide leader in Software-as-a-Service cash and treasury management solutions, is projecting higher than expected market growth of ASP solutions despite the fact that many organizations have decreased their IT spending attributed to the current credit crisis. As companies are challenged with doing more work with fewer resources the need for automation solutions is intensifying. ASP (“Application Solution Provider”) solutions are those hosted by the vendor and thereby do not require purchasing hardware, licensing software, or managing IT personnel to maintain the systems. Furthermore, when a solution is distributed via the Software-as-a Service (“SaaS”) model, the fees are incurred as a monthly subscription based on usage and are not included in the IT budget. These two key aspects of ASP solutions significantly increase the initial affordability of the solutions and total cost of ownership.
“We are experiencing stronger than forecasted growth, which may be related to the deeper than expected credit crunch,” stated Jean-Luc Robert, CEO for Kyriba Corporation. “Current economic conditions have contributed to Kyriba’s growth as the increasing focus on maximizing working capital and transparency is at the heart of the solution we afford our clients.”
About Kyriba Corporation
Kyriba is a leading provider of treasury solutions delivered under the Software-as-a-Service (SaaS) model. Customers use the automated online system to automate and better control their daily cash management tasks, including gathering 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 and provides seamless integration with third-party applications. Founded in 2000 and based in San Diego, with offices in New York, Paris, Milan, and Rio de Janeiro, Kyriba serves a global client base of more than 7,000 subscribers across 170 corporations, insurance companies and financial institutions.
Media contact:
Leslie Regino, Kyriba Corporation, 212-784-5584, lregino@kyriba.com
For more information, visit www.kyriba.com
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