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Five go to Kyriba |
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Corporate Financial Systems Journal, March 2009 - Kyriba has announced five wins for its ASP treasury system, all achieved in the
final months of 2008. The earliest deal was signed in late November and came at
insurance and financial services company, OneAmerica Financial Partners. The
remaining deals were all signed in December and came at Alstom, a provider of
equipment and services for power generation and rail transport; MFRI, a
manufacturer of piping, filtration and cooling products; Murphy Oil Corporation,
an oil and gas producer; and Wilbros, an international services contractor for
the oil, gas, power, refining and petrochemical industries.
According to Kevin Peak, North America sales manager for Kyriba, ‘all these
companies were looking for a way to have more efficiency for their treasury
operations’. Prior to signing for the vendor, the firms were all using
spreadsheets to manage their treasury operations.
The companies are
currently ‘active in their implementations’ of the system. The projects began in
January. Peak predicts the systems should be fully operational within two or
three months. ‘The target that some of them have is to have their bank links
going, to have their data coming into the system, and to be running on the
system, at least for the majority of what they signed up for, within the first
quarter.’
Peak is keen to stress the breadth of industries covered by
these deals. He claims that Kyriba is receiving interest for its product from a
wide range of companies and that sales are not weighted heavily towards any
specific sector.
He also believes that the economic turmoil is actually
helping the vendor’s business because companies are saying, they ‘need to do
more with less’. ‘In the good times everybody was doing all the sexy stuff,
doing mergers and acquisitions. CFOs and treasurers were doing all these fun,
high-visibility things, and now they are saying, “that’s not happening, I need
to focus on my core business”’.
Peak also claims to be seeing an increase
in companies that were looking at licensed solutions, now turning to ASP. ‘We
have seen companies that were using an installed solution that are now looking
to say, “I’m not going to renew my licence with an installed technology, instead
I’m going to go the ASP route”’. He believes the reasons for this are around
cost and ease of deployment.
This claim seems to be backed up by the
vendor’s annual results. In 2008 it doubled its revenue and added 90 new
clients, taking its overall client list to 200. It also opened two new offices –
one in the financial district of New York and the other in Hong Kong – to expand
the company’s reach into Asia-Pacific. |
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