Prior to Kyriba, Virgin was using an old version of an installed software solution from a French provider for cash management, and GL reconciliation. Virgin had already migrated to Etebac 5 for bank communications and electronic signatures.

According to David Derai, Treasurer of Virgin Stores, “It would have been very natural to also upgrade the Cash and GL Reconciliation modules to the latest version proposed by our previous provider, but my choice was the Kyriba SaaS solution for several reasons. We wanted to have the most flexible migration to the new system, flexibility in the use of the platform, no technical (IT) problems (particularly during implementation), no cost/no fuss upgrades, monthly usage-based subscriptions, and system access via secure-internet.”

Originally, Virgin had reservations about implementing a web-based solution related to safety, confidentiality, and access to historical data but the objections were overcome. Mr. Derai stated, “The migration towards a web-based cash management solution was not an “easy-sell. I set up a briefing between our Director of Information Systems and Finance manager, in order to explain why we preferred this solution. I made it clear that the IT team would no longer be needed for technical problems, since the solution is completely managed by Kyriba. Kyriba demonstrated very good control over safety, confidentiality, and user entitlements and access. Moreover, seeing how many large companies had also adopted this solution helped reassure us.”

About Virgin Megastore:

Virgin Megastore has 36 stores in France. It has more than 75 million visitors per year and more than 300 organized meetings/dedications/mini-concerts each year in its stores. Virgin Megastore has more than 600,000 products in: music, movies, books, electronics, fashion and games.
More, visit the http://www.virginmegastore.fr site

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 better control their daily cash management tasks including bank balances, transaction reporting, payments, cash positioning / forecasting, automated general ledger posting and investment 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, New York, Paris and Rio de Janeiro, Kyriba serves a global client base of more than 130 corporate treasuries, insurance companies and financial institutions.

Media contact:

Leslie Regino, Kyriba Corporation, 646-378-2131, lregino@kyriba.com

For more information, visit www.kyriba.com