Onduline Optimizes its Cash Management with the Kyriba Solution
Paris, April 21st, 2009 – Onduline Group, specialists in lightweight materials developed from recycled fibers and petroleum and Kyriba, the leader of web-based cash and treasury management solutions, are pleased to announce that the group has implemented the Kyriba solution for optimizing cash management.
Onduline, a medium-sized international group with more than 40 subsidiaries, went through an exercise of optimizing the financial streams between their different entities. Furthermore, the company (under an LBO) needed to assure available financing for the parent company with the best possible debt servicing.
First, Onduline requested bids from several banks for the implementation of European cash pooling. Then it turned to Kyriba to follow all the cash streams effectively.
“The SaaS model which Kyriba provides allows us to retrieve remote subsidiary forecasts, to build a group financing plan, and to follow the evolution of the financing for better management of our liquidity” indicated Antoine Rebois, Financial Director, Onduline Group.
Kyriba is very happy to be able to assist Onduline in optimizing its cash management. Our SaaS solution is customizable and flexible which allowed them to be able to use it within their various European subsidiaries quickly and effectively, “stated Patrick Godet, Director Account Management and Partnerships (Europe) of Kyriba.
“With the current economic and financial situation, financing takes on increased importance for any company. The implementation of European cash pooling and Kyriba’s cash management solution represent a considerable competitive advantage in these disturbing times,” clarifies Antoine Rebois.
Onduline Group designs, produces, and markets lightweight materials developed from recycled fibers and petroleum. It employs 1300 personnel in 12 production plants and 35 commercial affiliates worldwide. It owns 12 factories and 40 commercial subsidiaries worldwide. Onduline Group, steered by Jean-Noël Fourel, is completely held by the Financier Ofic, the simplified stock company which is chaired by Jean-Louis Roques.