Cartesis Inc.

June 04, 2007 11:51 ET

Cartesis 10 Helps Desjardins Group Increase Efficiency and Productivity

Canada's Largest Cooperative Financial Group Chooses Cartesis for Enhanced Performance Management in a Demanding Regulatory Environment

NORWALK, CT--(Marketwire - June 04, 2007) - Cartesis, the world's leading specialist in finance and performance management software (Business Performance Management), today announced that Desjardins Group has selected the Cartesis 10 suite based on its global approach and flexibility.

Desjardins Group, the first financial institution in Quebec, is known as the largest cooperative financial group in Canada. It counts 5 million member-owners, gathering 549 caisses and about twenty specialized subsidiary companies including insurance, securities brokerage, asset management, and venture capital. Their total assets amount to 135.1 billion Canadian dollars ($125.9 billion US dollars) and 40,000 people.

As any other international financial organization, Desjardins must adhere to very strict regulations and deliver accurate and reliable data to an increasing number of internal and external users within a minimum time frame. Furthermore, the increased complexity of financial reporting and the convergence to IFRS requires consolidation systems to be strong, flexible and have powerful information sharing capacities.

Desjardins major goal was to implement a new system of consolidation and integrated performance management for the financial group while enhancing effectiveness, efficiency and integration of processes, adhering to the demands of accounting standards as well as new Canadian and international governance rules.

"Desjardins has firmly established itself as an integrated cooperative financial group," says Monique Leroux, Chief Financial Officer of Desjardins Group. "The flexibility of Cartesis 10 will allow Desjardins to improve the speed and efficiency of its consolidation processes. The implementation of Cartesis 10 will enable Desjardins to reallocate finance resources away from lower-value activities toward higher-value decision-support activities."

Through their choice of Cartesis 10, Desjardins is acquiring a turnkey solution that enables them to comply with international rules while it accelerates the convergence of their accounting standards. Delivering the three key components of an integrated performance management application: financial consolidation, dashboards and analysis, and financial planning; Cartesis 10 also helps to ensure compliance with various regulations. The ability to deliver all this financial information to a greater number of users will result in better alignment of operations with strategic goals.

About Desjardins Group

Desjardins Group is the largest integrated cooperative financial group in Canada, with overall assets of more than $135 billion, as at December 31, 2006. It comprises a network of caisses, credit unions and business centres in Quebec and Ontario, and some twenty subsidiary companies in life and general insurance, securities brokerage, venture capital and asset management, many of which are active across the country. Drawing on the expertise of its 40,000 employees and the commitment of 7,020 elected officers, Desjardins offers its 5.8 million individual and corporate members and clients a full range of financial products and services. Its physical distribution network is complemented by leading-edge virtual access methods. To find out more, consult www.desjardins.com.

About Cartesis

Cartesis is the world's leading specialist in finance and performance management software with more than 1,300 corporate customers, 600 employees and 200 consultants worldwide. Created in 1990, Cartesis provides insight, control and confidence by unifying information, people and processes at demanding multinationals like Air France KLM, Cargill, Danone, Diageo, Nissan, Societe Generale and Standard Life. One in four of Fortune Global 100 companies rely on Cartesis' deep financial expertise and standard-based technology for compliance, financial consolidation, management reporting, planning, budgeting, forecasting, intercompany reconciliation; all unified in a single data-model that can be leveraged by internal and external users. Cartesis' partners include Accenture, Bearing Point, Ernst & Young, KPMG, Microsoft, and PricewaterhouseCoopers. Cartesis has customers in 44 different countries and offices in Brussels, Frankfurt, London, Norwalk (CT), Paris, Tokyo, Toronto and Utrecht. For more information, go to http://www.cartesis.com.

All names and/or brands mentioned in the present release belong to their respective owners.

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