SOURCE: Cartesis Inc.

March 13, 2007 08:00 ET

Cartesis Enters Financial Governance, Risk and Compliance Market

First Performance Management Vendor to Offer Complete Financial Reporting and Compliance Solution

NORWALK, CT, -- (MARKET WIRE) -- March 13, 2007 -- Cartesis, the world's leading specialist in finance and performance management software, today announced plans to release Cartesis Governance, a new product that distinguishes Cartesis as the first performance management vendor to broaden the platform for performance management to include integrated financial Governance, Risk and Compliance (GRC) capabilities as part of its suite. By building on the increasing synergy between the performance management, financial reporting and compliance requirements, Cartesis will provide its global customer base with a single framework for performance management, reporting and sustainable compliance, which will improve financial reporting and close processes and reduce the cost of compliance by integrating these activities more tightly with periodic report preparation and analysis.

Organizations are looking to align financial compliance with reporting processes, rationalize and reduce controls monitoring based upon risk, improve accuracy, and simplify compliance processes which should yield a cost advantage as well as increased integrity of financial results. Today, traditional performance management solutions alone do not offer the optimal solution to meet increasingly complex regulatory requirements for financial governance, risk and compliance.

"Global regulatory requirements are a fundamental part of doing business today, and companies are actively looking for ways to better manage the costs and processes associated with financial compliance," said Didier Benchimol, CEO of Cartesis. "As the leader in financial consolidation and management reporting it makes perfect sense for us to extend our solution to support Finance GRC. By doing so we can help customers manage all aspects of their financial compliance processes and reduce the regulatory burden. This expansion of our suite represents significant growth opportunity for Cartesis and furthers our commitment to solving problems for the CFO."

Due out in May 2007, Cartesis Governance will provide support for a range of financial compliance legislation including Sarbanes-Oxley, Loi de Sécurité Financière, J-SOX, Tabaksblat, and so called Euro-SOX requirements which will be implemented under local member state law through 2008. A combination of internal development and third party technology from BWise, a leading provider of governance, risk and compliance software solutions, Cartesis Governance will integrate with Cartesis Finance and Cartesis Analytics applications.

"The Financial GRC and Performance Management solutions on the market are not integrated," says Kathleen Wilhide, research director, Compliance and Performance Management solutions at IDC. "Finance and compliance teams are chartered with rationalizing key controls to reduce the burden of compliance, and have begun to manually integrate compliance and financial reporting processes. As tighter integration between compliance and reporting solutions becomes available, this enables a more unified approach to Finance GRC, Performance Management and reporting which will result in substantial cost, reliability and efficiency benefits for companies. Cartesis has made an early commitment to helping organizations achieve this vision."

Cartesis Governance will deliver the framework for risk and control including control testing, documentation, issue and task management, compliance reporting and dashboards needed to address global compliance requirements more easily.

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, Société Générale 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/en/

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Contact Information

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