SOURCE: HCL Technologies

May 06, 2008 10:53 ET

HCL Technologies Introduces SAP Revenue Recognition Solution

New Offering Addresses Increased Complexity of Revenue Accounting Systems to Provide Accurate, Real-Time Financial Reporting

ORLANDO, FL--(Marketwire - May 6, 2008) - SAPPHIRE 2008 -- HCL Technologies Ltd. ("HCL"), India's leading global IT services company, today introduced the company's new SAP Revenue Recognition Solution at SAP's SAPPHIRE 2008 event in Orlando. The new offering was designed to support the increased complexity of revenue recognition by interpreting the intricacies of contract terms and intelligently searching for proof of delivery confirmation/customer receipts to ensure accurate and timely postings of journal entries in SAP.

"Typical contracts are defined by multi-element agreements involving bundled line items, multi-tier pricing, complex discounts, multiple billing methods, and long-term support and maintenance agreements, all of which pose complex accounting challenges," explained R. Vaidyanathan, Head-Enterprise Application Services at HCL Technologies. "As such, HCL has developed an automated solution that adheres to the most complex scenarios, supports robust processes and provides accurate, real-time reporting at an enterprise level."

Moreover, strict compliance norms are adding further complication to the existing system. HCL's SAP Revenue Recognition solution automates complex scenarios, including VSOE compliance for ISVs, which adhere to all U.S. compliances such as SOX, SEC and FASB and are immediately auditable.

HCL's unique solution set is comprised of standard blueprint documents and procedures, configuration guides, business configuration sets, test plans and training documents. It also includes custom programs wherever applicable. Leveraging this solution set, customers can reduce overall time of implementing revenue recognition functionality by 30 percent, reduce compliance process time, decrease revenue management costs substantially, access accurate financial reporting based on real-time data and lower compliance risk.

Discover Blue Ocean at Sapphire 08

HCL will be showcasing its SAP Revenue Recognition Solution at SAPPHIRE 2008 in booth #2518, along with its new BW Cockpit Solution, a new offering announced yesterday that enables customers to predict and avoid SAP Business Information Warehouse slowdowns and failures. For more information, please visit http://www.hcltech.com/media/press-releases/2008/.

Additionally, HCL will be hosting a variety of expert sessions at its booth #2518 throughout the conference, including:

--  In Conversation with Liz Herbert, Senior Analyst, Forrester
    Research -- Everything you Wanted to Know on Upgrades on Tuesday,
    May 6 at 10:00 a.m.
--  Minimum Cost, Maximum Reliability with the Blue Ocean Upgrade
    (every 30 minutes)
--  Global ERP Implementation -- Using the Power of SOA, Integration and
    Process Automation (on request)
--  Access Control in GRC -- The New Business Imperative (on request)

About HCL Technologies

HCL Technologies is one of India's leading global IT Services companies, providing software-led IT solutions, remote infrastructure management services and BPO. Having made a foray into the global IT landscape in 1999 after its IPO, HCL Technologies focuses on Transformational Outsourcing, working with clients in areas that impact and re-define the core of their business. The company leverages an extensive global offshore infrastructure and its global network of offices in 18 countries to deliver solutions across select verticals including Financial Services, Retail & Consumer, Life Sciences & Healthcare, Hi-Tech & Manufacturing, Telecom and Media & Entertainment (M&E). For the quarter ended 31st March 2008, HCL Technologies, along with its subsidiaries had last twelve months (LTM) revenue of US $ 1.8 billion (Rs. 7083 crores) and employed 49,802 professionals.

About HCL Enterprise

HCL Enterprise is a $ 4.9 billion leading Global Technology and IT Enterprise that comprises two companies listed in India -- HCL Technologies & HCL Infosystems. The 3-decade-old enterprise, founded in 1976, is one of India's original IT garage start-ups. Its range of offerings spans Product Engineering, Custom & Package Applications, BPO, IT Infrastructure Services, IT Hardware, Systems Integration, and distribution of ICT products. The HCL team comprises over 55,000 professionals of diverse nationalities, who operate from 18 countries including 360 points of presence in India. HCL has global partnerships with several leading Fortune 1000 firms, including leading IT and Technology firms. For more information, please visit www.hcl.in.

Forward-Looking Statements

Certain statements in this release are forward-looking statements, which involve a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to the statements containing the words 'planned,' 'expects,' 'believes,' 'strategy,' 'opportunity,' 'anticipates,' 'hopes' or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in IT services, Business Process Outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, customer acceptances of our services, products and fee structures, our ability to attract and retain highly skilled professionals, our ability to integrate acquired assets in a cost effective and timely manner, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages on our service contracts, the success of the companies/entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property, other risks, uncertainties and general economic conditions affecting our industry. There can be no assurance that the forward-looking statements made herein will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objective and plans of the Company will be achieved. All forward-looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.

Other product or service names mentioned herein are the trademarks of their respective owners.

Contact Information

  • For details, contact

    Citigate Cunningham for HCL Technologies
    Susan Vander May
    415-618-8721
    Email Contact