Vestey Group selects Tagetik 3.0 to simplify the complexity of consolidation and reporting
The group replaced their existing consolidation and reporting system
Tagetik, a global provider of Performance Management (PM) and Financial Governance software solutions, today announced that the Vestey Group Ltd. has selected Tagetik 3.0 to simplify the complexity of their enterprise consolidation and reporting processes. The family owned and operated group consists of thirty different companies which specialise in importing and storing foodstuffs from global suppliers and distributing them into various markets throughout the world.
The group’s core business comprises food trading and food service interests in Europe, the Middle East and Asia as well as significant cattle and farming interests in Brazil and Venezuela. In light of the different accounting principles and legal structures in these regions, managing increasingly enhanced management and KPI reporting along with the statutory reporting requirements grew increasingly complex. The group, therefore, saw the need to switch to a reporting application that could unify all of its statutory and management reporting requirements.
“As the Vestey Group continued to grow, our reporting needs did as well,” explained Neil Thornton, group financial controller at the Vestey Group. “That’s why we decided to replace our existing Infor FDC reporting system with one that could integrate all of our reporting requirements and seamlessly include other aspects of Performance Management. After having evaluated all of the big vendors, we selected Tagetik. In addition to the company’s strong customer commitment and the software’s rich functionality for consolidation, we were pleased that we can easily extend the software to support other processes such as budgeting and cash flow planning at a later time.”
“Due to the varying skill levels throughout the enterprise, Vestey required a highly intuitive solution that was powerful enough to manage the complex currency and intercompany requirements of a multinational organization,” added Shak Akhtar, managing director at Tagetik UK & Ireland. “Through its unified approach to budgeting, planning, consolidation and reporting as well as its built-in support for XBRL filings, Tagetik 3.0 provides an ideal platform for implementing a comprehensive, scalable Performance Management application. The Tagetik team will also play a key role in supporting the rollout of Tagetik 3.0 into the far-reaching parts of Vestey’s global organisation.”
“We are very proud to close this highly successful fiscal year by welcoming another global customer to the Tagetik family,” concluded Manuel Vellutini, Chief Operating Officer at Tagetik. ”In spite of the challenging global economy, Tagetik 3.0 has already simplified the complexity of financial management and reporting for more than 30 companies in 2009.”
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About Tagetik
Tagetik is a global software vendor of the first unified Performance Management & Financial Governance solution to help CFOs and CIOs simplify complex business processes.
A complete financial closed-loop software, Tagetik 3.0 unifies key processes and applications – such as budgeting & forecasting, cash flow planning, working capital analysis, financial consolidation, financial governance, strategy management, profitability modeling, financial & statement reporting – to manage and control overall performance, support compliance initiatives, harmonize different views of critical financial data, enable maximum visibility down to business transactions. In this way, the CFO can support the CEO in monitoring the implementation of strategies, ensure their sustainability and control corporate performance.
Since the software leverages “built-in” processes and cross-platform technology – fully web-based and integrated with any ERP, our customers can profit by up to 50% reduction of the total cost of ownership (TCO). Tagetik employs over 300 market experts in 11 countries (Italy, North America, UK, France, Austria, Germany, Portugal, Spain, South East Asia, Switzerland, The Netherlands) and shares its successful strategy with 350 worldwide satisfied customers representing all industries including: Unicredit Group, Telecom Italia, Fininvest, Mediaset, De Agostini, Altair Engineering, The Hillman Group, Arrow Génériques, Banco Privado Portugues, Talanx, Nationale Suisse, Krauss Maffei, Volex Group, M+W Zander, Aries Complex, Artemide, Sorgenia, IFIL, Astaldi, Acea, Imetec, Techint, Milan AC, RAI, Costa Crociere.
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