Poland’s top bank chooses Italian firm

Pekao Bank, the largest private-sector bank in Poland has awarded a project for the preparation of its statutory consolidated accounts and segment reporting to Tagetik, an Italian company based in Lucca

Tagetik, a software company specializing in Corporate Performance Management solutions, has taken another step forward in its expansion strategy, strengthening its presence in the banking sector with Bank Pekao.

Bank Pekao, the largest private bank in Poland in terms of total assets and loans and second largest in terms of deposits, has entrusted Tagetik with the task of developing a solution for the preparation of its statutory consolidated financial statements in conformity with International Accounting Standards (IAS) and the generation of statutory supervisory reports for the National Bank of Poland.

Tagetik CPM will be used to consolidate the 20 companies of the Group, manage the entire reporting process and handle individual and consolidated supervisory reporting to the central bank.

Manuel Vellutini, Tagetik’s Executive Vice Chairman of Sales, Marketing & Alliances declared that the project with Bank Pekao was “an important milestone in the company’s international expansion strategy, and demonstrates the capacity of Italian firms to compete in the financial IT sector, a market hitherto dominated by multinationals from northern Europe.”

The Bank Pekao project underscores the specific potential of Tagetik CPM in the banking industry. Tagetik’s package was selected in part because of its flexibility and capacity to adapt to the specific reporting environments of other countries.

Tagetik has thus raised its profile in the financial industry, where it already boasts references such as Banca Carige, BNL, Banca Italease, Banca Popolare Italiana, Banca Mediolanum, Banca Popolare di Milano, Banca Sella, Mediobanca and Unicredit, as well as financial services companies such as IFI-IFIL, Fininvest, Italmobiliare, Locat (Unicredit Group) and Edizione Holding.

Tagetik CPM is the first global solution with built-in functions that are also flexible and easy to customize. It is a single product that brings together CPM applications and processes. Tagetik CPM offers a unified set of processes and applications that cover all aspects of Corporate Performance Management (strategic planning, budgeting, financial planning, consolidation, reporting) and enables companies to conduct their business with a comprehensive CPM approach.

With particular regard to the needs of banking groups, the system can manage the entire process of preparing individual and consolidated supervisory reports to the central bank.

Tagetik is the first Italian company to become an international player in the Corporate Performance Management (CPM) market. More than 10 years of experience in the CPM market working closely with CFOs have enabled Tagetik to offer an innovative single CPM solution that leverages cross platform technology and delivers faster process cycles, powerful scalability, short implementation time and lower TCO.

Tagetik CPM is the first software solution with built-in, yet flexible, unified financial, operational CPM and application processes such as budgeting & forecasting, financial planning, statutory consolidation, management reporting, profitability analysis and ABC modelling.

With more than 250 customers and 200 employees, Tagetik shares its commitment to success with worldwide customers who provide valuable feedback, a network of reliable partners that strengthen the delivery and a dedicated team of young qualified industry experts.

Tagetik’s major clients include: Unicredit, Telecom, Mediaset, Barilla, De Agostini, Fininvest, Mediobanca, BNL, Snamprogetti, IFI-Ifil, CIR, Marzotto, Valentino, Banca Popolare di Milano, Impregilo, Astaldi, ERG, Gruppo Lombardini, COOP Adriatica, COOP consorzio Nord Ovest, AEM Torino, Acea, Brembo, Cremonini, Il Sole 24ORE, Yamaha, Techint, Milan, Menarini.