26 January 2010
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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