ICAP SEES SUBSTANTIAL GAINS FROM HYPERION Wednesday 20 February 2002 PDF Print Contacts: Andrew Smith Object Marketing Tel: (020) 8762 9292 E-mail: email@example.com …world's leading derivatives, securities and money broking business reduces financial reporting time; improves business decision making capability … LONDON, England., February 20, 2002 - ICAP plc, the world's leading derivatives, securities and money broking business, expects to see time savings of at least 20% in its global monthly reporting cycle and a greatly improved business analysis capability through its recent £380,000 purchase of technology from business intelligence software vendor Hyperion. With the adoption of Hyperion Enterprise, Hyperion Essbase and Hyperion Analyzer, ICAP anticipates a wide range of benefits including a more dynamic method of consolidating the company's financial reports, greater efficiencies in the publishing of management accounts and financial information, as well as improving the organisation's business decision making ability by deriving faster and deeper insight from the data. Explaining the background to the deal, Neil Vincent, Global Financial Planning and Analysis Manager at ICAP says: "The merger in 1999 of Garban and Intercapital brought together two groups with leading positions in complementary markets and products, enhancing the range of products offered in financial markets across the world and extending the geographic strengths of both companies. However, it also meant the new organisation inherited a wide and disparate variety of financial reporting tools amongst the 22 offices in financial centres globally, as well as worldwide headquarters in London. This had an impact on our ability to consolidate essential financial reporting data from around the world in a timely fashion. With the introduction of Hyperion Enterprise we expect to be able to cut our reporting cycle by around three days per month worldwide, as well as reducing our reliance on paper based management reports." In terms of the selection process, ICAP had twelve criteria which were used to filter and determine the solution that best met the company's needs. The criteria included a recognised and financially stable supplier, a proven product, after sales support, the ability to report electronically, system flexibility, processing speed and analytic functionality. According to Vincent: "It was vital that we were able to deploy on a global basis, and that we were buying into a stable and proven product. Hyperion was the one vendor capable of satisfying the majority of the criteria set out. In addition, the purchases of Hyperion Essbase, the industry-leading OLAP technology for business analysis software, and Hyperion Analyzer, a reporting tool allowing executive management to dynamically review live data, will allow the organisation to quickly gain access to a number of key performance metrics which are vital to the smooth running of the business, including trend analysis, exception reporting, benchmarking and ranking. This is particularly pertinent in view of ICAP's business strategy of bringing together electronic trading platforms and voice broking, ensuring that information about the balance between the two can be monitored and acted upon. The organisation also anticipates that significant cost savings will arise out of the use of Hyperion Essbase and expects payback to be achieved within two years. Summing up the decision to select Hyperion, Vincent comments: "On a conservative estimate, we are looking at the implementation of Hyperion Enterprise leading to time savings of around 20 per cent on our monthly reporting cycle worldwide whilst the introduction of Hyperion Essbase will allow financial and non-financial data to be analysed and presented to relevant managers within the company enabling them to make better informed and more timely decisions." About ICAP ICAP is the world's largest interdealer broker. The Group is active in the wholesale market for OTC derivatives, securities, money markets, futures, commodities and equity derivatives with daily transaction volumes in excess of 0 billion. More than 2,000 staff create a strong presence in each of the three major financial markets, London, New York and Tokyo, together with a local presence in 19 other financial centres. The Group is committed to the application of technology to the wholesale broking business and is moving its highly liquid and generic products on to electronic broking platforms where there are, already 750 installed users. The future of the business is a hybrid of electronic and voice broking covering the entire spectrum from highly liquid to highly illiquid markets. The Group includes a strong information sales business supplying data direct and via vendors including Reuters and Bloomberg. Please go to http://www.icap.com for more information. About Hyperion Hyperion, a global leader in business intelligence software, creates solutions that help businesses measure performance and drive profitability. Its flagship product, Hyperion Essbase, as well as its financial and business performance management and eCRM analysis solutions are used by more than 6,000 companies around the world. Hyperion has a network of more than 400 strategic partners to provide innovative business intelligence solutions, specialised applications and services. Headquartered in Sunnyvale, California, Hyperion reported annual revenues in fiscal 2001 of more than 0 million. The company has more than 2,300 employees in 20 countries and is also represented in 16 other countries through distributor relationships. For more information, please visit http://www.hyperion.com/uk, e-mail firstname.lastname@example.org or call 01784 228000. Note to editors: Hyperion, Hyperion Enterprise, Hyperion Essbase and Hyperion Analyzer are registered trademarks and Hyperion Solutions is a trademark of Hyperion Solutions Corporation. All other trademarks and company names mentioned are the property of their respective owners. - ends - This press release was distributed by ResponseSource Press Release Wire on behalf of Object Marketing in the following categories: Consumer Technology, Personal Finance, Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.