FOR IMMEDIATE RELEASE
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HYPERION DELIVERS COMPREHENSIVE SARBANES-OXLEY COMPLIANCE-READY SOLUTION
LAS VEGAS—HYPERION SOLUTIONS 2003 CONFERENCE—May 5, 2003—Today at its annual Solutions user conference, Hyperion (Nasdaq: HYSL), the global leader in Business Performance Management software, showcased its Hyperion Financial Management product, a complete solution designed to help customers quickly and efficiently meet the certification requirements mandated by the Sarbanes-Oxley Act.
“The crisis in confidence that led to Sarbanes-Oxley has resulted in a requirement among public companies for a comprehensive compliance solution,” said Nazhin Zarghamee, chief marketing officer for Hyperion. “Hyperion Financial Management gives the CEOs and CFOs who put their names and reputations on the line the ability to sign those documents with complete confidence.”
Sarbanes-Oxley was passed in direct response to concerns about the integrity of the financial statements of publicly traded companies. In addition to increased auditing oversight, Sarbanes-Oxley brings a new level of personal accountability to the financial reporting process by requiring CEOs and CFOs to certify their companies’ results or face criminal penalties. Hyperion allows companies to quickly collect and analyze their financial information, review the detailed management information behind the numbers and track the complete audit trail prior to signing off. As a result, it is much easier for them to meet compliance standards—including increased reporting requirements and shorter reporting windows—while ensuring that management has the information it needs to confidently certify annual and quarterly results.
Hyperion Financial Management also supports international reporting and compliance standards.
Hyperion and its consulting partner, BearingPoint have collaborated to create a Hyperion Financial Management-based solution that provides support for companies in their Sarbanes-Oxley compliance programs. This solution, which was introduced by BearingPoint at the recent Business Week CIO-CFO Conference, marries the functionality of Hyperion's consolidating and reporting software with BearingPoints's methodology to facilitate Sarbanes-Oxley compliance.
“Hyperion's comprehensive solutions are uniquely positioned to assist companies in meeting current and future global compliance requirements,” said Paul Pilao, managing director, World-Class Finance, BearingPoint. “Because of these capabilities and the company's commitment to creating and supporting best practices, BearingPoint has developed a solution based on Hyperion's products to address the specific requirements of Sarbanes-Oxley.”
Available today, Hyperion Financial Management provides pre-packaged features for Sarbanes-Oxley compliance, including:
· Support for required CEO and CFO certification. Hyperion Financial Management ensures that all submissions are completely loaded, reviewed, approved and electronically signed off prior to consolidation. It supports complete disclosure control processes and allows CEOs, CFOs and other members of the management team to review all the submissions in detail prior to signing off on the consolidated results.
· Required internal control reporting. Hyperion Financial Management is fully compliant with U.S. GAAP, International Accounting Standards and local statutory requirements for financial consolidation and reporting. It provides automated detection controls and mandatory review and approval procedures to reduce control risk.
· U.S. Auditing Standards support: Hyperion Financial Management is a comprehensive, Web-based application that allows companies to centrally manage and collaborate on financial information and processes with global employees, branch offices and partners.
· Accelerated reporting: Hyperion Financial Management helps companies comply with shorter filing cycles through a collaborative approach that can take weeks out of the process by ensuring that the right information is submitted the first time. Dimensions for profitability and external reporting reduce the need for additional reporting systems and the reconciliation procedures they typically require.
“Hyperion has been focused on consolidation and reporting solutions for many years, and our customers have come to rely on us for this,” said Zarghamee. “Our Sarbanes-Oxley compliance-ready solution makes it easy for our customers to meet their global regulatory requirements including Sarbanes-Oxley, the International Accounting Standards and Basel II.”
Financial Management Tightly Integrated with Business Performance
In addition to Hyperion Financial Management, the Hyperion Business Performance Management Suite also includes comprehensive solutions for planning and organizational scorecarding. Hyperion Planning and Hyperion Performance Scorecard work in concert to help organizations tie financial and operational plans together, surface discrepancies between plans and actuals and ensure that corporate strategy and individual execution are tightly aligned. The combination of these products is helping companies create performance accountable organizations.
Hyperion Financial Management with support for Sarbanes-Oxley is available immediately.
The Hyperion Annual Solutions User Conference is being held at the Venetian Hotel in Las Vegas, Nevada from May 4 through May 7, 2003.
Hyperion is the global leader in Business Performance Management software that enables companies to translate strategies into plans, monitor execution and provide insight to improve financial and operational performance. More than 6,000 customers worldwide use Hyperion's Business Performance Management family of packaged and tailored applications and its leading business intelligence platform. Hyperion has a network of more than 330 partners to provide innovative and specialized Business Performance Management solutions and services.
Headquartered in Sunnyvale, California, Hyperion generated annual revenues of $492 million in fiscal 2002. The company employs more than 2,100 people in 20 countries and is represented in 16 additional countries through distributor relationships. Hyperion is traded under the Nasdaq symbol HYSL.
For more information, please visit www.hyperion.com/uk, e-mail firstname.lastname@example.org or call 01784 228015.
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Safe Harbor Statement
Statements in this press release other than statements of historical fact are forward-looking statements, including, but not limited to, statements concerning the potential success of anticipated product features, the anticipated product offerings and the potential market opportunities for business performance management software. Such statements constitute anticipated outcomes and do not assure results. Actual results may differ materially from those anticipated by the forward-looking statements due to a variety of factors, including, but not limited to the company's ability to retain and attract key employees, the successful and timely development of new products, the impact of competitive products and pricing, customer demand, and technological shifts. For a more detailed discussion of factors that could affect the company's performance and cause actual results to differ materially from those anticipated in the forward-looking statements, interested parties should review t
he company's filings with the Securities and Exchange Commission, including the Report on Form 10-K filed on September 25, 2002 and the Report on Form 10-Q filed on February 7, 2003. The company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
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