LONDON, June 13, 2005 —Keane, Inc. (NYSE: KEA), a leading business and information technology (IT) outsourcing firm, today announced that it has signed and started work on a major Finance and Procurement System project, known as FaPS, with Severn Trent Water (STW). Under terms of the commercial agreement, Keane and IT consultancy, Edenbrook, have partnered to deliver a complete replacement of the current financial system and integration with updated business processes in order to meet Purchasing and Finance future needs, such as e-procurement, effective authorisation process, auditing requirements and improved information access. Financial terms of the contract were not disclosed.
STW serves over eight million customers in the heart of England over an area stretching from the Bristol Channel to the Humber and from mid-Wales to the East Midlands. Today, STW has developed and diversified from a water authority into an international environmental services company. Operating in the UK, the US and Europe, STW employs almost 14,000 people and generated sales last year of approximately £1.8bn.
Alan Elton, Information Systems Programme Manager, Information Systems Department, STW, commented, “We had been using an Oracle based suite of Financial and Purchasing applications, namely the base Oracle application v10.7 and database products v7.3.4. Due to their age, special arrangements for extension of support with Oracle have had to be made, and it was clear that extending support further would not be preferable. The consequences of system failure would have a severe impact on the business’s ability to place and process orders, and maintain financial accounts. In addition, the current technology constraints meant future system enhancements would be impossible and this was paramount in order to provide the requirements for future needs.”
Following a detailed tender process incorporating ten of the leading technology consultancies, STW selected Keane and Edenbrook to collaborate with in order to provide project management, project office capabilities, change management, systems integration, testing, an upgrade of the existing financial system, integration with updated business processes and enhancements to future proof the system for longer-term requirements.
“The partnership with Keane and Edenbrook was our ultimate choice over and above the competition because their approach was one of flexibility, professionalism and the team culture of the company fitted ours, so we knew we could work with them which is incredibly important for a project of this scale,” noted Elton. “The fit between Keane and Edenbrook works well due to the overall experience of both companies, so we have two specialist consultancies with excellent pedigrees on hand to deliver the required results.”
The recommended solution involves the replacement of the current system with the latest Oracle version 11i, and integration with updated business processes. Six of STW’s existing eight application modules will be replaced, and a new one will provide the functionality to replace the bespoke purchasing system, Props Direct. The latest version delivers enhanced functionality which guarantees improved business processes (e.g. the use of work-flow to streamline purchase order authorisations); enables future enhancement (e.g. e-procurement); and minimises the use of customisations.
“From a business impact perspective, the new supported system will be more flexible, robust, and capable of delivering enhanced functionality,” said Elton. “Users within the finance department will benefit from the fact that with modern technology comes ease of use, compared to our older system, complete with a web-based approach to financial transactions. Accounts can be easily monitored and forecasts will be faster and more reliable. On the purchasing side, the new system will allow users across the business to place orders and requisitions with greater ease and expedite the purchasing process. Without the new system the business would be constrained, this project will allow STW to not only improve the running of the business and its financial systems, but reduce overall support, ongoing costs and enable us to gain the best value from our internal processes.”
The project is expected to be completed across the whole business by the end of the year.
About Severn Trent Water
The Company operates 32 impounding reservoirs, such as Ladybower in Derbyshire and 20 surface water treatment works. It also abstracts water from underground sources at 203 boreholes sites and abstracts water from rivers at 16 intakes. Water is distributed via 45,783km of water mains and dirty water is collected by 53,868km of sewers (the Company provides sewerage services over a wider area and also South Staffs distributes water to an area in the middle of the STW patch). The Company has around 4,700 employees and at July 2004 reported a turnover of £945m and an operating profit of £329m.
STW is part of the Severn Trent group. Severn Trent was formed in 1974 as a regional, state-owned water authority based in Birmingham and responsible for water management and supply, and waste water treatment and disposal, in the catchment areas of two of Britain's greatest rivers - the Severn and the Trent. It was from these rivers that it took its name.
Keane, Inc. (NYSE: KEA), helps clients to improve their business operations and IT effectiveness by delivering a broad range of business consulting and outsourcing services designed to achieve near-term and sustainable business benefit. Specifically, Keane focuses on highly synergistic service offerings, including: Application Development & Integration, Application Outsourcing, and Business Process Outsourcing. Keane believes that business and IT improvements are best realized by streamlining and optimizing business and IT processes, implementing rigorous management disciplines, and fostering a culture of accountability through meaningful performance metrics. Keane delivers its services through an integrated network of branch offices in North America and the United Kingdom, and via SEI CMM Level 5 evaluated Advanced Development Centers (ADCs) in Canada and India. Information on Keane is available on the Internet at www.keane.com
Edenbrook is an IT consultancy employing original thinkers with the talent and track record to build inventive solutions for business. By delivering on this commitment Edenbrook has become an innovative force in providing flexible and highly effective business solutions that make an immediate and proven difference to bottom-line profitability.
Edenbrook’s holistic approach covers the complete application lifecycle for Enterprise Resource Planning, Customer Relationship Management, Human Resource Management Services, Business Intelligence, Enterprise Integration and Managed Applications, with clients including, BUPA, 3, Thales and Royal Bank of Scotland Group. www.edenbrook.co.uk
This press release contains a number of forward-looking statements concerning the Company's contract with Severn Trent Water (STW). Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates,” “intends,’ “projects,” and similar expressions) should be considered to be forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements, depending on a number of the important factors, including those set forth under the caption “Certain Factors That May Affect Future Results” in Keane's Quarterly Report on Form 10-Q for the period ended March 31, 2005. Such factors include business conditions generally, the availability of professional staff and various other factors that involve risk and uncertainty. Keane disclaims any intention or obligation to update any forward-looking statement as a result of developments occurring after the date of this press release.
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