Kyriba Corporation, the innovator and leader in web-based cash and treasury management solutions, announced today that ExpressJet Airlines, a subsidiary of ExpressJet Holdings (NYSE: XJT) and one of the world's largest operators of regional jet aircraft, selected Kyriba for its cash and treasury management.
ExpressJet Airlines has a 10+ year track record of success moving people and business in ways no other airline does. The company served over 18 million passengers in 2006 operating as Continental Express. During 2007, ExpressJet launched flying under its own brand, a fleet of dedicated corporate aircraft, and added a new partner, Delta Air Lines. ExpressJet Holdings, headquartered in Houston, Texas, is a $1.6 billion company with over 8,000 employees nationwide.
"We wanted a cutting-edge and cost-effective treasury management solution that had the capability to grow with our business, stated Fred Cromer, ExpressJet Vice President and CFO. "Kyriba's web-based solution is the perfect fit for a company in an industry that changes on a daily basis. Real-time cash management will further increase efficiency and allow us to focus more time on growing our business."
Kyriba's state-of-the-art, web-based cash and treasury management solutions are flexible and scalable to evolve as a company's needs expand. Customers use the automated online system to better control their daily cash management tasks including bank balances, transaction reporting, payments, cash positioning / forecasting, automated general ledger posting and investment portfolio reporting. The system automatically collects bank statements and facilitates automated prior day and current day data reconciliations through Kyriba's daily bank connectivity monitoring service. The solution also meets stringent Sarbanes-Oxley 404 audit trail, workflow, and control requirements and provides seamless integration with third-party applications.
"We are pleased that ExpressJet has selected Kyriba for its cash and treasury management," stated Scott Montigelli, Vice President of Business Development for Kyriba Corporation. "We believe that our scalable, on-demand technology is an ideal match to the ExpressJet business structure. As ExpressJet continues to expand, our solution can grow in seamless unison to meet their evolving needs."