Sydney will provide SimCorp with a gateway to Australasia and Asia for its financial software solutions. The company has established a subsidiary in Australia, SimCorp Asia Pty Ltd, which will market, implement and support SimCorp’s financial applications, TMS2000 and IT/2 in these markets.
As a stepping stone to these parts of the world, SimCorp Asia will play an important role in SimCorp’s internationalisation process. SimCorp believes that the Australian and Asian markets offer considerable potential for TMS2000 – driven primarily by the growth in private sector pension savings in the area. In addition, the company expects that the Australian and Asian demand for corporate treasury management applications like IT/2, with advanced risk management features, will grow significantly in the wake of the recent Asian financial turmoil.
From the outset SimCorp Asia will have a customer base of 18 corporate treasury management installations – all large corporations. Apart from taking over the support of these customers, SimCorp Asia will immediately step up IT/2 marketing activities as well as launch TMS2000 into the market area.
To support the start-up of SimCorp Asia, a number of experienced consultants from other SimCorp offices will be seconded to Australia. In addition, the subsidiary will recruit local staff with experience in investment and treasury management application systems.
The subsidiary will be headed by Bruce Wood, 47. A native Australian, Wood possesses a broad range of experience in the IT industry in general and the investment and treasury management applications business in particular, covering Australian as well as several Asian markets. Most recently, he was general manager of the Business Solutions Division of Powerlan Australia. Bruce Wood holds a 10% interest in SimCorp Asia Pty Ltd.
SimCorp Asia Pty Ltd will be located in Pitt Street in Sydney’s financial district. The subsidiary will have an initial capital of AUD 1 million and plans to be operational in the first quarter of 2001.
SimCorp in the UK is at Park House, Monument Hill, Weybridge, Surrey KT13 8RT. Telephone: 01932 836700 Fax: 01932 841252