SIMCORP OPENS U.S. OFFICES – PROVIDING CORPORATE TREASURY MANAGEMENT SYSTEMS TO U.S. CORPORATIONS

NEW YORK, July 30, 2001 - SimCorp A/S, for 30 years a major global provider of financial software and services for corporate treasuries and investment institutions, has launched SimCorp USA to bring North American customers the competence, resources, and extraordinary quality of service that have defined the company’s expanding global operations for three decades.

Publicly traded on the Copenhagen Stock Exchange (SIM DC), the company is consistently profitable, with a four-year annual growth rate of 42 percent and nearly 600 employees worldwide. Ending December 2000, SimCorp A/S realized a group turnover of over $40 million and a profit of more than $5 million. For the first quarter of 2001, the company saw total income rise 53 percent over the same quarter last year.

The first SimCorp product for the U.S. market is IT/2, a "no-fuss," rock solid treasury system providing the greatest dependability of any similar product in the marketplace. Globally, nearly 100 customers use IT/2. In the U.S. and Canada, installations have been completed in companies such as Abbott Laboratories, Chiquita Brands International and Toronto-based CAE, Inc.

Serving as president of SimCorp USA is Peter Soerensen, who has led the company’s international thrust since 1999. Prior to joining SimCorp A/S, Soerensen headed corporate cash management sales at Unibank, Denmark, where his strategy cemented the bank’s position as the leading cash management bank in the Nordic region.

"The demand for reliable treasury management systems has increased tremendously over the past couple of years in response to the growing global economy and to rigorous new rules for reporting," said Mr. Soerensen. "By expanding into the U.S. market, we bring to the many growing and established companies here one of the world’s most reliable and sophisticated treasury management systems. Our goal is to be recognized for our comprehensive financial expertise and for the broad-reaching services we develop through long-term relationships with our customers."

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development