Richmond Software Limited today announced the implementation of its Odyssey system solution to meet Agilent Technologies Inc.âs global Treasury, Treasury Accounting, Financial Risk and Cash Management requirements. Agilent, headquartered in Palo Alto, California, is a technology leader in communications, electronics, life sciences and chemical analysis.
The system serves Agilentâs worldwide Treasury and Treasury Accounting operations located in Palo Alto, Singapore, and Winnersh Triangle, Berkshire UK, and will in the future interconnect via the web to Agilentâs subsidiary network. The solution enables Agilentâs Treasury operation to manage global banking relations, forecast cash, execute hedging, investment and funding transactions, and operate the companyâs global cash pools, all on a highly automated basis. The system is linked with Agilentâs ERP system; the companyâs lead cash management banks; the FXAll electronic dealing platform; and Bloomberg, for a daily market rate feed. The system has been configured to support Agilentâs compliance with FAS133 (hedge accounting) and Section 404 of the Sarbanes-Oxley Act.
David Cooper, Agilentâs Senior Vice President, Finance and Treasury states that "Agilent is very pleased that we have found in Odyssey a system that is compatible with our global treasury operational requirements. Our teams in Palo Alto, Winnersh, and Singapore have worked closely with the Richmond Software team to ensure a successful go-live. We look forward to the efficiencies that we will realize with the streamlined work flow and connectivity that the Odyssey system provides."
Kevin Grant, Richmond Softwareâs Director of Business Development, comments: "Agilent Technologies presented one of the most interesting and challenging Enterprise Treasury technology projects to come to market over the last year. I am delighted that Richmond Software has secured Agilentâs mandate, and that we have delivered the global system implementation according to plan."
Richmond Software Limited is a global provider of financial technology solutions. In 2004, the readership of TMI Magazine voted Richmond Software into the Number 1 position in three categories of their annual awards for Excellence in Treasury Management, Treasury Systems Suppliersâ section: Best Cash Management Solution Provider; Best Provider of Client Services; and Best Treasury ASP Provider.