Actavis Group has implemented SimCorpâs IT2 to manage its centralised Treasury
Headquartered in Iceland, Actavis Group is the worldâs fourth largest generic
pharmaceutical company in terms of revenue, with operations in 32 countries.
The Groupâs continued growth by acquisition has seen a doubling in turnover and the subsequent increase in the scale and complexity of its Treasury-related activities has required the implementation of a robust and scaleable treasury management system.
SimCorpâs IT2 was selected from a short list of three systems because of its ease of use (Actavis particularly liked IT2âs unique Treasury Process Maps), the fit to current and future requirements, and overall cost-effectiveness. Following a successful implementation, which was both on time and on budget, the system is now being used for:
â¢ Cash Management (including notional cash pooling via an In-House Banking structure);
â¢ Hedging using FX and Interest Rate Derivatives;
â¢ Money Market Dealing;
â¢ Debt and Facility Management;
â¢ Accounting (with an interface to the Corporate GL system).
Three key subsidiaries are also delivering cash forecast data to Treasury using IT2
NET, the systemâs web enabled front end, and this will be rolled out to seven more
âOur Internal Audit Department is very happy with the extra control IT2 has brought to our Treasuryâ comments Oskar Sigurdsson, Director of Group Treasury. âThe system has also helped us cope with increasing volumes, and the implementation of an In- House Bank has reduced the number of physical cash movements and simplified the accounting associated with inter-company transfers. We are now planning to adopt Hedge Accounting and IT2 offers all the tools we will need in this areaâ.