GORA and FinArch announce strategic partnership

London/Ljubljana - 5 September 2006

GORA, a leading Slovenian IT banking solutions provider, and Financial Architects (FinArch), international provider of Finance Resource Planning (FRP) platform for the finance industry, today announced a strategic business partnership.

GORA d.o.o., established in Ljubljana in 1990, initially started with the development of banking and information systems solutions for Slovenian and Croatian banks. They have developed several specialized solutions to address complex banking information system requirements, comply with the legislation, and meet strict safety regulations, which are available either as individual solutions or as part of complete, integrated solution packages. Through the years, GORA, renowned for its clear strategy of offering solutions that are tailored to customer demands, has earned the reputation for being a trustworthy business partner for the development, implementation, maintenance and servicing of information technology solutions. To support mutual operations and provide best of bread services for all sized financial customers in that region, GORA also develop and extend their cooperation with S&T Slovenia, leading system integrator in Adriatic region. S&T is part of S&T Corporation with 1,900 employees and a leading provider of IT solutions and services for customers in Central and Eastern Europe.

FinArch’s integrated financial management platform Financial Studio addresses the finance industry’s specific requirements for accounting, finance, risk and reporting. Based on an open architecture, FinArch’s solutions allow for an easy integration with the banks’ IT systems. The ability of Financial Studio to provide business benefit as well as compliance through an enterprise wide platform for finance and risk management is a key factor for many banks to decide to invest in the platform.

Under the agreement, GORA support the sales and marketing efforts locally and act as implementation partner for FinArch’s solutions. With this partnership, GORA reinforce their traditional offering for financial organisations in Slovenia and the Adriatic countries. FinArch at their end broaden their presence in Central and South Eastern Europe.

Jasna Miklavcic, General Manager GORA comments: “The forthcoming Basel II Reporting environment and compliance will be one of the most important challenges for Slovenian banking system in the year 2007. Cooperation with the FinArch superb financial specialists and the most comprehensive financial management package Financial Studio enables us to meet our banking market’s needs”.

"The mission and vision applied by both GORA and S&T creates a strong synergy together with FinArch’s business approach” says Nigel Lee, VP Global Sales and Business Development at FinArch. “The finance industry is the market we serve. Together with our partners we seek to provide integrated, state-of-the-art products and solutions that are tailored to the financial markets’ specific needs. This partnership creates an opportunity for the Adriatic banking community to benefit from a new generation of back office Financial Management Solution. The solution will provide the banks with a greater ability to understand their profitability, to define market leading customer, product and pricing strategies and simultaneously meet the challenges of an ever changing regulatory environment. The integration of Slovenia in to the European Community presents a unique set of challenges to the market. Together with GORA, FinArch will provide a strategic platform though which these challenges can be met, leveraged and from which competitive advantage can be derived.”

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