USG People Selects SimCorp’s IT2 Treasury Management System

London - 26 March 2007

SimCorp Treasury Solutions announces that USG People has selected IT2 to support its cash and treasury management operations.

USG People is a specialized provider of employment services in Europe, with a focus on flexible personnel and customer care. These services are provided through independent operating companies in Austria, Belgium, Czech Republic, France, Germany, Italy, Luxemburg, the Netherlands, Poland, Portugal, Slovakia, Spain, and Switzerland. USG People concentrates on the following market segments: general and specialist temporary employment, professional secondment and projects, HR services and customer care. USG People is listed on the Amsterdam Stock Exchange (Euronext Amsterdam), and generates revenues in excess of EUR 3.5 billion per annum.

USG People operates its Treasury Department in Antwerp, Belgium. The need for a specialist Treasury Management System to replace spreadsheets resulted from growth in the business, which generated increased transaction volumes and complexity. The IT2 implementation will primarily service cash management, funding and interest risk management requirements. The cash management function will integrate with the Isabel system to upload bank balances and transactions, and will support cash pooling and zero balancing structures. IT2 will consolidate the operating companies’ cash flow forecasts with bank account information to provide an efficient and complete liquidity forecast. The system will integrate in-house banking, surplus liquidity investment and external funding via bank facility draw-downs and Commercial Paper issuance. USG People Treasury uses interest rate swaps and options to hedge the underlying exposures; it will use IT2 to track these hedges, and to stress test the funding portfolio using “what-if” scenarios to help optimise risk management.

According to Francis Coppé, USG People’s Corporate Director – Treasury, ‘We selected IT2 because it is a proven, cost-effective solution for expanding Treasury operations such as ours.

We are now planning the implementation process, with a target of going live by this June.’

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