With the takeover of the Austrian consulting company, CMB, in September 2008, FERNBACH broadened its expertise even further in the area of profitability by integrating CMB's system into the FlexFinanceÂ® Profitability solution. FERNBACH's risk management components will be an ideal extension to the resulting application. This merger has opened up the possibility of implementing a bank management strategy focussing on risk and yield which results in a sustainable increase in added value.
CMB, which was established in 1962, has been specialising in profitability solutions for financial institutions for 25 years. Currently, the software solutions from CMB and FERNBACH are being combined to form the next generation of the FlexFinanceÂ® Profitability solution. FERNBACH will also take over the support services for CMB customers in Austria, Germany, Eastern Europe and the USA.
The FERNBACH solution, FlexFinanceÂ® Profitability, is a software program for total bank, income and cost management which allows for complex product and sales structures. Income-oriented sales and marketing strategies can be elaborated using this comprehensive solution incorporating pricing, planning and the analysis of sales, treasury, costs and process cost profitability systems as well as internal reporting. The profitability solution allows results to be traced step-by-step down to the level of individual deals, cash flows and accounting entries. There is less work involved in implementation due to minimum data requirements and standardised project procedure.
The profitability solution is based on the same database (single source) as the FERNBACH solution for accounting under IFRS which ensures conformity and allows the external view in the form of IFRS/P&L and the internal performance analysis from the profitability department to be compared.
Lorenz Feierfeil, CEO at CMB commented as follows, "Our standard software CS/4++ fits into the current FERNBACH FlexFinanceÂ® product series very well and will expand the range of functions in the new FlexFinanceÂ® Profitability solution. We are not only pleased to be part of this development but also to be able to invest our collective know-how and experience the software being implemented in a customer's company."
Neil Beckley, Country Manager UK at FERNBACH made the following remarks, "The takeover of CMB and the opening of our new branch in Vienna will give us the advantage of being directly in the vicinity of new or prospective customers thus enabling us to expand our customer base and make the best use of cross-selling potential."
Suhas Nayak, Head of Product Sales EcoCap at FERNBACH added, "The next generation of FlexFinanceÂ® Profitability, which unites the strong points of CS/4++ and FlexFinanceÂ® Profitability, will expand our range of products for risk management and IFRS while increasing the value added offered to our customers because we can provide various views of business activities such as accounting, regulatory reporting, risk management and profitability on one single platform."