Library Technology Guides

Document Repository

Geac Library Solutions part of newly formed comapny named Extensity

Press Release: Infor Library and Information Solutions [March 20, 2006]

Copyright (c) 2006 Infor Library and Information Solutions

Abstract: Extensity announced it has been formed to provide Financial Performance Management solutions. Extensity is a Golden Gate Capital funded company, whose key solutions are comprised of core financial and performance management applications recently acquired from Geac. Extensity consists of two newly formed business units: Financial Applications and Industry Specific Applications. The Financial Applications business unit is comprised of two operating groups: Enterprise Solutions, which includes the Enterprise Server, SmartStream and Anael products; and Performance Management, which includes MPC and Expense Management. The ISA business unit includes the Commercial Systems Division, Libraries, Local Government, Public Safety and Restaurants products.


ATLANTA, GA - March 20, 2006 - Extensity today announced it has been formed to provide Financial Performance Management solutions designed exclusively for finance professionals, from analysts to CFOs. Extensity is a Golden Gate Capital funded company, whose key solutions are comprised of core financial and performance management applications recently acquired from Geac, with an installed base of more than 12,500 customers worldwide, including more than half of the FORTUNE 100 and 18 of the top 20 U.S. banking institutions.

Extensity consists of two newly formed business units: Financial Applications and Industry Specific Applications (ISAs). The Financial Applications business unit is comprised of two operating groups: Enterprise Solutions, which includes the Enterprise Server, SmartStream and Anael products; and Performance Management, which includes MPC and Expense Management. The ISA business unit includes the Commercial Systems Division, Libraries, Local Government, Public Safety and Restaurants products.

"As a long-time Geac customer, we are pleased to see the company evolving into a trusted partner focused on meeting NBC Universal's financial performance management needs," said Chris Monning, CFO at NBC Universal. "We look forward to working with the new team at Extensity to help guide their development and create increasing value for our organization."

Extensity's new management team has an impressive track record of success. President and CEO Ken Walters most recently served as President and COO of Infor, another Golden Gate Capital funded technology company, where he was instrumental in growing the business from $30 million in revenue to more than $600 million in three years through a combination of organic growth and strategic acquisitions. With proven products, global scale and a strong customer base, Extensity is poised for similar growth through a strong commitment to its existing products and customers and an aggressive R&D and acquisition strategy aimed at bringing new customer-driven solutions to market.

"We believe there is a significant and growing market opportunity to address more of the critical needs of finance professionals, who require key functionality, short implementation times and who have been under-served to date by small vendors with specialized offerings and large enterprise software companies with 'big-ticket' solutions," said Ken Walters, Extensity's President and CEO.

"There is an increased need for applications that improve organizations' financial processes, visibility and transparency," said Robert Kugel, Vice President - Research Director at Ventana Research, an industry research and consulting firm. "Not just for regulatory compliance, but to increase productivity and strategic effectiveness. "Extensity has an opportunity to build on Geac's traditional strength in financial applications and create a significant new player in the marketplace."

About Extensity

Extensity is the leading financial performance management company focusing exclusively on the comprehensive needs of finance professionals. With more than 12,500 customers worldwide, including half of the Fortune 100, Extensity enables better financial management

and decision-making throughout the enterprise in many of the world's most progressive and successful companies. We leverage the power of trusted, finance-centric data through a comprehensive set of end-to-end solutions from financial applications to performance management. Extensity has over 1,100 employees in 42 offices worldwide. For more information, visit www.extensity.com or email info@extensity.com.

About Golden Gate Capital

Golden Gate Capital (www.goldengatecap.com) is a San Francisco-based private equity investment firm with approximately $2.5 billion of capital under management. Golden Gate Capital is dedicated to partnering with world-class management teams to invest in change-intensive, growth businesses. They target investments in situations where there is a demonstrable opportunity to significantly enhance a company's value. The principals of Golden Gate Capital have a long and successful history of investing with management partners across a wide rage of industries and transaction types, including leveraged buyouts, recapitalizations, corporate divestitures and spin-offs, build-ups and venture stage investing.

Permalink:
View Citation
Publication Year:2006
Type of Material:Press Release
Language English
Issue:March 20, 2006
Publisher:Infor Library and Information Solutions
Place of Publication:Markham, ON
Company: Geac
Extensity
Infor
Subject: Mergers and acquisitions
Mergers and acquisitions
Record Number:11913
Last Update:2012-12-29 14:06:47
Date Created:0000-00-00 00:00:00