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Growing Number of Companies Leverage Compliance Software for Greater Insight and Performance

  • 18 May, 2005 16:42

<p>Hyperion and its technology partner UpStream Software meet increased demand for compliance solutions, introduce compliance management dashboard solution</p>
<p>Sydney, May 18, 2005 – An increasing number of companies are leveraging their investment in financial reporting software to meet compliance requirements and also keep pace with a dynamic and highly complex business environment, Hyperion (Nasdaq:HYSL) said today.</p>
<p>To meet the needs of those companies, Hyperion is working with technology partner UpStream Software to deliver a unique approach to accelerating and improving the collection and staging of financial data. Customers using the combined solution get superior visibility for compliance and greater insight into their financial performance.</p>
<p>Hyperion, the global leader in Business Performance Management, offers a Web-based, integrated solution for meeting regulatory requirements and managing overall business performance that includes score-carding and dashboards; modelling; planning, budgeting and forecasting; and financial consolidation and reporting software. Its recently introduced Compliance Management Dashboard makes it possible for finance executives to achieve increased visibility into compliance with Sarbanes-Oxley requirements. The dashboard brings together key balance sheet, income statement accounts and balances with the internal controls associated with those accounts and then calculates risk assessments.</p>
<p>The company works with partner UpStream to provide customers with a unique blend of Business Performance Management software whereby the data integration solution, UpStream WebLink, becomes an integral part of the overall compliance solution.</p>
<p>UpStream WebLink is an out of the box, prepackaged data loading and staging tool that integrates with Hyperion Financial Management and a company’s general ledger system to accelerate the financial data collection and staging process, facilitating Sarbanes-Oxley financial disclosure compliance.</p>
<p>The integration between UpStream WebLink and Hyperion’s Compliance Management Dashboard results in a solution that not only provides views into internal control assessment and documentation, but also provides an additional, unique capability to track approvals at each level of the consolidation process. The integrated solution makes it possible to track and view the progress of entity trial balances before they are consolidated into the corporate financial statement. Sign-offs and certifications at each level, to support compliance with Section 302 of Sarbanes-Oxley, are reported in the Hyperion Compliance Management Dashboard. The result is that finance executives can move forward with greater confidence in their financial statements and disclosures.</p>
<p>Compliance Market Strong</p>
<p>Citing a report issued by AMR Research at its January 31, 2005 Outlook, Hyperion noted companies will spend more than $80 billion on compliance-related work between 2005 and 2009. Additionally, IT Research company META Group reports that 64 percent of the companies surveyed by META currently have budgets dedicated to financial regulatory compliance, with the average budget projected to be $7.2 million in 2005. Much of that amount is being spent on Business Performance Management implementations, as companies strive to manage increasingly complex reporting and regulatory requirements.</p>
<p>Leveraging Value in Compliance Investment</p>
<p>“The implications for using this software to manage businesses extend far beyond the requirements of Sarbanes-Oxley financial disclosure compliance,” said Russell Evans, Managing Director, Hyperion Australia &amp; New Zealand. “Long past the time that the reporting is done, corporations will be seeing the benefits of Business Performance Management in increased efficiency and profitability. An increasing number of companies are recognising the value in improvements in transparency, predictability, timeliness and accuracy in meeting organizational, process and technology needs.”</p>
<p>Larry Williams, UpStream’s Vice President of APAC, said UpStream works exclusively with Hyperion to deliver maximum Sarbanes-Oxley controls with minimum effort. “UpStream WebLink is the only Sarbanes-Oxley solution to offer complete data transparency by providing a central repository for all source data and files that directly support the process control questionnaires to assess, maintain and monitor financial controls,” Williams said. “Additionally, the solution integrates with Hyperion Compliance Management Dashboard to offer certification of financial statements at each level of the consolidation process and enable compliance with Section 302 of the Sarbanes-Oxley Act.”</p>
<p>About Hyperion</p>
<p>Hyperion Solutions Corporation is the global leader in Business Performance Management software. More than 10,000 customers – including 91 of the Fortune 100 – rely on Hyperion software to translate strategies into plans, monitor execution and provide insight to improve financial and operational performance. Hyperion combines the most complete set of interoperable applications with the leading Business Intelligence platform to support and create Business Performance Management solutions. A network of more than 600 partners provides the company’s innovative and specialised solutions and services.</p>
<p>Named one of the FORTUNE 100 Best Companies to Work For 2004, Hyperion employs approximately 2,500 people in 20 countries. Distributors represent Hyperion in an additional 25 countries. Headquartered in Santa Clara, California, Hyperion generated annual revenues of $622 million for the 12 months that ended June 30, 2004. Hyperion is traded under the Nasdaq symbol HYSL. For more information, please visit www.hyperion.com or www.hyperion.com/contactus.</p>
<p>About UpStream Software Corp</p>
<p>Founded in 2000, UpStream is a global leader in providing turn-key data integration solutions for organizations with multiple locations, multiple source systems and complex data translation requirements. UpStream has received recognition for its world class data integration solution based on: the company’s 100% reference-able customer base consisting of more than 165 Fortune 1000 companies; and its recent ranking among INC magazine’s list of America’s 500 fastest growing private companies. UpStream, headquartered in Rochester Michigan has four sales offices in the U.S. with additional offices in Australia and the UK. UpStream works with companies worldwide to help deliver source data integrity to Hyperion Financial Management, Hyperion Enterprise, Hyperion Planning and Hyperion Essbase. Additional information is available at www.upstreamsoftware.com or call +61-3-9 699 2756 (APAC) or 1-248-608-0182 (corporate offices).</p>
<p>Safe Harbor Statement
Statements in this press release other than statements of historical fact are forward-looking statements, including, but not limited to, statements concerning the potential success of anticipated product features, the anticipated product offerings and the potential market opportunities for business performance management software. Such statements constitute anticipated outcomes and do not assure results. Actual results may differ materially from those anticipated by the forward-looking statements due to a variety of factors, including, but not limited to Hyperion’s ability to retain and attract key employees, the successful and timely development of new products, the impact of competitive products and pricing, customer demand, and technological shifts. For a more detailed discussion of factors that could affect Hyperion’s performance and cause actual results to differ materially from those anticipated in the forward-looking statements, interested parties should review Hyperion’s filings with the Securities and Exchange Commission, including the Report on Form 10-K filed on September 13, 2004 and the report on Form 10-Q filed on February 9, 2005. Hyperion does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.</p>
<p>“Hyperion,” the Hyperion “H” logo and Hyperion’s product names are trademarks of Hyperion. References to other companies and their products use trademarks owned by the respective companies and are for reference purpose only.</p>
<p>Upstream Software and UpStream WebLink are registered trademarks of UpStream Software Corp.</p>
<p>Media Contact
John Back
Kinetics Pty Ltd
+61 2 9976 6611
john@kinetics.com.au</p>

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