Geac Computer (NASDAQ:GEAC)
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Survey Finds Boards of Directors and Corporate Finance Teams
Collaborate More Closely and Embrace Technology in Response to SOX
CFO Research survey sponsored by Geac identifies multiple effects of compliance
mandates on Board-CFO relationship
MARKHAM, ON and SOUTHBOROUGH, MA, June 9 /PRNewswire-FirstCall/ -- Boards of
Directors that aspire to a closer relationship with the company's finance
function and to a higher level of performance are more likely to adopt new
technology to support the board, according to a recently published CFO Research
Services survey sponsored by Geac(R) (TSX: GAC, NASDAQ: GEAC). This positive
correlation between ambitious, collaborative boards and adoption of technology
was one of several responses to the Sarbanes-Oxley Act noted in the study,
entitled "Sarbanes-Oxley and the Boardroom." The final report of the study is
available at http://www.performance.geac.com/boardroom.
Among the results, the survey found that about two-thirds of respondents said
their companies are looking to boost the financial expertise of their board
members; approximately 80 percent said their boards expect tighter financial
controls than in years past; and more than 60 percent said their boards have
higher expectations of the company's finance function than before.
The survey generated nearly 200 responses from senior finance executives at
companies spanning a broad cross-section of industry; 45% of respondents work
at companies with more than $1 billion in annual revenues.
While two-thirds of finance professionals surveyed said they think board
members are satisfied with the quality and timeliness of information they
receive, that's not deterring a significant minority of companies from taking
steps to improve those processes. "The anticipated growth in the use of online
reporting tools and dashboards to convey key financial information from the CFO
to the Board is noteworthy," Sam Knox, director of research for CFO Research
Services, said. "While only about 10% of respondents use such technology today,
more than 40% of respondents said they plan to offer Board- level access to
these technologies within the next two years. These findings bode well for
improved communication between management and Directors, and for better, more
confident decision-making by Boards."
Technology investments anticipated by the organizations surveyed for this study
are consistent with other published market data. For instance, a March 2005 AMR
Research Alert by Jacqueline Coolidge reported that 25% of companies are
currently evaluating new investments in scorecards and dashboards. In a
separate alert by John Hagerty, released in November 2004, AMR Research
predicts companies will spend more than $1.6 billion on technology for
Sarbanes-Oxley compliance in 2005 alone.
"With our Geac Compliance Management and Geac MPC offerings, Geac is well
positioned to capitalize on this market opportunity," Tim Wright, Geac's Chief
Technology Officer, said. "But Geac delivers value to finance organizations
beyond just our software. For instance, Geac's Business Services Group provides
customers with best practices expertise, and as a company we actively support
educational forums that help CFOs and other finance professionals to broaden
their knowledge and understanding." For example, Geac is the platinum sponsor
of CFO Enterprises' Corporate Performance Management Conference later this
month in San Francisco.
About Geac
Geac (TSX: GAC, NASDAQ:GEAC) is a global enterprise software company that
addresses the needs of the Chief Financial Officer. Geac's best-in-class
technology products and services help organizations do more with less in an
increasingly competitive environment, amidst growing regulatory pressure, and
in response to other business issues confronting the CFO. Further information
is available at http://www.geac.com/ or through e-mail at .
This press release may contain forward-looking statements of Geac's intentions,
beliefs, expectations and predictions for the future. These forward-looking
statements often include use of the future tense with words such as "will,"
"may," "intends," "anticipates," "expects" and similar conditional or
forward-looking words and phrases. These forward-looking statements are neither
promises nor guarantees. They are only predictions that are subject to risks
and uncertainties, and they may differ materially from actual future events or
results. Geac undertakes no obligation to update or revise the information
contained herein. Important factors that could cause a material difference
between these forward-looking statements and actual events include, among other
things: our ability to increase revenues from new license sales, cross-sell
into our existing customer base and reduce customer attrition; whether we can
identify and acquire synergistic businesses and, if so, whether we can
successfully integrate them into our existing operations; whether we are able
to deliver products and services within required time frames and budgets to
meet increasingly competitive customer demands and performance guaranties;
risks inherent in fluctuating international currency exchange rates in light of
our global operations and the unpredictable effect of geopolitical world and
local events; whether we are successful in our continued efforts to manage
expenses effectively and maintain profitability; our ability to achieve revenue
from products and services that are under development; the uncertain effect of
the competitive environment in which we operate and resulting pricing
pressures; and whether the anticipated effects and results of our new product
offerings and successful product implementation will be realized. These and
other potential risks and uncertainties that relate to Geac's business and
operations are summarized in more detail from time to time in our filings with
the United States Securities and Exchange Commission and with the Canadian
Securities Administrators. Please refer to Geac's most recent quarterly reports
available through the website maintained by the SEC at http://www.sec.gov/ and
through the website maintained by the Canadian Securities Administrators and
the Canadian Depository for Securities Limited at http://www.sedar.com/ for
more information on risk factors that could cause actual results to differ.
Geac is a registered trademark of Geac Computer Corporation Limited. All other
marks are trademarks of their respective owners.
DATASOURCE: Geac Computer Corporation Limited
CONTACT: Media Contact: David Domeshek, Geac, (508) 871-5064,
; Investor Contact: Laura Hindermann, Geac,
(508) 871-5045,