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Olympus Corporation Uses Hyperion Software for Financial Precision; Leading Manufacturer of Imaging, Medical and Industrial Devices Turns to Hyperion for Consolidated Accounting, Group Management Control and Reporting
SANTA CLARA, Calif. --(Business Wire)-- Oct. 24, 2005 -- Hyperion (Nasdaq:HYSL), the global leader in Business Performance Management software, today announced that Olympus Corporation, a leading manufacturer of precision medical, imaging and industrial devices, is using Hyperion software to consolidate financial data across its operations and meet its expanding management reporting needs.
Longtime users of Hyperion Enterprise, Olympus Corporation selected Hyperion Financial Management to achieve global consistency throughout its multiple subsidiaries and business units. The new system, which replaces Hyperion Enterprise, is used to create monthly and annual budgets for executive teams, comply with legal and managerial accounting mandates and integrate its financial consolidation reports with its existing Tokyo Headquarters' accounting systems constructed by SAP R/3.
"Hyperion Financial Management offers us an excellent user interface as well as great flexibility in handling both legally mandated consolidated accounting and managerial consolidated accounting tasks," said Takayuki Aoyagi, accounting department project leader for Olympus Corporation. "Also Hyperion Financial Management allows us to have an information infrastructure that can accommodate our continually expanding enterprise information and our demands for faster accounting completion. Its seamless integration with our existing Tokyo Headquarters' accounting systems constructed by SAP R/3 has also been helpful in enabling us to leverage all of our data resources."
As a result of the Hyperion implementation, time to consolidate financial statements has been reduced from several hours to as little as 10 to 40 minutes. Additionally, the implementation has facilitated sharing of financial information throughout the enterprise by enabling anytime, anywhere access to reports via the Web. Other benefits cited by Olympus Corporation include improved efficiency in data assembly and a streamlined, simplified process for submitting consolidated data.
In addition to the shortened processing time for consolidated financial statements and improved efficiency in collecting data from subsidiaries that it has realized using Hyperion Financial Management, Olympus now enjoys greater flexibility in its financial reporting. In fact, Hyperion software makes it possible for Olympus to create year-on-year, budget-versus-actual reports for each company, business segment and month. The reports can be transmitted to more than 100 users via the Web.
For the implementation of Hyperion Financial Management, Olympus selected Hyperion partner CSK Systems Corporation, which had been responsible for the ongoing maintenance of the company's Hyperion Enterprise system and was well versed in its consolidated basis accounting needs.
With CSK Systems, Olympus Corporation has also begun implementing Hyperion Planning to improve the accuracy of the company's planning and forecasting processes.
"Olympus Corporation and Hyperion have a successful history of working together," said Rich Clayton, vice president of product marketing at Hyperion. "The migration from Hyperion Enterprise to Hyperion Financial Management to accommodate Olympus' changing business environment was the logical next step. Through it, we have enabled the creation of an information disclosure system that made the process of gathering information from each company more efficient and the consolidation process much faster."
About Hyperion
Hyperion Solutions Corporation is the global leader in Business Performance Management software. More than 10,000 customers rely on Hyperion software to provide visibility into how their businesses are performing and to help them plan and model to improve that performance. Using Hyperion software, customers collect data, organize and analyze it, then communicate it across the enterprise. Hyperion offers the industry's only Business Performance Management solution that integrates financial management applications with a business intelligence platform into a single system.
Named one of the FORTUNE 100 Best Companies to Work For (2004), Hyperion serves global customers in 45 countries. A network of more than 600 partners provides the company's innovative and specialized solutions and services. Hyperion generated revenues of $703 million for the fiscal year that ended June 30, 2005 and is traded under the Nasdaq symbol HYSL. For more information, please visit www.hyperion.com.
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 the company'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 the company's performance and cause actual results to differ materially from those anticipated in the forward-looking statements, interested parties should review the company's filings with the Securities and Exchange Commission, including the Report on Form 10-K filed on August 31, 2005 and the report on Form 10-Q filed on May 10, 2005. The company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
"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.
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