London, United Kingdom and Bangalore, India - September 15, 2014:
Wipro Ltd. (NYSE:WIT), a leading global information technology, consulting and business process services company and Chesapeake System Solutions Inc. (Chesapeake), a premier provider of financial software solutions, today announced a global alliance partnership. Wipro will offer Chesapeake's suite of financial software solutions that encompass Reconciliation Management and Balance Sheet Integrity (T-Recs® Enterprise), Treasury & Cash Management and Bank Payment Management (SmartTreasury® and SmartAnalysis®) as both a cloud-based ASP service and as an in-house licenced software platform.
For organisations that are looking to deliver effective Balance Sheet Integrity, the introduction of reconciliation automation to the finance and accounting organisations can provide a much smarter, faster and effective way of delivering the accounting services from the SSC organisation or Retained Organisation. An automated solution suite will also help the CFO to achieve sustained benefits through effective deployment of payment solutions, bank fee optimisation and effective automation of the balance sheet risk control requirements.
These solutions will enable the finance controller organisation to reduce the manual efforts involved in Balance Sheet Reconciliations substantially, thereby bringing efficiency and reduction in cost to the finance function. Workflow usage, automatic matching, automatic certification, risk-based reporting and audit trail functions will also improve compliance to internal controls and policies, including SOX compliance.
"We see a huge demand for finance organisations that want a 'one-stop shop' for our suite of products, which deliver tangible cost and cash benefits in transactional finance, treasury and working capital," said Peter C. Vogelberger, Chesapeake President and CEO. "Wipro's deep advisory and BPO expertise in finance and IT change will enable us to work together and deliver successful outcomes for our customers and prospective customers on a global scale. We look forward to maintaining a long and mutually beneficial relationship with Wipro."
"Many of our clients across industry sectors within the CFO's organization are looking for a higher level of maturity to automate and simplify their Finance & Accounting business processes and more effectively support core business activities while minimizing associated costs and risk within their management reconciliations processes. Chesapeake's T-Recs Enterprise software will help our clients to meet their objectives for Balance Sheet Integrity in a most comprehensive and efficient way," said Tomas Romero, Global Finance & Accounting Transformation Practice Leader, Wipro Consulting Services.
"We believe that our global delivery model and expertise, along with the T-Recs solution's capabilities, will enable us to address the growing need for process simplification in the areas of Balance Sheet Reconciliations and Treasury," said Manoj Jaiswal, Vice President & Business Head, Corporate Business Services, Wipro Ltd.
About Chesapeake Systems
Chesapeake System Solutions is a premier provider of financial and treasury management software solutions that are utilised by today’s forward thinking industry professionals around the world. Chesapeake’s integrated suite of software brings visibility and control to numerous financial and treasury processes, including reconciliation and financial close automation, treasury and liquidity management, bank fee analysis and relationship management, unclaimed property compliance, and bank data aggregation. For more than 20 years, Chesapeake has provided state-of-the-art software solutions that allow for increased productivity, lower costs, and documented regulatory compliance. For more information, please visit www.chessys.com.
About Wipro Ltd.
Wipro Ltd. (NYSE:WIT) is a leading Information Technology, Consulting and Business Process Services company that delivers solutions to enable its clients do business better. Wipro delivers winning business outcomes through its deep industry experience and a 360 degree view of "Business through Technology" - helping clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, a practitioner's approach to delivering innovation, and an organization wide commitment to sustainability, Wipro has a workforce of over 140,000, serving clients in 175+ cities across 6 continents. For more information, please visit www.wipro.com
Chesapeake Media Contact:
+91 80 39916260
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.