"With Geac, we will have a single, secure, web-based application for automating the loading, validation, and financial consolidation of data," reported Frank D'Amadeo, Assistant Controller for Con Edison. "And because the software works on Microsoft's BI platform, we expect to speed up these processes as well."
Con Edison purchased Geac Performance Management (formerly Comshare MPC(TM)) from Comshare, Inc. prior to Geac's acquisition of Comshare.
Geac Performance Management works with the many general ledger systems used by Con Edison's subsidiaries. When these subsidiaries close their books, they will click a button, sending their data to the Geac application, where intercompany eliminations will be performed. If the corporate office adds an account or if one of the subsidiaries makes a change, that information will be replicated throughout the system. Everyone will work with consistent information, helping Con Edison better control the process while also ensuring accuracy. In addition, end users at both corporate and subsidiary locations will be able to create their own reports and ad hoc analyses in order to better understand the business and identify trends and opportunities.
Brian Hartlen, vice president, Geac, said, "Marquee companies such as Consolidated Edison are propelling Geac to a leadership position in the increasingly competitive Business Performance Management market. We are excited about the opportunities open to us in this market, driven in part by new corporate governance and compliance mandates; and we're encouraged by the momentum we're building through deals with prominent companies across a wide array of industry sectors."
About Consolidated Edison Company of New York (Con Edison)
For more than 180 years, Con Edison has been supplying the energy that powers New York. It provides electric service to more than 3.1 million customers in New York City and most of Westchester County. It provides natural gas service to 1.1 million customers in Manhattan, the Bronx, and parts of Queens and Westchester. Con Edison also owns and operates the world's largest steam system, providing steam service in most of Manhattan. Con Edison is a subsidiary of Consolidated Edison, Inc., one of the nation's largest investor- owned energy companies with approximately $9 billion in annual revenues and approximately $19 billion in assets. For more information, go to http://www.conedison.com/.
Geac (TSX: GAC) is a global enterprise software company for Business Performance Management, providing customers worldwide with the core financial and operational solutions and services to improve their business performance in real time. Further information is available at http://www.comshare.geac.com/ or through e-mail at Email Contact.
This press release may contain forward-looking statements based on current expectations. Important factors that could cause a material difference between these forward-looking statements and actual events include those set forth under the heading "Risks and Uncertainties" in Geac's Management Discussion and Analysis for the fiscal year ended April 30, 2003 contained in its Report of Foreign Issuer on Form 6-K filed with the United States Securities and Exchange Commission on July 2, 2003, copies of which are available through the website maintained by the SEC at http://www.sec.gov/, and in Geac's Management Discussion and Analysis for the fiscal year ended April 30, 2003 filed with the Canadian Securities Administrators on June 25, 2003 and available through the website maintained by the Canadian Depository for Securities Limited at http://www.sedar.com/. Geac is a registered trademark of Geac Computer Corporation Limited. All other marks are trademarks of their respective owners.
CONTACT: Media Contacts: Terri Merte, Geac, (734) 994-6097,
Email Contact; Christiaan Vorkink, Miller Consulting Group,
(617) 262-1800, ext. 242, Email Contact; Investor Contact:
Melody Firth, Geac, (905) 940-3709, Email Contact