Meridian Credit Union Invests in Cartesis Planning Performance Management Solution

Cartesis Planning to Improve Accuracy, Security, and Scalability at Canada's Third Largest Credit Union While Shortening Planning Cycles and Providing 'One Version of the Truth'

NORWALK, CT -- (www.allCUnews.com) -- September 18, 2006 -- Cartesis, the world's leading specialist in finance and performance management software, today announced that Meridian Credit Union chose Cartesis Planning.

The Cartesis application replaces an Excel-based planning system for 43 branches, 8 Commercial Business Centers and the Corporate office. The improved planning process will provide Meridian with accuracy, additional security, scalability, one version of the truth, and a shortened planning cycle. The final application will integrate and manage information from many parts of its business, including finance, operations and human resources.

"We found that highly skilled staff in finance were spending too much time processing and distributing information in Excel," says David Adams, CFO of Meridian Credit Union. "The real value-add these people should be contributing is analysis and relationship development, which in turn allows our staff to focus more of their time on serving our members. We believe Cartesis Planning will help us correct this imbalance by automating and distributing the planning process, allowing finance to operate on a more strategic level."

Meridian Credit Union is Ontario's largest credit union serving more than 187,000 members in the communities of Niagara, Guelph and much of south central Ontario with a full range of banking, wealth management and credit products and services. The Credit Union has more than 1,000 employees and over $3.5 billion in assets.

"Meridian is integrating financial, operational and HR information all within one planning application," says Crispin Read, CMO of Cartesis. "Their selection of Cartesis highlights our strength of combining information from disparate sources and maintaining up-to-date views within one Integrated Data Model. We help leading-edge companies like Meridian Credit Union every day better understand and accelerate their business and we are proud to add them to our client roster."

As the Cartesis Planning project is implemented, Meridian will build a rolling forecast that will be updated at least every 30 days. Over 100 employees and affiliates are expected to use the application, distributing planning details and responsibilities throughout the entire company network. Moving forward, they will also look to address project expense planning within this application.

About Cartesis

Cartesis is the world's leading specialist in finance and performance management software with more than 1,300 corporate customers, 600 employees and 200 consultants worldwide. Created in 1990, Cartesis provides insight, control and confidence by unifying information, people and processes at demanding multinationals like Air France KLM, Cargill, Danone, Diageo, Nissan, Société Générale and Standard Life. One in four of Fortune Global 100 companies rely on Cartesis' deep financial expertise and standard-based technology for compliance, financial consolidation, management reporting, planning, budgeting, forecasting, intercompany reconciliation; all unified in a single data-model that can be leveraged by internal and external users. Cartesis' partners include Microsoft, Accenture, Bearing Point, Ernst & Young, KPMG and PricewaterhouseCoopers. Cartesis has customers in 44 different countries and offices in Brussels, Frankfurt, London, Norwalk (CT), Paris, Tokyo, Toronto and Utrecht. For more information, go to www.cartesis.com.

All cited names and/or trademarks are the property of their respective owners.

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For more information, please visit www.cartesis.com or call:
Jonathan Stotts
Cartesis Inc.
Tel: (203) 956-2186
Email: Email Contact

For further press information please contact:
Stephanie Fallon
EmergePR
Tel: (617) 729-3176
Email: Email Contact

SOURCE: Cartesis