Oil company selects Sungard Treasury Systems
SunGard Treasury Systems, an operating group of SunGard Data Systems, announced that OMV AG, an oil and gas group in central Europe, has selected AvantGard-Quantum and AvantGard-Risk for its group treasury function in Vienna.
Udo Giegerich, senior vice president, group treasury at OMV, comments: "Our goal is to double our oil and gas production volumes and market share in our downstream business by 2008. The need to optimize the management of group cash and effectively manage treasury risk makes our treasury unit integral to that effort. SunGard's integrated AvantGard solution will provide straight-through processing for all of our treasury transactions and fully support our cash and risk management needs. AvantGard will also help us to increase our operating efficiency and improve controls."
"The fully integrated implementation of AvantGard-Quantum and AvantGard-Risk will meet the increasing demands of this expanding group," says Martin Boyd, executive vice president EMEA, SunGard Treasury Systems. "Security and control are now pre-eminent concerns of senior corporate executives and we are pleased to be able to meet this requirement and the associated rigorous management reporting needs of OMV AG."