PeopleSoft Announces Alliance with Price Waterhouse to Serve the Financial Services Industry; Industry Leaders Team to Provide Solutions to Financial Services Industry

Business Wire, July 15, 1996

PLEASANTON, Calif.--(BUSINESS WIRE)--July 15, 1996--PeopleSoft, Inc. today announced an alliance with Price Waterhouse Management Consulting Services to provide enterprise-wide client/server software and consulting services to the financial services industry.

This alliance combines Price Waterhouse's industry knowledge and best practices with PeopleSoft's leading client/server financial, materials management, and human resources software, offering solutions specifically tailored to the unique requirements of financial services industry clients.

Price Waterhouse will also participate in PeopleSoft's Financial Services Advisory Board, which will provide guidance for industry-specific solution enhancements in future releases of PeopleSoft applications. This is the first relationship to support PeopleSoft's Financial Services initiative announced last month, and it is a significant extension of PeopleSoft's efforts to serve this marketplace.

"We are pleased to work with PeopleSoft in their efforts to meet the needs of financial services industry clients," said Neil S. Blumenthal, national financial services industry/financial systems practice leader and Price Waterhouse partner responsible for the initiative. "The financial services industry CFO faces enormous challenges. The successful CFO must adapt the finance organization to identify and solve complex business problems, including more efficient and effective uses of technology that will enhance shareholder value and help manage risk. Price Waterhouse and PeopleSoft offer the combined strengths to meet the specific demands of the financial services industry."

"More and more of our customers demand industry and implementation expertise to address business issues, such as strategic goals and competitive concerns," said Dave Duffield, president and chief executive officer at PeopleSoft. "Price Waterhouse's financial services industry practice is well-established with solid industry expertise and knowledgeable professionals. This relationship provides excellent synergy for both parties, and in the end, financial institutions benefit from the combined resources of two world-class organizations."

PeopleSoft/Price Waterhouse Financial Services Solutions Center

As a result of this alliance, PeopleSoft and Price Waterhouse have established a Financial Services Solutions Center in New York, staffed with industry and technology consultants from both organizations. The Center will offer U.S. and international clients the opportunity to see Price Waterhouse's strategic vision for the finance function in world-class financial organizations, known as CFO 2000.

Additionally, it will showcase representative business processes for the financial services industry, implemented using PeopleSoft's enterprise-wide applications, development tools, and workflow technology.

Price Waterhouse and PeopleSoft have already demonstrated the value of this relationship at many organizations. For example, at Allmerica Financial, a $17 billion insurance and financial services organization, Price Waterhouse and PeopleSoft teamed up to implement a new financial reporting system during Allmerica's conversion from a mutual insurance organization owned by its policy holders to a stock company owned by its stockholders.

"The combined financial services industry experience of Price Waterhouse and the functionality of the PeopleSoft Financials product made it possible for us to completely redesign our financial reporting system -- under extremely tight time constraints," said Mark Colborn, Allmerica Financial's controller. "The new system enables us to meet new internal and external reporting demands and to accommodate future growth."

About PeopleSoft's Financial Services Program

PeopleSoft has specifically targeted the top companies in the financial services industry for delivery of its leading client/server financial, materials management, and human resources applications with dedicated sales, marketing, and service resources.

PeopleSoft provides a global, enterprise solution that integrates functionality across business units and empowers individuals to make informed decisions and manage constant change. Over 130 banks, insurance companies, and capital markets organizations have chosen PeopleSoft Financials, Distribution and HRMS product lines.

Within PeopleSoft's installed customer base for financial applications, Financial Services represents the largest single vertical segment and includes customers such as Allmerica Financial, Barnett Banks, Equitable Life Insurance, Independence Blue Cross and Prudential Real Estate Investment Group.

About Price Waterhouse Management Consulting Services (MCS)

Price Waterhouse Management Consulting delivers enterprise-wide solutions to clients worldwide through integrated Information Technology and Change Integration(R) services. With in-depth knowledge of selected industries and business process expertise, Price Waterhouse Management Consulting provides customized solutions to help clients improve their business performance and achieve their goals.