Top Links You Must Click On
From the Wires
IBS Group Member Improves Financial Management of Russian and Overseas Assets for Europe's Largest Internet Company
By: PR Newswire
Dec. 13, 2012 04:33 AM
RAMSEY, Isle of Man, December 13, 2012 /PRNewswire/ --
Please refer to relevant legal information at the end of the document
IBS Group, a leading software development and IT services provider in Central and Eastern Europe, today announces that IBS IT Services, a member of IBS Group, has completed a joint project with Mail.Ru Group, Europe's largest Internet company, and SAP, a global leader in corporate performance management applications, to enhance financial management at Mail.Ru Group. A unified SAP-based management system will help streamline management processes at Mail.Ru Group and more than 20 of its offices, including those outside Russia, and ensure greater transparency and control of business.
The system created by IBS IT Services and Mail.Ru Group embraces all of the company's key financial and economic processes and comprises three solutions: Operational Accounting, Budgeting, and Reporting. The first facilitates operational accounting for business transactions, procurement, and outgoing payments. The transaction component is closely linked to Mail.Ru Group's IT systems, including a sales management system for online games and advertising. The budgeting subsystem allows annual plans to be generated broken down into business units, and implementation monitored based on operational accounting data. The reporting subsystem is designed to prepare tailored management and financial accounts. As a whole, the system allows records maintenance and the preparation of RAS and IFRS financial statements, tax returns, consolidated IFRS financial statements, and consolidated management accounts.
"Russian companies entering the global market have to reinforce their business processes. As a company with strong international credentials, IBS Group offers its customers best-in-class solutions, expertise and support throughout the world. The system, newly created for Mail.Ru Group, complies with customers' global standards and observes local accounting policies and procedures," said Alexander Saksin, Director of IBS Corporate Management Systems Department.
The new system cuts down the time needed to prepare consolidated financial statements three times. This is particularly important given rigorous regulatory policies and the requirements of the London Stock Exchange (LSE), where Mail.Ru Group's GDRs are listed, regarding the timeliness and quality of reporting.
"As we set ambitious business goals and have to meet higher expectations as a public company, we seek to enhance transparency and manageability of all the company's financial processes. The new financial management system that we have launched jointly with IBS brings our financial business processes in line with the best global practices," said Ruslan Aksyaitov, Deputy Financial Director of Mail.Ru Group.
Mail.Ru Group's unified operational financial management system currently covers six Russian legal entities within the group, including Mail.Ru and Odnoklassniki, as well as its online games units. It also covers about 10 foreign offices, where budget limit controls and cash flow management functions were introduced. SAP BPC and SAP BO FC-based tools for collecting and consolidating reports were deployed for all of the Group's companies. Despite the large project scope, it took just seven months to launch the system.
As an SAP Partner since 1998, IBS Group boasts one of the largest SAP ERP practices in the Russian market. IBS IT Services, a member of IBS Group, has implemented more than 150 SAP projects and has extensive credentials in implementing these solutions for global companies.
About IBS Group Holding Limited
IBS Group is a leading software development and IT services provider in Central and Eastern Europe. Through its two principal subsidiaries, Luxoft and IBS IT Services, it offers a wide variety of information technology services, such as software development and IT services outsourcing, IT infrastructure and business applications implementation. IBS Group has business operations in Russia, Ukraine, Romania, Poland, Germany, Switzerland, the UK, the USA, Vietnam and Singapore. IBS Group employs more than 8,300 people worldwide. In the year ended March 31, 2012, the Group reported US GAAP consolidated revenues of USD816.3 million. IBS Group's Global Depositary Receipts are listed on the Regulated Market (General Standard) at the Frankfurt Stock Exchange (Bloomberg: IBSG:GR; Reuters: IBSGq.F)
About Mail.Ru Group
Mail.Ru Group (established in 1998) is a leading Internet company in the Russian-speaking Internet markets (Russia is Europe's largest Internet market measured by number of users. Source: comScore, September 2011). Mail.Ru Group's sites reach approximately 84% of Russian Internet users on a monthly basis (comScore, December 2011) and the Company is in the TOP 5 largest Internet businesses, based on the number of total pages viewed (ComScore, December 2011).
In line with the Communitainment (Communications + Entertainment) strategy the Company is moving rapidly to build an integrated communication and entertainment platform.. The Company operates two of the three largest Russian language online social networking sites (Odnoklassniki and Moi Mir (or "My World")) (TNS, December 2011). The Company also operates the two largest Instant Messaging networks in Russia (Mail.Ru Agent and ICQ), Russia's leading email service and Russia's largest Internet portal Mail.ru (by daily and monthly visitors, TNS, December 2011), and the Company operates Russia's largest online games platform.
The Company holds equity stakes in VKontakte (39.99%) and Qiwi (21.35%). The Company also holds small minority stakes in Facebook, Zynga, and Groupon as well as a number of large Russian and Ukrainian Internet companies.
As market leader in enterprise application software, SAP (NYSE: SAP) helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device - SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable more than 195,000 customers (includes customers from the acquisition of SuccessFactors) to operate profitably, adapt continuously, and grow sustainably. For more information, visit http://www.sap.com
The information contained in this press release is not for publication, distribution or release, directly or indirectly, in any jurisdiction where such publication, disclosure or release would be unlawful. This press release does not constitute an offer for the sale of securities in the United States of America, Canada, Australia, Japan or any other jurisdiction in which an offer would be subject to legal restrictions.
Enterprise Open Source Magazine Latest Stories . . .
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
SYS-CON Featured Whitepapers
Most Read This Week