Under-pressure ERP vendor Geac has signed strategic partnership with FRx Software Corporation – a move the company hopes will help to improve its recent run of disappointing results.
Geac has joined forces with the Denver-based company, which specialises in the development of financial reporting and analytical application software.
The agreement will see FRx software incorporated into four of Geac’s product suites, allowing them up to the minute access to financial reports and analysis.
FRx software will be tied in with SmartStream, SQL Financials, E Series and M Series product suites.
A Geac spokesman, said: ‘This partnership with FRx is all about allowing our customers to get the maximum functionality from their Geac software.
‘Our users will now be able to access vital financial information from their ERP backbone solutions, allowing them to run their businesses with maximum efficiency,’ he added.
The company plunged into the red during the first quarter of the year, leaving its plans to take on SAP and Oracle in the enterprise applications market in disarray.
For its first fiscal quarter which ended 31 July, Geac reported a loss of #20m, compared with a profit of #32m in the same period last year.
The loss, on top of a run of ever worsening results, has hit the company’s share price hard and prompted chief executive Douglas Bergeron’s recent resignation.
It is understood to have received at least two buyout inquiries and according to interim chief executive William Nelson, Canadian corporate law requires the company to open its books to more bids and prepare for a sale.
‘We are obligated to do what we can to get involved in the auction market,’ said Nelson.
In an attempt to make the supplier a more attractive proposition by returning it to operating profitability, he announced last month it would lay off 500 employees – 12% of its workforce. Chris Allen, Geac’s UK managing director, added 100 jobs would go in the UK.
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