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Company : Business Wire 
Monday, October 4, 2004 2:09PM IST (8:39AM GMT)
 
(BW)(OR-SRC-SOFTWARE)
SRC Software Cancels Contract with Distribution Partner Frango AB; New SRC Sales and Support Offices to Open in Europe and Southeast Asia to Continue Support for Advisor Series Customers
Ore., Portland, United States

SRC Software, a leading provider of sophisticated enterprise financial planning and performance management solutions, announced today that it has initiated steps to terminate its distribution agreement with longtime partner, Frango AB. Upon the termination date, which SRC anticipates will be October 17, 2004, Frango's rights to resell the SRC Advisor Series products will end.

SRC also announced plans to open direct sales and support offices in Europe and Southeast Asia to provide services directly for current and future Advisor users. SRC's issuance of the termination notice to Frango and decision to open new offices follows the recent announcement of the pending acquisition of Frango by Cognos, Inc. SRC indicated that it would provide credits to Advisor users who have paid other parties for support. In addition, for the next 90 days SRC will offer to Advisor users nine additional performance management products at a discount; products that Frango was previously not authorized to sell.

"I want to assure Advisor users everywhere that SRC is committed to an exemplary level of continuity and support as SRC's relationship with Frango phases out," said Thomas Malone, president and CEO of SRC Software. "European and Southeast Asian Advisor users that contract exclusively with SRC can receive the same personalized service, new products and upgrades that have earned SRC exceptionally high marks from customers in America for twenty years."

SRC intends to open its new offices by November 30, 2004. Current users and distributors of the Advisor Series products that require more information about SRC's international support program should contact SRC directly at 01-503-608-3301 or visit the company's international website at http://www.srcsoftware.com/international/.

About Advisor

SRC combines the user acceptance and modeling sophistication of a live spreadsheet interface together with the power and controls of industry-leading databases such as SQL Server and Oracle(R). The result is a complete, user-defined system that embodies the strengths of spreadsheets and databases without their weaknesses. The Advisor's unique system design offers greater control of the planning and reporting process throughout the organization. SRC's products address strategic planning, capital planning, budgeting reporting, and scorecarding and more.

About SRC Software

SRC Software (www.srcsoftware.com) is the leader in providing flexibility and sophistication for enterprise financial planning and corporate performance management. With over 2,400 installations in mid- to high-end enterprises, SRC's highly personalized budgeting, payroll planning and multi-source consolidation and reporting solutions are used by companies such as New Balance, Comerica, Gymboree, Lands' End, and Caterpillar Logistics Services Inc. SRC offers a full complement of financial planning and analysis tools through its unique integration of spreadsheets and industry-leading databases complete with full-scale Web deployment. The company is privately held and based in Portland, Oregon. SRC has regional offices in Boston, New York City, Houston, Chicago, Los Angeles, San Francisco and Atlanta. Distribution channels exist in more than 16 countries. For more information, contact SRC Software at 1-800-544-3477 or by e-mail at info@srcsoftware.com.

 
 
 
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