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Global Hyatt Corporation Books Hyperion Software for Financial Consolidation and Global Planning

  • 03 August, 2005 12:47

<p>Hyperion (Nasdaq: HYSL), the global leader in Business Performance Management software, today announced that Global Hyatt Corporation is using Hyperion software to streamline its worldwide planning and financial reporting processes.</p>
<p>Global Hyatt Corporation and its subsidiaries operate, manage or franchise hotels and resorts in 45 countries. With such widespread global operations, the company needed superior financial consolidation and planning tools.</p>
<p>“We looked at the major consolidation tools used by the Fortune 100 companies and we saw that the great majority of those companies use Hyperion,” said Tom O’Toole, senior vice president, strategy and systems for Global Hyatt Corporation. “After an extensive RFP process which resulted in Hyperion emerging as the leader and the additional fact that we had successfully used Hyperion software in other parts of our company in the past, we were reassured we were making the right selection.”</p>
<p>The need for new planning and consolidation software was driven by the formation of an umbrella holding company that encompassed two Hyatt entities, Hyatt Hotels Corporation and Hyatt International Corporation and other hospitality businesses. With the new global organisation in place, the corporation needed to consolidate information from each entity into a single operational overview. To enable that consolidation, Hyatt is using Hyperion Financial Management, a comprehensive, Web-based application that delivers global collection, financial consolidation, reporting and analysis in a single, highly scalable solution.</p>
<p>The automated Hyperion solution replaces the old manual consolidation process, which involved using Excel spreadsheets to accumulate financial performance and operating results from each company and merging the data into a single view.</p>
<p>Hyperion Financial Management has enabled the company to reduce the time it takes to consolidate results from its entire hotel operations and corporate subsidiaries from 15 days to two days. This means that the company is within its goal of being able to provide quarterly corporate reports and quarterly results within 30 days after month end, a dramatic improvement from the previous 60 to 75 days.</p>
<p>Hyatt also needed to reduce the time required in its planning process. The Hyperion Planning software provides a collaborative, integrated, event-based planning solution that works throughout the enterprise to track and monitor business plans and forecasts across the organisation. The result of the Hyperion Planning implementation has been that the planning cycle has been reduced from three to five months to six to eight weeks. The company currently has approximately 400 users of Hyperion Planning and plans to have 3,000 users in the future, when it extends the use of the software beyond Finance to other operations within the organisation.</p>
<p>Because they provide automation to replace the manual activities required prior to the implementation, the solutions have had the added benefit of standardising charts of accounts across companies and improving compliance processes as well.</p>
<p>Hyatt is now entering the second phase of its implementation, in which it will begin using additional Business Performance Management software to make non-financial metrics accessible to Global Hyatt management, with the eventual goal of incorporating that information, along with financial results, into scorecards for compliance reporting.</p>
<p>“With the complex operations of its global enterprise, Hyatt faced a real challenge in financial consolidation and planning,” said Rich Clayton, vice president of product marketing at Hyperion. “Now, with improved financial planning and consolidation processes in place and the integration of the business and finance management cycles underway, Hyatt will be able to ensure that the decision-making within the whole organisation is aligned with its strategic goals.”</p>
<p>About Global Hyatt</p>
<p>There are 212 hotels and resorts (over 90,000 rooms) in 43 countries around the world, operating under the Hyatt; Hyatt Regency; Grand Hyatt; and Park Hyatt brands. Currently, there are an additional 27 Hyatt hotels and resorts under development, including 10 new hotels in China. Hyatt Corporation (domestic U.S., Canada and Caribbean hotels) and Hyatt International Corporation (international properties) are subsidiaries of Chicago-based Global Hyatt Corporation. Global Hyatt Corporation is also the owner of Hyatt Vacation Ownership, Inc. (timeshare), Hyatt Equities, L.L.C. (hotel ownership), and U.S. Franchise Systems, Inc. (which franchises Hawthorn Suites, Microtel and America’s Best Inns).</p>
<p>In January 2005, Global Hyatt Corporation also added an additional 143 U.S. properties to its growing portfolio with the acquisition of the upscale, limited service AmeriSuites hotel chain. These properties will be repositioned and renamed under a new Hyatt brand by early 2006.</p>
<p>From the U.S. and Canada, reservations for any Hyatt hotel worldwide may be obtained by calling 1-800-233-1234 or logging onto www.hyatt.com.</p>
<p>About Hyperion</p>
<p>Hyperion Solutions Corporation is the global leader in Business Performance Management software. More than 10,000 customers – including 91 of the Fortune 100 – rely on Hyperion software to translate strategies into plans, monitor execution and provide insight to improve financial and operational performance. Hyperion combines the most complete set of interoperable applications with the leading Business Intelligence platform to support and create Business Performance Management solutions. A network of more than 600 partners provides the company’s innovative and specialized solutions and services.
Named one of the FORTUNE 100 Best Companies to Work For 2004, Hyperion employs approximately 2,500 people in 20 countries. Distributors represent Hyperion in an additional 25 countries. Headquartered in Santa Clara, California, Hyperion generated annual revenues of $622 million for the 12 months that ended June 30, 2004. Hyperion is traded under the Nasdaq symbol HYSL. For more information, please visit www.hyperion.com or www.hyperion.com/contactus</p>
<p>Safe Harbor Statement</p>
<p>Statements in this press release other than statements of historical fact are forward-looking statements, including, but not limited to, statements concerning the potential success of anticipated product features, the anticipated product offerings and the potential market opportunities for business performance management software. Such statements constitute anticipated outcomes and do not assure results. Actual results may differ materially from those anticipated by the forward-looking statements due to a variety of factors, including, but not limited to the company's ability to retain and attract key employees, the successful and timely development of new products, the impact of competitive products and pricing, customer demand, and technological shifts. For a more detailed discussion of factors that could affect the company's performance and cause actual results to differ materially from those anticipated in the forward-looking statements, interested parties should review the company's filings with the Securities and Exchange Commission, including the Report on Form 10-K filed on September 13, 2004 and the report on Form 10-Q filed on February 9, 2005. The company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.</p>
<p>“Hyperion,” the Hyperion “H” logo and Hyperion’s product names are trademarks of Hyperion. References to other companies and their products use trademarks owned by the respective companies and are for reference purpose only.</p>
<p>Media Contact: John Back, Kinetics Pty Ltd, +61 2 9976 6611, john@kinetics.com.au</p>

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