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Livelink Solution for Financial Services Targets Regulatory Compliance
Offers Comprehensive Management System to Ensure Compliance, Reduce Risks
Chicago, IL - 2003-05-07 - Open Text™ Corporation (Nasdaq: OTEX, TSX: OTC), provider of Livelink®, the leading collaboration and knowledge management software for the global enterprise, said today it will launch a Livelink solution to help financial institutions manage critical information in the face of tough new industry regulations. The solution will give companies a Web-based regulatory compliance infrastructure they can deploy quickly to track, report and manage all the documents and data required for compliance, as well as manage employee training, licensing and certification.
The solution is designed to meet the needs of financial services customers facing new rules legislated in the wake of the September 11th terrorist attacks and last year's corporate accounting scandals. With the increased regulations, managing complicated reporting, record keeping and administrative requirements have become a priority to ensure compliance and reduce risks. Open Text announced the news at its Financial Services User Group Meeting being held today in New York City.
"The combined impact of new regulations on the financial services industry will make or break some organizations in the years ahead," said Bill Forquer, Senior Vice President of Business Development at Open Text. "Customers want a comprehensive, enterprise-wide solution that can be rapidly deployed to both improve efficiency, yet provide consistency in processes. Our Livelink solution offers a comprehensive reporting, information management and learning system that is also easy to deploy. Customers can reap the benefits quickly and feel confident they have a system that can meet their long-term requirements for compliance."
Open Text's solution combines Livelink's extensive collaboration and knowledge management features with new capabilities Open Text has added to Livelink for employee education, licensing and certification designed specifically for the financial services industry. The new features provide immediate savings to companies by helping them better organize licensing and certification for employees. Companies gain a comprehensive learning management and reporting system that defines for users all regulatory and compliance requirements by certification, course or individual objectives.
The licensing and certification technology, acquired as part of Open Text's recent purchase of EDC Solutions from Knowledge Park Technologies, Inc., is a proven learning management solution in financial services, with some 25,000 seats deployed at major customers such as the RBC Financial Group, RBC Dain Rauscher, BMO Nesbitt Burns, Dundee Wealth Management, and RoyNat Capital.
These combined capabilities in Livelink will help financial service companies:
Open Text's Financial Services User Group Meeting will address major regulatory issues facing the industry, and the collaboration and knowledge management solutions that can help. Open Text is also hosting an online seminar on records management in financial services May 21st. For more information on Open Text events, go to www.opentext.com/events.
The solution is designed to meet the needs of financial services customers facing new rules legislated in the wake of the September 11th terrorist attacks and last year's corporate accounting scandals. With the increased regulations, managing complicated reporting, record keeping and administrative requirements have become a priority to ensure compliance and reduce risks. Open Text announced the news at its Financial Services User Group Meeting being held today in New York City.
"The combined impact of new regulations on the financial services industry will make or break some organizations in the years ahead," said Bill Forquer, Senior Vice President of Business Development at Open Text. "Customers want a comprehensive, enterprise-wide solution that can be rapidly deployed to both improve efficiency, yet provide consistency in processes. Our Livelink solution offers a comprehensive reporting, information management and learning system that is also easy to deploy. Customers can reap the benefits quickly and feel confident they have a system that can meet their long-term requirements for compliance."
Open Text's solution combines Livelink's extensive collaboration and knowledge management features with new capabilities Open Text has added to Livelink for employee education, licensing and certification designed specifically for the financial services industry. The new features provide immediate savings to companies by helping them better organize licensing and certification for employees. Companies gain a comprehensive learning management and reporting system that defines for users all regulatory and compliance requirements by certification, course or individual objectives.
The licensing and certification technology, acquired as part of Open Text's recent purchase of EDC Solutions from Knowledge Park Technologies, Inc., is a proven learning management solution in financial services, with some 25,000 seats deployed at major customers such as the RBC Financial Group, RBC Dain Rauscher, BMO Nesbitt Burns, Dundee Wealth Management, and RoyNat Capital.
These combined capabilities in Livelink will help financial service companies:
- Securely manage regulated documents throughout a lifecycle including authoring, reviews/edits and approvals in compliance with all relevant regulatory requirements
- Create internal processes that ensure an organization has the capabilities to manage and respond in a compliant manner
- Manage professional registration and licensing records while ensuring data integrity throughout the process
- Collect, track and report regulatory submission requirements
- Facilitate employee training through a cost effective delivery system
Open Text's Financial Services User Group Meeting will address major regulatory issues facing the industry, and the collaboration and knowledge management solutions that can help. Open Text is also hosting an online seminar on records management in financial services May 21st. For more information on Open Text events, go to www.opentext.com/events.
About Livelink
Livelink is the leader in collaboration and knowledge management for the global enterprise. Its richly featured enterprise services include virtual team collaboration, business process automation, enterprise group scheduling and information retrieval services, all tightly integrated into a solution that is easily customized and extended. Livelink is essential to the effective management and development of communities of interest that span organizations and industries. For everything from the creation of complex e-community relationships to the automation of simple e-business processes, Livelink delivers true dynamic collaboration between individuals, organizations and large trading communities. Livelink servers are fully Web-based and open-architected to ensure rapid deployment and easy access to its full functionality through a standard Web browser. For more information, visit www.opentext.com/livelink/.
About Open Text
Since 1991, Open Text Corporation has delivered innovative software that brings people together to share knowledge, achieve excellence, deliver innovation, and enhance processes. Its legacy of innovation began with the successful deployment of the world's first search engine technology for the Internet. Today, as the leading global supplier of collaboration and knowledge management software for the enterprise, Open Text supports fifteen million seats across 10,000 corporate deployments in 31 countries and 12 languages throughout the world. As a publicly traded company, Open Text manages and maximizes its resources and relationships to ensure the success of great minds working together. For more information, visit www.opentext.com.
Trademark
Copyright © 2003 by Open Text Corporation. LIVELINK and OPEN TEXT are trademarks or registered trademarks of Open Text Corporation in the United States of America, Canada, the European Union and/or other countries. This list of trademarks is not exhaustive. Other trademarks, registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text Corporation or other respective owners.
Release Disclaimer
This news release may contain forward-looking statements relating to the deployment of Livelink and Livelink MeetingZone by customers, and future performance of Open Text Corporation. Forward-looking statements are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties include, among others, risks involved in the completion and integration of acquisitions, the possibility of technical, logistical or planning issues in connection with deployments, the continuous commitment of the Company's customers and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission (SEC), including the final prospectus for the Company's initial public offering of common stock in January 1996, Form 10-K for the years ended June 30, 1996, June 30, 1997, June 30, 1998, June 30, 1999, June 30, 2000, June 30, 2001, and June 30, 2002, and 10-Q for the quarters ending September 30, 2002 and December 31, 2002. Forward-looking statements are based on management's beliefs and opinions at the time the statements are made, and the Company does not undertake any obligations to update forward-looking statements should circumstances or management's beliefs or opinions change.
For more information, please contact
Margaret E. Dobbin
Director, Industry Analyst Relations
Open Text Corporation
+1-519-888-7111 ext.2410
mdobbin@opentext.com
Director, Industry Analyst Relations
Open Text Corporation
+1-519-888-7111 ext.2410
mdobbin@opentext.com
