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Oracle, Key Equipment Finance Team Up To Streamline Global Accounting Processes
SUPERIOR, Colo. – September 7, 2005 – Key Equipment Finance, one of the largest bank-held equipment leasing companies and an affiliate of KeyCorp (NYSE: KEY), today announced the implementation of the equipment leasing industry’s first-ever pan-European lease accounting and administration system that manages multiple accounting environments, languages, and currencies, and is capable of local accounting and consolidation of business originated throughout Europe to U.S. Generally Accepted Accounting Principles. Oracle developed the lease management system.
Key Equipment Finance and Oracle have completed the implementation of Oracle® Lease Management for the leasing company’s operations in the U.K. and Ireland, and anticipate a complete rollout of the system in the 15 European countries in which Key Equipment Finance operates by the end of 2006. Oracle Lease Management is a comprehensive application that provides end-to-end automation, helping organizations to improve operational efficiency, capture new opportunities and optimize business relationships.
“The financial services industry has struggled for many years to find a solution that allows companies to efficiently run a global business that can operate locally around the world as well as consolidate globally for U.S. accounting purposes,” said Karen Larson, president and chief operating officer of Key Equipment Finance’s global vendor services unit. “This partnership is truly an example of two leading, global companies pioneering the way for more efficient worldwide business operations. Oracle is not only a Key Equipment Finance vendor, but also an established client of KeyCorp that has benefited from Key's extensive product offerings.This is a great illustration of Key’s commitment to deepening client relationships.”
Key Equipment Finance provides flexible financing options to companies interested in acquiring Oracle enterprise software solutions in 20 countries throughout North America, Europe and Asia Pacific.
With the implementation of Oracle Lease Management, Key Equipment Finance will be able to provide a higher level of service to existing and new customers throughout Europe. The adoption of a single, consolidated system will also pave the way for significant expansion, both geographically and through expanded product offerings, for Key Equipment Finance throughout Europe.
“The implementation of this system in Europe is an important milestone for Oracle and Key Equipment Finance,” said Joe Morgan, vice president strategic accounts consulting for financial services at Oracle. “Key and Oracle have had a longstanding equipment financing relationship, and we’re excited to team up with them again on a system designed to help streamline the processes of operating a global financial services company.”
About Key Equipment Finance
Key Equipment Finance is an affiliate of KeyCorp (NYSE: KEY) and provides business-to-business equipment financing solutions to businesses of many types and sizes. The company focuses on four distinct markets:
- businesses of all sizes in the U.S. and Canada (from small business to large corporate);
- equipment manufacturers, distributors and value-added resellers worldwide;
- federal, provincial, state and local governments as well as other public sector organizations; and
- lease advisory services for manufacturers’ captive leasing and finance companies.
Headquartered outside Boulder, Colorado, Key Equipment Finance manages a $12.6 billion equipment portfolio with annual originations of approximately $5.7 billion. The company has major management and operations bases in Toronto, Ontario; Albany, New York; Chicago, Illinois; Houston, Texas; London, England; and Sydney, Australia. The company, which operates in 26 countries and employs 1,100 people worldwide, has been in the equipment financing business for more than 30 years. Additional information regarding Key Equipment Finance, its products and services can be obtained online at KEFonline.com.
Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $93 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.
Oracle, JD Edwards, PeopleSoft, and Retek are registered trademarks of Oracle Corporation and/or its affiliates.
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