Borealis Treasury selects IT2 Treasury Management System
Borealis, a provider of plastics solutions, has selected IT2 as their treasury management system. IT2 will form the central control hub for group-wide treasury operations, which are being re-insourced. It will support treasury activities in Mechelen, Belgium and Linz and Vienna, Austria. In fiscal 2006, Borealis’ sales were approximately €6bn. The company chose the solution in particular for its reporting function. The central IT2 system will integrate with SAP, electronic confirmations, FX and money market dealing portal and cash management banks. IT2 is designed to automate front and back office operations, debt management, cash and liquidity management, risk management and the associated accounting and hedge accounting.