Hyperion and Financial Services Leader Team Up for Financial Strategy and PlanningWachovia Gains Flexibility to Meet the Needs of its Diverse Business Units, Plus Better Consistency, Visibility, Control and Cost-Effectiveness SUNNYVALE, Calif., Feb. 9, 2004 -- Hyperion (Nasdaq: HYSL) announced today that Wachovia is standardizing on Hyperion's Business Performance Management suite of applications for its worldwide financial planning, consolidation and strategic analysis. As a diversified provider of financial services, Wachovia wanted to implement consistent financial tools across its geographically and functionally diverse lines of business to improve cost efficiencies and achieve a consistent, overarching view of company finances. Wachovia set out to find a unified solution powerful enough to serve the entire organization, yet flexible enough to meet the specific needs of the distinct business units involved. "We've been using Hyperion's solutions in parts of the company for more than 10 years," said Greg Thompson, CFO of cross-functional initiatives for Wachovia. "Hyperion is a leader with longevity and financial credibility -- and our experience with them has been excellent. Combined, those reasons confirmed our choice." Wachovia's Hyperion-based platform for budgeting, forecasting, reporting and analysis will provide enhanced visibility for staff involved in preparing plans, as well as for those analyzing the results. The entire financial management cycle will become faster, easier and more controlled. Wachovia also expects to see improvements in strategic analysis with tools for analyzing its loan portfolios and the impact of potential mergers and acquisitions. "These tools can help us maintain our common strategic vision and governance model across the enterprise," said Thompson. "To do that while gaining cost and productivity improvements makes the Hyperion approach a very compelling proposition." Wachovia plans to put Hyperion's Web-based solutions in the hands of 2,000 to 3,000 employees worldwide over the next 15 months. About Hyperion Hyperion is the global leader in Business Performance Management software. More than 9,000 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 2,600 people in 20 countries. Distributors represent Hyperion in an additional 25 countries. Headquartered in Sunnyvale, California, Hyperion -- together with recently acquired Brio Software Inc. -- generated combined annual revenues of $612 million for the 12 months ending June 30, 2003. Hyperion is traded under the Nasdaq symbol HYSL. For more information, please visit www. hyperion.com, http://www.hyperion.com/contactus or call 800 286 8000 (U.S. only). Safe Harbor Statement 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 August 13, 2003 and the Report on From 10-Q filed on November 7, 2003. The company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances. NOTE: Hyperion is a registered trademark of Hyperion Solutions Corporation. All other trademarks and company names mentioned are the property of their respective owners. SOURCE Hyperion Solutions Corporation Web Site: http://www.hyperion.com |