October 10, 2007
| Press Release
New Delhi Oct. 10, 2007 -
Nucleus Commences FinnOneTM Implementation in Benelux
Nucleus Software Exports Limited (NSE: NUCLEUS, BSE: NSEL) today announced the commencement of the Benelux implementation of FinnOneTM retail suite for GMAC International Operations post the successful implementation in Italy.
Also, having fully accomplished the strategic benefits of the investment in equity capital of GMAC Financial Services India Ltd (GMAC India), Nucleus Software has decided to exercise ‘Put option’ (subject to regulatory approval) on the equity shares in GMAC India, in terms of the shareholder agreement with GMAC Financial Services. This coincides with GMAC Financial Services stepping up their equity investment in GMAC India
“We fully support the exercise of the option. Nucleus Software has been an excellent partner over the years and GMAC’s International operations will continue to use Nucleus as one of the preferred IT providers These transactions validate our commitment to the Indian market and desire to position our business for the long term” says Ruud Grin, Regional Vice President for GMAC Asia Pacific.
In 2004, Nucleus Software Exports Limited, one of GMAC’s key international IT partners had acquired 25.1% of GMAC’s Indian operation. “Both parties have benefited from the partnership which enabled Nucleus to obtain an in-depth understanding of our business platforms in Asia Pacific and Europe, and also deepened our strategic relationship”, says Ruud Grin.
Commenting on this development, Mr. Vishnu R. Dusad CEO & Managing Director, Nucleus Software
said- “Our association with GMAC continues to be a truly enriching experience. As partners we have gained deep insights and understanding of processes within the markets in which our clients operate. With successful implementation of FinnOne™ suite at Italy, we are now geared up for the next phase at Benelux.” About GMAC Financial Services
GMAC Financial Services is a global, diversified financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and commercial finance businesses. GMAC was established in 1919 and currently employs about 31,000 people worldwide. At Dec.31, 2006, GMAC held more than $287 billion in assets and earned net income for 2006 of $2.1 billion on net revenue of $18.2 billion. GMAC Financial Services India Ltd. has been present in India since 1997 with headquarters in Chennai and 100 employees in 21 offices across the country. For more information, go to www.gmacfs.com