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Nucleus Software and GMAC sign licensing deal

February 23, 2005 | Press Release
New Delhi, February 23, 2005: Nucleus Software Exports Limited (NSE: NUCLEUS, BSE: NSEL), a leading global provider of integrated software products for banks and financial institutions, today announced that it has entered into a licensing arrangement for its flagship product FinnOne TM with General Motors Acceptance Corporation’s international operations.

Under the terms of the contract, Nucleus Software has granted a Corporate Software License for FinnOne TM to GMAC’s international operations for a rollout in Europe, Latin America and Asia Pacific.

Commenting on the contract, Vishnu R Dusad, Managing Director, Nucleus Software said, “ We are extremely happy to announce this landmark deal for our software product, which is the result of hundreds of man years put in by our Software engineers. Nucleus Software has focused for years on product development for the BFSI vertical and had earlier implemented the product in the Asia Pacific region for GMAC. The proposed rollout across Europe, Latin America and Asia Pacific regions would encompass mature markets and further enhance our understanding of the processes and product functionality requirements across the globe.”

“Nucleus is a proven supplier to the financial services industry, as supported by the composition of their blue chip client portfolio. Their systems development technology is deemed to be one of the key enablers to support GMAC’s objective of implementing best-practice systems and processes across its International Operations” says John Robert Jones, Vice President GMAC. “We expect an even better quality in our customer service and a reduction of our operating expense”, adds Jones.


About General Motors Acceptance Corporation

General Motors Acceptance Corporation (GMAC), a wholly owned subsidiary of General Motors Corporation is one of the world's largest financial service companies with business lines in Automotive Finance, Commercial and Residential mortgages, Commercial Finance and Insurance. GMAC has operations in 41 countries. Since inception in 1919, it has extended more than US $ 1.3 trillion in credit to help finance more than 158 million vehicles worldwide. International financing operations, which conduct business in 37 countries outside of the U.S. and Canada, earned $279 million in 2003.

About Nucleus Software

Nucleus Software (BSE & NSE: NUCLEUS) is the leading provider of lending and transaction banking products to the global financial services industry. Its software powers the operations of more than 150 companies in 50 countries, supporting retail banking, corporate banking, cash management, internet banking, automotive finance and other business areas. Nucleus Software is known for its world-class expertise and innovation in lending and transaction banking technology. It has two flagship products, built on the latest technology:
  • FinnOneTM 10 time winner - World’s Best Selling Lending Solution. 
  • FinnAxiaTM, an integrated global transaction banking solution used by banks worldwide to offer efficient and Innovative global payments and receivables, liquidity management and business internet banking services.
Forward-looking and Cautionary Statements: For risks and uncertainties relating to forward-looking statements, please visit: http://www.nucleussoftware.com/safe-harbor.

For Media related information, please contact:

Rashmi Joshi, Nucleus Software
Email: rashmi.joshi@nucleussoftware.com
Phone: +91-9560694654