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Nucleus Software, signs deal with GM

February 23, 2005 | Press Release
Nucleus Software has signed a large deal with General Motors' finance arm for installing its software FinnOne.
Nucleus has signed a deal in excess of $10 million with General Motors in Europe, Latin America and the Asia-Pacific region. Spread across four years, it has already been implemented in Italy.
Nucleus will install its software across 39 countries.
Speaking to CNBC-TV18, Vishnu Dusad, MD, Nucleus Software India commented on the GM finance order. He said, "This is an order which will run over a period of time and what is extremely important is that I am very proud to announce it on behalf of all my colleagues at Nucleus."

He added, "This is the first ever order for the size of the company of the General Motor which makes profits of $ 3 billion, to rule out this particular machine critical products in 37 countries all over the world. Latin America, Europe, as well as Asia Pacific. And this is machine critical for them in the sense that something like $ 300 million of profits that they make in international operation. That is going to be dependent on this particular product and best part is that they have done a due diligence over two years. The teams were visiting with our customers and talking to them in Tokyo, India, they have selected our products and we are very proud of this particular fact."

Commenting on the gains affecting the quarters in the near future, Dusad said, "I would request the viewers to consider the qualitative side which is machine criticality of the product. See, we have been working with the GM Corporation for the last four years and this particular deal is implemented for the next four years. And when a product is implemented at a enterprise level, it is a ten yearlong association. I guess numbers would happen may be next quarter onwards or next few quarters, that is when we will get to see the top line and bottom line impact."

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