HERZLIYA, Israel--(BUSINESS WIRE)--Jan. 6, 2000--Crystal Systems Solutions (NASDAQ: CRYS) announced today, that it has entered into a general agreement with Cap Gemini Italia S.p.A to provide Euro conversion services based upon Crystals C-Euro multi platform enterprise solution.
Cap Gemini Italia is a leader in management consulting and IT services in the Italian market and they have selected Crystals C-Euro tool and implementation methodology as a key component of their Euro Transformation Services. This agreement is a major step in the implementation of Crystals strategy to substantiate its C-Euro technology and methodology as the solution of choice for Euro conversion, provided by the leading systems integrators in Europe. ``Cap Gemini Italia will utilize its strong local presence as well as its access to other global market units within the Cap Gemini Group to implement Crystals Euro conversions. Both our companies will use our respective unique assets to meet the new expectations of customers in respect to the Euro currency conversion challenge, said Mr. Massimo Giovannini, Director of Cap Gemini Italia S.p.A. in charge of Euro Transformation Services.
Mr. Shalom Daskal, Chief Operating Officer of Crystal Europe, commented, ``Companies throughout Europe are underestimating the requirements for successful Euro transformation, which is exponentially more demanding and complex than the year 2000 problem. Euro transformation calls for many more functional aspects to be considered in various time spans across systems and data than in Year 2000 conversions.
``We are pleased to have Cap Gemini as our partner in providing the optimal solutions for Euro-currency conversion to the Italian corporate marketplace, continues Mr. Daskal. ``Cap Gemini has a proven track record of providing quality management consulting and IT services to its customers in the Telecom, Media, Life Sciences, Insurance and Utilities markets. We have high expectations about their ability to maximize penetration of Crystals Euro conversion solutions through Cap Geminis transnational organization.
January 1, 2002 is the date upon which the national currencies of the 11 Euro-participating countries cease to be valid for non-cash transactions. According to a Cap Gemini-sponsored survey, 64% of leading European retailers have not yet adapted their accounting and finance systems to the changeover. Cap Gemini also found that 25 % of the companies surveyed do not plan to test their changeover until 2002.
About CRYSTAL
Established in 1987, Crystal Systems Solutions Ltd. (NASDAQ: CRYS - news) provides software renovation solutions, based on its proprietary technology, for complex conversion and migration projects. Crystal has built its conversion expertise through the successful completion of projects for many prestigious Fortune 500 companies, thus establishing its competency and achieving global recognition and presence. The Crystal renovation methodology consists of several phases, including assessment, conversion and testing. This methodology allows for tailor-made adjustments to the automated process, based on client requests, thus providing cost-effective, customized solutions.
Crystals renovation solutions include platform and database migrations, IT mergers and acquisitions, and language upgrades. They are available for mainframe, midrange and client/server computing platforms. Crystal Systems Solutions is a member of the formula Group (NASDAQ: FORTY - news), which is the largest public IT group in Israel. HYPERLINK http://www.crystal-sys.com
About Cap Gemini
The Cap Gemini Group is the leading European management consulting and IT services group. Designing and delivering strategic change through ideas, people and technology, the Group provides management consultancy (Gemini Consulting) and systems designs, integration and outsourcing (Cap Geminis I.T. Services). With a workforce of 40,000 operating in Europe, the United States and the Far East and revenues of 4 billion euro (about $ 4 billion) in 1998, the Group is among the worlds largest information technology providers. Cap Geminis shares trade on the Paris Bourse (CAPP.PA). For more information on the Cap Gemini Group visit the companys World Wide Web site at: HYPERLINK http://www.capgemini.com
About Formula
The Formula Group is an international information technology company principally engaged, through its subsidiaries and affiliates, in providing software consulting services developing proprietary software products, and providing computer-based solutions.
Certain statements contained in this release may be deemed forward-looking statements, with respect to plans, projections, or future performance of the Company, the occurrence of which involves certain risks and uncertainties that could cause actual plans to differ materially from these statements. These risks and uncertainties include but are not limited to: market demand for the Companys tools, successful implementation of the Companys tools, competitive factors, the ability to manage the Companys growth, the ability to recruit and retrain additional software personnel and the ability to develop new business lines.
All names and trademarks are their owners property.
Contact
Iris Yahal/Chief Financial Officer
Crystal System Solutions
972-9-952-6110
Investor Relations Contact:
Richard Schineller/Jill Meleski
Morgen-Walke Associates, Inc.
(212) 850-5600
Press Contacts
Jennifer Gery
Morgen-Walke Associates, Inc.
(212) 850-5600