Mamut and Validis enter into a strategic alliance to deliver unique web-based accounts validation service to SMEs

Friday, November 9th, 2007

Mamut, a leading European provider of complete, integrated software solutions and internet services for small and medium enterprises (SMEs), and Validis™, the provider of revolutionary on-demand data checking services for financial accounts, today announce the formation of a strategic alliance.

Under the terms of the agreement, Validis will provide SME users of the Mamut Business Platform with a simple, automated way of validating 100% of their accounts data in a matter of seconds, dramatically improving the speed and accuracy of accounts reviews. When undertaken manually, producing these reports can take several hours and only includes a sample of transactions held in a company's accounting system.

Validis is developed by Future Route Ltd, specialists in the development of highly complex data analysis software for various mass markets. Validis software uses a combination of business intelligence and advanced data algorithms to streamline error-checking by applying rules and analytics to every transaction, enabling SMEs and their professional advisers to run comprehensive "health-checks" on their accounts. This enables customers to identify errors; spot anomalies; highlight suspicious transactions; view business trends; check against internal and external accounting rules; and generate powerful management reports in seconds, meaning users can maintain their accounts efficiently and publish them with total confidence.

Extending Mamut Business platform and enhancing customer service

Validis will be seamlessly integrated into the Mamut Business Platform through the use of its powerful synchronisation technology and will form an important strategic component of Mamut's offering. It will provide its users, which include small businesses and their accountants and bookkeepers, with access to premium services that will enable them to gain strategic insight into the financial health of their businesses. Not only will Validis validate accounting data online in seconds but it will reduce the time and costs associated with the accounting process and improve the quality and accuracy of the financial reports produced.

With Validis, Mamut will be able to increase its reach to accountants and auditors, in all its core markets.

Expansion of Validis in Europe

To date, Validis has been offering its services in the UK, but will expand into the European market in partnership with Mamut from 2008. Mamut's Software and Services strategy allows Validis to seamlessly integrate with the Mamut Business Platform providing a differentiated service for Mamut and a perfect distribution channel for Validis' web-based solutions to SMEs throughout Europe and Scandinavia. Presently, Validis has developed versions for Sage, MYOB and QuickBooks in UK only.

Mamut and Validis will enhance their offering by tailoring their service to meet individual country-specific accounting requirements and legislation. This will reduce the costs associated with localised work in individual markets, enabling the companies to differentiate their offering and ensuring the Validis service can be rolled out rapidly.

Mamut has obtained exclusivity for Validis SME services in Norway, Sweden, Denmark, Germany, Austria and Spain and will also offer the service to customers in other European countries including the UK and Ireland.

Pioneering technology

Validis' technology has been developed in conjunction with leading academics and scientists in the field of Inductive Logic Programming, an emerging branch of Machine Learning and Artificial Intelligence, using principles of rule induction and statistical inference in its algorithms to provide unsurpassed data insight and discovery.

Commenting on today's announcement, Eilert Hanoa, CEO of Mamut ASA said:

"The partnership with Validis gives all our customers an opportunity to validate their accounts quickly and efficiently before presenting their numbers internally to the management team, board or shareholders, or externally when reporting to government or financial institutions. Mamut and Validis will bring the power to comprehensively review a set of accounts to all company owners and directors, accountants and auditors at the click of a button."

Stewart Holness, CEO of Future Route said:

"The inclusion of Validis' web-based solutions in the Mamut Business Platform is an important strategic step for us and this partnership will play a key role in our expansion strategy. Mamut's extensive knowledge of the SME segment and their 335,000 customers throughout Scandinavia and Europe provide us with the opportunity to significantly grow our user base and build the Validis brand throughout Europe. At present, Mamut is the only SME software company combining SaaS in a way that makes our technology seamlessly integrated with a full blown SME business software offering."

 

About Mamut ASA:

Founded in 1994, Mamut (OSE "MAMUT") is a leading European provider of complete, integrated software solutions and internet services for SMEs. Mamut offers complete and user-friendly solutions at the best value for money integrating CRM, sales force, logistics, accounting, e-commerce, domains, e-mail, web hosting and security. More than 400,000 European customers simplify their daily business with solutions from Mamut. Further information about Mamut and the company's products can be found at www.mamut.com.

 

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