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News

ComplyXL for European property developers

Lyquidity Solutions : 21 April, 2009  (Application Story)
Segro invests in ComplyXL from Lyquidity to gain control over spreadsheets in the company's distributed locations and meet regulatory compliance requirements
Segro is Europe's leading property investment and development company providing business space across Europe, and is one of the largest REITs in the world. With headquarters in the UK, Segro has locations across Europe in Belgium, the Czech Republic, France, Germany, Hungary, Italy, the Netherlands, Poland and Spain.

With assets of £5.1 billion and 5 million sqm of business space, and an annual rental income of approximately £290 million Segro needed to find a way to manage and streamline the information and reporting of both financial and property information held in spreadsheets.

Segro was about to launch a new MRI finance group application so it was vital all data feeding in was controlled with changes approved and with a full audit trail of changes. This information was both financial and property, and included such information as area, how much was let, how much was vacant etc. With the information being checked manually the time taken was significant and had the potential for errors.

As the spreadsheets were being updated on a daily basis, with no real way to check the spreadsheets or control the changes except manually, it became imperative that spreadsheet controls were put in place in a non intrusive way, that could be rolled out easily throughout Europe with minimal disruption.

Rob Healey, Service Delivery Manager for Europe was tasked with finding a solution that would link into the new initiative to analyze the information, both the financial and property details, held in spreadsheets across Europe, to be able to report on the changes all the way to cell level and then to send notifications to the owners of the spreadsheets that the document had changed, all in a fast and verifiable way.

The project was initiated in France with 45 users spread across 9 different countries in Europe. These users included the Finance Accountants, Property Managers and Country Managers with the information feeding into the central store, the changed spreadsheets saved, with their full version then analyzed every day.

'Once ComplyXL was installed, it saved us enormous amounts of time in the analysis of spreadsheet changes. With the property information when it changes it causes a ripple effect, now with the changes being easy to track down and easy to see and approve, we have confidence in the information. For instance in Germany we have 110 properties, so any changes to information in our spreadsheets, we can now easily filter and understand, we know and trust the quality of information' said Rob Healey.

He goes on to say 'the support from Lyquidity has been tremendous, from the initial contact with the demonstration of ComplyXL, all the way through to loading license files, they have helped us at very short notice. It's always nice to get good service from a software vendor, as some just sell you the product and you have to struggle to get the right resource to help. Lyquidity have been tremendous and I would recommend them'
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