Torchmark Corporation Selects Lawson Software to Support Growth
Lawson system to provide tools to help consolidate operations and streamline business processes
ST. PAUL, Minn.--(BUSINESS WIRE)--Feb. 20, 2008--Lawson Software (Nasdaq: LWSN) today announced that Torchmark Corporation (NYSE: TMK) licensed the Lawson S3 Human Capital Management, Enterprise Financial Management and Enterprise Performance Management Suites in addition to the Lawson System Foundation 9 technology platform to support its long-term growth. The contract was signed during Lawson's third quarter of fiscal 2008, which ends Feb. 29, 2008.
Torchmark Corporation is a holding company specializing in life and supplemental health insurance for "middle income" Americans. Its major insurance company subsidiaries include Globe Life and Accident, American Income Life, Liberty National Life, United American and United Investors Life.
Danny Almond, chief accounting officer, Torchmark Corporation, said, "We wanted to consolidate our different financial reporting, payroll and human resource systems into an enterprise-wide state-of-the-art system, making it easier and more cost effective for us to manage these functions for our existing companies and any companies we might acquire in the future. Moreover, the Lawson Strategic Ledger module will allow us to store insurance policy data from all of our subsidiaries in one system. This will give our actuaries more time to conduct trend analysis by eliminating the need to manually reconcile information across multiple policy databases and shorten the month-end financial close cycle by one day. We also wanted to work with a vendor we could depend on to maintain the system long after implementation. Lawson's reputation as a long-term partner and its flexible, web-based applications made it the best fit."
The insurer will use Lawson S3 Human Capital Management to help reduce the time employees spend on repetitive tasks, such as check processing and benefit administration. "Lawson Employee and Manager Self-Service, along with automated open enrollment and payroll, will allow us to manage a growing workforce without adding HR staff," said Al Bowie, vice president of Human Resources, Torchmark.
Lawson Professional Services will provide implementation services for the system rollout. Once implemented, the Lawson system will interface with third-party check writing, policy master file and claims processing systems.
"Insurance companies want affordable business systems that will help them automate regulatory compliance, contain costs and boost efficiency," said Robert Peterson, marketing director, Industry Markets, Lawson Software. "Our software and services simplify administrative tasks so insurers can focus on serving their customers."
About Lawson Software
Lawson Software provides software and service solutions to 4,000 customers in manufacturing, distribution, maintenance and service sector industries across 40 countries. Lawson's solutions include Enterprise Performance Management, Supply Chain Management, Enterprise Resource Planning, Customer Relationship Management, Manufacturing Resource Planning, Enterprise Asset Management and industry-tailored applications. Lawson solutions assist customers in simplifying their businesses or organizations by helping them streamline processes, reduce costs and enhance business or operational performance. Lawson is headquartered in St. Paul, Minn., and has offices around the world. Visit Lawson online at www.lawson.com.
Forward-Looking Statements
This press release contains forward-looking statements that contain risks and uncertainties. These forward-looking statements contain statements of intent, belief or current expectations of Lawson Software and its management. Such forward-looking statements are not guarantees of future results and involve risks and uncertainties that may cause actual results to differ materially from the potential results discussed in the forward-looking statements. The company is not obligated to update forward-looking statements based on circumstances or events that occur in the future. Risks and uncertainties that may cause such differences include but are not limited to: uncertainties in Lawson's ability to realize synergies and revenue opportunities anticipated from the Intentia International acquisition; uncertainties in the software industry; uncertainties as to when and whether the conditions for the recognition of deferred revenue will be satisfied; increased competition; uncertainty regarding potential future deterioration in the market for auction rate securities which could result in additional permanent impairment charges, global military conflicts; terrorist attacks; pandemics, and any future events in response to these developments; changes in conditions in the company's targeted industries and other risk factors listed in the company's most recent Quarterly Report on Form 10-Q and the most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. Lawson assumes no obligation to update any forward-looking information contained in this press release.
SOURCE: Lawson Software
Lawson Software
Joe Thornton, 651-767-6154
joe.thornton@us.lawson.com
or
Weber Shandwick
Jenny Myers, 217-649-2965
jmyers@webershandwick.com
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