Companion P&C Selects Chesapeake System Solutions’ T-Recs Enterprise to Automate Account Reconciliation

Chesapeake Provides SaaS Solutionsin Its Secure, State-of-the-Art Data Center

OWINGS MILLS, Md.--(BUSINESS WIRE)-- Chesapeake System Solutions, Inc.® (www.chessys.com), a provider of integrated financial governance, risk management and compliance software solutions to the world’s foremost enterprises, announced today that Companion Property & Casualty (P&C), a leader in property and casualty insurance and services, recently selected its T-Recs® Enterprise system to automate its corporate General Ledger (GL) account reconciliation functions. In addition, Companion P&C also acquired Chesapeake IDM™ (Internet Data Manager), a solution that retrieves third-party financial data automatically over the Internet. Companion selected Software-as-a-Service (SaaS) versions of both software solutions in order to expedite systems transition and take advantage of Chesapeake’s expert staff and secure, state-of-the-art data center.

Chesapeake’s selection resulted from a competitive procurement, where the field of bidders was narrowed to Chesapeake and one other finalist. Companion provided both firms identical sample data to demonstrate their system’s capabilities, and Companion selected T-Recs Enterprise.

Peter Vogelberger, CEO, Chesapeake, says, “The signing of Companion P&C further solidifies Chesapeake’s position as insurance companies’ provider of choice when it comes to integrated financial governance, risk management and compliance software solutions. Companion P&C joins insurance giants such as Aetna, Humana, AIG, Protective Life and more that already rely on T-Recs to transform their reconciliation process with its advanced functionality and processing power. With T-Recs, corporations of every kind gain tighter control over their financial processes from both a management oversight standpoint and an end-user perspective.”

Vogelberger continues, “In opting for SaaS solutions, Companion P&C gains the peace of mind that comes from putting ongoing system operation and maintenance in the hands of an acknowledged expert with advanced facilities. Plus, as more companies are beginning to realize, SaaS solutions confer tangible economic benefits by minimizing IT overhead expenses.”

Beyond the SaaS option, Chesapeake System Solutions’ T-Recs Enterprise also is available as a licensed software offering and an outsourced service. Chesapeake’s other financial governance, risk management and compliance software solutions—SmartAnalysis®, SmartTreasury® and Unclaimed Property Compliance System (UPCS®)—are offered in licensed, SaaS and outsourced versions. All Chesapeake products are backed by outstanding customer support and training.

About Chesapeake System Solutions, Inc.

Chesapeake System Solutions is an industry leader in providing integrated software solutions that simplify the complexities of financial and treasury management operations. Headquartered in Owings Mills, Maryland, Chesapeake provides integrated financial governance, risk management and compliance solutions to the world’s foremost enterprises. Chesapeake’s integrated suite of software solutions brings visibility and control to the processes of general ledger reconciliation, risk management and compliance, while intuitive design features simplify financial data reporting, workflow management, financial oversight and close. Since 1993, Chesapeake’s applications have helped national and international organizations of every size improve productivity, lower costs and document compliance with Sarbanes-Oxley, PCI Standards and other regulations. For more information about Chesapeake and its solutions, please visit www.chessys.com or call 410-356-6805.

Press Contact:
DPR Group, Inc.
Jeanne Zepp, 240-686-1000
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Company Contact:
Chesapeake System Solutions
Jim Alsobrook, 410-356-6805, x141
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Source: Chesapeake System Solutions, Inc.