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BearingPoint Builds Momentum in Energy Industry Through Partnership with SAP
Company Sees Rising Demand for SAP® Solutions in Energy Industry
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ORLANDO, Fla.- May 6 2008 -BearingPoint, Inc. (NYSE: BE), one of the world's largest management and technology consulting firms, today announced that it is seeing an increase in joint customer engagements with SAP AG across the energy industry, as oil and gas companies struggle to integrate information and streamline processes to remain competitive.
BearingPoint, an SAP global services partner, made the announcement at the SAPPHIRE® 2008 Orlando conference, where BearingPoint is exhibiting in booth #2124.
Oil and gas companies require industry-leading practices along each stage of their process—from exploration to production, refining and transportation—to bring fossil fuels from the depths of the earth to consumers on-time and on-budget. As a result, they are making significant, strategic investments to improve asset management systems, data warehousing and analytics.
BearingPoint’s global team of energy consultants work with clients worldwide to deploy SAP® ERP, SAP NetWeaver® Business Intelligence (SAP NetWeaver BI), SAP Supplier Relationship Management (SAP SRM), SAP NetWeaver Master Data Management (SAP NetWeaver MDM) and other SAP solutions for both upstream and downstream oil and gas companies.
Urals Energy, a leading independent oil company in Russia, selected BearingPoint for the technical implementation of its Corporate Performance Management (CPM) system to automate management reporting and consolidated financial reporting in compliance with International Financial Reporting Standards, as well as operational budget planning processes. Urals Energy selected the SAP NetWeaver platform as the foundation of its corporate data warehouse, which in turn served as a basis for the remaining CPM project sub-systems. Virtually the entire core business intelligence functionality was utilized in the project scope, while the use of the SAP Netweaver Portal enabled an easy, user-friendly interface to operate CPM functionality with a single log-on.
BearingPoint helped Penn Virginia Corporation (NYSE:PVA), an independent natural gas and oil company based in Radnor, Penn., deploy SAP ERP financials application and SAP Netweaver BI. Based on its experience with Penn Virginia, BearingPoint designed an upstream template solution to help mid-market companies jump-start IT deployments. The integrated template uses SAP software across the upstream value chain, spanning land management, exploration and drilling, production and revenue accounting, joint interest accounting, supply chain management and financial accounting. The upstream template solution will give other mid-market energy companies, like Penn Virginia, management access to key business information, simplified monthly closing and reporting capabilities, as well the ability to include multiple business units.
“We are committed to helping energy companies integrate disparate, decentralized systems, implement the latest ERP software, improve supply chain analysis and management, and facilitate collaboration among suppliers, contractors and vendors,” said Reid Morrison, BearingPoint senior vice president, energy & chemicals. “Our partnership with SAP is a key element in enabling us to do these things for our clients in a highly effective and efficient way.”
BearingPoint has also developed tailored solutions and capabilities in response to the changing electric, gas, water, wastewater and solid waste utility marketplace.
For more information on the partnership between BearingPoint and SAP, or BearingPoint services for the energy industry, visit www.bearingpoint.com .
About BearingPoint, Inc.
BearingPoint, Inc. (NYSE: BE) is one of the world's largest providers of management and technology consulting services to Global 2000 companies and government organizations in 60 countries worldwide. Based in McLean, Va., the firm has more than 17,000 employees focusing on the Public Services, Financial Services and Commercial Services industries. BearingPoint professionals have built a reputation for knowing what it takes to help clients achieve their goals, and working closely with them to get the job done. Our service offerings are designed to help our clients generate revenue, increase cost-effectiveness, manage regulatory compliance, integrate information and transition to “next-generation” technology. For more information, visit the company's Web site at www.BearingPoint.com .
For more information, contact:
BearingPoint, Inc.
Gina Giamanco, 609-575-3049
Director, Global Communications
gina.giamanco@bearingpoint.com
or
Joyce VanDuzer, 732-927-0577
Director, Global Communications
ce-josephine.vanduze@bearingpoint.com
Some of the statements in this press release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations, estimates and projections. Words such as “will,” “expects,” “believes” and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are based upon assumptions as to future events or our future financial performance that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecast in these forward-looking statements. As a result, these statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Trademarks: BearingPoint® is a registered trademark of BearingPoint, Inc. or its affiliates in the United States and other countries.
SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries all over the world. All other product and service names mentioned are the trademarks of their respective companies.
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