Adapteo: quick and flexible treasury actions after a demerger
Adapteo's new treasury unit had a few months to stand up after demerging from Cramo. ZenTreasury enabled implementation without a time-consuming host-to-host connection.
Customer
Adapteo, Sweden
Case Adapteo
Quick and flexible treasury actions. Case Adapteo.
Adapteo is a leading Northern European company for adaptable buildings, domiciled in Finland. The company was established through a partial demerger from Cramo in summer 2019. Adapteo builds, rents out and sells buildings for schools, daycare centres, offices, elderly care facilities and events for both temporary and permanent needs. All buildings are based on a modular and circular construction concept and can be adapted when user needs change. The majority of Adapteo’s customers are in the public sector. Adapteo was listed on the Stockholm Stock Exchange with trading beginning July 1, 2019. Adapteo’s 2019 revenue was 216 million euros.
Adapteo was born from Cramo’s partial demerger. The director of Treasury and Risk Management, Jesse Räisänen, explains that creating the treasury unit began in spring 2019 with a goal for demerger completion by early July. Many treasury procedures and models were inherited from Cramo.
“In the beginning there wasn’t even a company for which a treasury system was searched for. This enabled reconstruction, although many procedures and models came from the old company.”
The treasury software was put to tender among four service providers. ZenTreasury was selected as one of two finalists. According to Räisänen, the decision hinged on system flexibility, accessibility and implementation speed.
“Our timetable was quite ambitious and we had to set everything up in a few months. With the help of ZenTreasury’s system we were able to avoid building a host-to-host connection, which is known for being time-consuming.”
The project start, implementation and communication proceeded excellently. Proper preparation ensured easy and quick system implementation. Adapteo’s focus was learning practical software usage, such as entering contracts into the system.
The system supports development
Implementing the system created opportunities for developing treasury operations and established a strong foundation for future growth. Räisänen notes that centralizing information saves time and creates confidence.
“After about a year we have reached the situation where we can take the next step in developing the system. All in all we are pleased that ZenTreasury has been able to provide us with the service we were looking for.”
Cloud computing enables telecommuting
Adapteo pursued operational development without legacy company structures or constraints. Development work proceeded quickly and simply without unnecessary bureaucracy. Communication with ZenTreasury remained straightforward.
“We took a risk by choosing a smaller partner. So far our needs have been met really well. You can see that ZenTreasury wants to develop their client relationships. The answers are quick and the threshold for communication is low. We have also noticed that the cloud computing works like it’s meant to work and we are able to take care of things remotely.”
To learn more about Adapteo visit adapteogroup.com.
Photography: Laura Karppanen.
About ZenTreasury. ZenTreasury is the financial contract accounting engine for the Office of the CFO. Multi-entity IFRS 16, IFRS 9 amortised cost, IAS 21, IAS 37 and FRS 102 today; ASC 842 and IFRS 18 coming soon. Offices in Helsinki, Finland and Dubai.