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Press Release

Nucleus Commences FinnOneTM Implementation in Benelux

October 10, 2007 | Press Release
New Delhi Oct. 10, 2007 - Nucleus Software Exports Limited (NSE: NUCLEUS, BSE: NSEL) today announced the commencement of the Benelux implementation of FinnOneTM retail suite for GMAC International Operations post the successful implementation in Italy.

Also, having fully accomplished the strategic benefits of the investment in equity capital of GMAC Financial Services India Ltd (GMAC India), Nucleus Software has decided to exercise ‘Put option’ (subject to regulatory approval) on the equity shares in GMAC India, in terms of the shareholder agreement with GMAC Financial Services. This coincides with GMAC Financial Services stepping up their equity investment in GMAC India

“We fully support the exercise of the option. Nucleus Software has been an excellent partner over the years and GMAC’s International operations will continue to use Nucleus as one of the preferred IT providers These transactions validate our commitment to the Indian market and desire to position our business for the long term” says Ruud Grin, Regional Vice President for GMAC Asia Pacific.

In 2004, Nucleus Software Exports Limited, one of GMAC’s key international IT partners had acquired 25.1% of GMAC’s Indian operation. “Both parties have benefited from the partnership which enabled Nucleus to obtain an in-depth understanding of our business platforms in Asia Pacific and Europe, and also deepened our strategic relationship”, says Ruud Grin.

Commenting on this development, Mr. Vishnu R. Dusad CEO & Managing Director, Nucleus Software said- “Our association with GMAC continues to be a truly enriching experience. As partners we have gained deep insights and understanding of processes within the markets in which our clients operate. With successful implementation of FinnOne™ suite at Italy, we are now geared up for the next phase at Benelux.”

About GMAC Financial Services

GMAC Financial Services is a global, diversified financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and commercial finance businesses. GMAC was established in 1919 and currently employs about 31,000 people worldwide. At Dec.31, 2006, GMAC held more than $287 billion in assets and earned net income for 2006 of $2.1 billion on net revenue of $18.2 billion. GMAC Financial Services India Ltd. has been present in India since 1997 with headquarters in Chennai and 100 employees in 21 offices across the country. For more information, go to www.gmacfs.com.

About Nucleus Software

Nucleus Software Exports Ltd. is a publicly traded (BSE: 531209, NSE: NUCLEUS), software product company that provides lending and transaction banking products to global financial leaders.

Nucleus Software powers the operations of more than 200 Financial Institutions in over 50 countries, supporting retail lending, corporate banking, cash management, mobile and internet banking, automotive finance and other business areas. Its products facilitate more than 26 million transactions each day, managing over US $ 200 billion of loans and enabling more than 200,000 users logging in daily.

Nucleus Software’s flagship products, built on the latest technology are:
  • FinnOne NEOTM : The next-generation digital lending solution that is built on an advanced technology platform, designed to shape the future of lending across Retail, Corporate and Islamic sectors for banks and other financial service companies. The 10 time winner of ‘World’s Best Selling Lending Solution’, helps digitize the complete loan lifecycle.
  • FinnAxiaTM : An integrated global transaction banking solution used by banks worldwide to offer efficient and Innovative global payments and receivables, liquidity management and business internet banking services.
  • PaySeTM : The world's first online & offline digital payment solution designed and created with an aim to democratize money by making banking services available to the unbanked in remote geographies.
For more information, please visit : http://www.nucleussoftware.com

For Media related information, please contact:

Sunil Kumar Singh / Kiran Hans Khowal

Finese PR

Email: nucleus@finesepr.com
Phone: +91-9818363518 | +91-8375969143