Business case Galapagos
Galapagos: key information
- Business sector: biotechnology
- Group founded in 1999
- Headquarters: Mechelen
- Listed company (Euronext: GLPG; OTC: GLPYY)
- Present in 6 countries
- Consolidation in IFRS
- More information: glpg.com
The return on investment – in brief
- Timely production of the results
- Significant improvement in the quality of the information
- A strong audit trail
Galapagos is experiencing a strong growth and the need imposed to change from a consolidation and reporting every six months to a monthly production of the consolidated accounts. The previous package that the group was using showed some weaknesses and did not support to evolve along with the group.
The Financial Direction was looking for a reliable software that could produce monthly consolidated accounts and meet their fast close objectives.
The group chose Sigma Conso Consolidation & Reporting to perform its consolidation and reporting for the following reasons:
- The excellent reputation of Sigma Conso
- The very complete consolidation and reporting functionalities
- The different audit options
- The stability and ease of use of the software
The implementation of the software went very smoothly and the group was operational in no time.
Sigma Conso Consolidation & Reporting helps the group to realize its main objective, which is to shorten their closing time-frame. This is possible thanks to the various functionalities available in the software (management of currency and translation adjustments) and the reliability of its consolidation and reporting engine. Furthermore, it also guarantees audit quality and complete information traceability.
Chris Pollie, Senior Finance Director Group at Galapagos explains:
“The previous package we were working with did have some weaknesses and did not allow us to change to a monthly consolidation of our accounts. With the implementation of Sigma Conso Consolidation & Reporting, we are able to shorten our closing time-frame and this with an improved information quality. Furthermore, the functionality of the Excel Add-in allows us to create dynamic reports: a significant added-value!”