Finland-Based Company begins a global implementation of OneStream XF Cloud CPM Platform
September 29, 2020 02:00 AM Eastern Daylight Time
ROCHESTER, Mich.--(BUSINESS WIRE)--Huhtamaki, a global leader in sustainable food-on-the-go and food-on-the-shelf packaging solutions, has selected OneStream Software to meet its financial consolidation and reporting needs. Headquartered in Finland, Huhtamaki will be replacing Oracle Hyperion Financial Management (HFM) with the unified OneStream XF Cloud corporate performance management (CPM) platform.
“We are honored by the opportunity to address the key challenges raised by the digitalization of finance for such a well-known brand as Huhtamaki”
“Our selection of OneStream was very much based on building our future financial processes supported by a CPM platform that could grow with us,” said Antti Valtokari, Executive Vice President, IT and Process Performance of Huhtamaki. “From our many interactions with the OneStream team, we appreciated their transparency, patience and the polite, yet upfront conversations we had.”
The business case for OneStream was built around modernizing financial processes at Huhtamaki to provide better support for the company’s increasing needs for transparency to business performance and analytical capabilities. With operations across 35 countries and 80+ sites, OneStream was also brought in to support business segment and operational reporting needs with a single, unified platform. Led by the OneStream Services team, Huhtamaki will move forward with a phased implementation approach with over 175 user licenses active during the first half of 2021.
Huhtamaki plans to migrate all financial consolidation and management reporting to the OneStream platform in the first phase of the project. Key details also include increasing the level of automation in the financial close, streamlining the closing of ledgers at the subsidiary level, adding integrations, validations, intercompany elimination functionality, and more. Future phases in mind include extending the solution to cater for financial planning needs at both the group and segment level.
“We are honored by the opportunity to address the key challenges raised by the digitalization of finance for such a well-known brand as Huhtamaki,” said Markus Hultsten, Regional Sales Director Nordics of OneStream Software. “As our second customer in Finland, Huhtamaki will be a great showcase example for other globally operating companies looking to streamline financial close, consolidation and reporting processes with a modern CPM solution. Our growth in Finland underscores the strong demand in the market and the ability of our company to deliver 100% success to organizations worldwide.”
Huhtamaki is a key global player in sustainable food-on-the-go and food-on-the shelf packaging solutions. Our innovative products help billions of consumers around the world make responsible lifestyle choices every day. Today, packaging plays a significant role in food safety and convenience. We are committed to making packaging more circular and we embed sustainability in everything we do. We are focused on achieving carbon neutral production and having all our products designed to be recyclable, compostable or reusable by 2030.
With 100 years of history and a strong Nordic heritage we operate in 35 countries and 81 sites around the world. Our 18,800 employees are working to deliver smart next generation packaging. Our 2019 net sales totaled EUR 3.4 billion. Huhtamaki Group has its head office in Espoo, Finland and the parent company Huhtamäki Oyj is listed on Nasdaq Helsinki Ltd. Find out more about our Sustainability Action Plan and our ambition at www.huhtamaki.com.
About OneStream Software
OneStream Software provides a modern Corporate Performance Management solution that unifies and simplifies financial consolidation, planning, reporting, analytics and financial data quality for sophisticated organizations. Deployed in the cloud or on-premise, OneStream XF is one of the first and only solutions that delivers corporate standards and controls, with the flexibility for business units to report and plan at additional levels of detail without impacting corporate standards – all through a single application.
The OneStream XF MarketPlace features downloadable solutions that allow customers to easily extend the value of their CPM platform to quickly meet the changing needs of finance and operations. OneStream was named to the 2019 Inc. 5000 as one of the top 700 fastest-growing companies in North America.