New York Magazine Holdings LLC installs CODA-Financials in Four Weeks

CODA Group (AIM: CSY), today announced that New York Magazine Holdings LLC, publisher of New York magazine, has gone live on CODA within six weeks of completing its acquisition of the title.

As part of the deal, New York Magazine needed to transition off the previous owner’s accounting software in a very short time. That meant that the magazine’s Finance Department had to have a new accounting system up and running within six weeks. CODA-Financials was ready in four.

“The timetable for the project may be startling to people used to project implementations for ERP and financial systems taking months or even years,” said Steve Pugh, CEO, CODA Financials Inc. “CODA’s best-of-class philosophy is well suited to businesses such as publishers that have complex finances. Its flexibility in implementation and logical, accountant-friendly unified ledger approach mean that businesses involved in mergers and acquisitions can remodel their financial management systems in the quickest possible time, maximising business continuity. Additionally, New York magazine had utilised CODA prior to its transition to Oracle in October, 2003 under a previous owner.”

Switching rapidly and smoothly from the previous owner’s accounting system to that of the new is increasingly important in acquisition situations, yet is made more complex by growing corporate regulation.

“The transfer of financial control during the acquisition phase of a business is critical,” said Steve Pugh. “The ease or difficulty of this process can, according to estimates, affect the business valuation by plus or minus 15%. That can be a pressing reason for selecting financial software that can be implemented quickly. I can’t think of another software vendor that could offer an enterprise system with CODA’s capabilities, and implement a multi-site, multi-user system in this time frame. Once again, CODA’s speed and flexibility has helped another customer complete a business acquisition, and maintain business continuity while reorganising the company’s finances to accommodate the change of ownership.”