Ramco Systems Bags BFSI Order; Shares Surge | CORPORATE ETHOS

Ramco Systems Bags BFSI Order; Shares Surge

By: | October 24, 2017

Oct 24: After being rewarded the ‘Highly recommended Payroll Software Supplier of 2017’ by Global Payroll Association, Ramco Systems Ltd, a leading enterprise software company focusing on enterprise cloud platform, products and services, on Tuesday announced that it has won a multi-million dollar payroll transformation order from one of the FTSE 100 constituent and British multinational banking & financial services company.

Ramco will enable the BFSI major in consolidating its multi-country Payroll on a unified platform and provide managed Payroll services for its associates spread across 14 countries.

“With Ramco’s Global Payroll platform, the BFSI major will derive benefits of a unified payroll processing system which will effectively and efficiently handle operations of 8500+ employees across Asia covering Vietnam, Brunei, Bangladesh, Sri Lanka & Nepal; and the Middle East covering Iraq, Bahrain, Oman, Qatar, Saudi Arabia, Egypt, Lebanon, Jordan and UAE in Phase 1. The scope includes providing Payroll, Taxes, Time & Attendance, Leave Management, Loans and Reimbursements and Self Service,” the company said in a statement.

Virender Aggarwal, CEO, Ramco Systems, said, “this win further reaffirms the strength in our Payroll platform to address multi-country statutory needs with ease. By leveraging a platform as a service for managing Payroll, the banking major will be able to drive standardization, yet have the required flexibility at country/regional level. We look forward to leveraging our global Payroll platform story to further build momentum across markets.”

Shares of the company surged more than 12% to touch a new one month-high of Rs 428.90 intraday Tuesday on BSE after the announcement came in.