Oracle implements financial management application at Romtelecom

Software developer Oracle has implemented a software application at Romtelecom, which manages financial processes, inventories and acquisitions, as a result of a project run over a two-year period, announced the IT company yesterday. The two parties did not specify the value of the contract. The IT application targets financial, acquisition, inventory planning and management processes, transaction control, automation of business processes in the financial-accounting sector, management of fixed assets and of the cash flow. A joint consultant team from Romtelecom and Oracle Romania handled the project. According to the release, the IT solution developed for Romtelecom is one of the biggest Oracle application projects in Romania and among the biggest in Eastern Europe, with over 1,000 users. The American software developer has had a presence in Romania through its subsidiary, Oracle Romania since 1995. The subsidiary is 99.9% owned by Oracle East Central Europe Service BV (Holland). The fixed telephony operator manages some 3.77 million phone lines.