ATLANTA, Oct. 02, 2023 (GLOBE NEWSWIRE) -- Lucasys, a leading cloud software and service provider for rate-regulated utilities, announced today they have entered into a Strategic Teaming Agreement with Utegration®, a Cognizant company.
“As Lucasys continues to innovate and provide dynamic solutions to utility’s financial systems and processes, our partnership with Utegration represents a significant leap forward in our ability to serve those utilities using SAP® ,” stated Stephen Strang, Chief Technology Officer of Lucasys. “This collaboration exemplifies our commitment to delivering cutting-edge solutions that meet the evolving needs of the utility industry.”
Lucasys Tax Depreciation and Deferred Tax software solutions provide utilities with a robust platform for the tracking of tax fixed assets, cost recovery, and accumulated deferred income taxes. Together with Utegration’s Finance4U® Extended Asset Accounting solution, Lucasys and Utegration now offer a full suite of asset and tax accounting software solutions for utilities running SAP’s S/4HANA.
“The pace of change in the industry is pushing utilities to modernize their operations and run their businesses as close to real-time as possible – especially as it relates to finance,” said Henry Bailey, Senior Director, Strategy and Domains at Utegration. “With this offering from Utegration and Lucasys, utilities can now enjoy the power of an integrated, best-in-class utility accounting suite that gives them easier access to the accurate, real-time financial data they need for today and tomorrow.”
This partnership will help customers realize a:
- Complete replacement for utilities’ legacy fixed asset accounting and income tax solutions
- Thorough tax cost recovery and deferred income tax computing solution
- Versatile integration with Finance4U Extended Asset Accounting
About Lucasys
Lucasys provides software and technology-enabled services to empower finance, accounting, and tax professionals in asset-intensive industries to optimize the financial performance of their fixed assets and proactively meet changing regulatory and compliance requirements. With a core focus on rate-regulated utilities, Lucasys provides the industry and domain expertise utilities require to meet their business objectives.
The Lucasys team is composed of accounting, tax, and technology professionals who have spent decades solving the most difficult challenges utilities face. Utilities across North American utilize Lucasys solutions to manage their tax fixed assets, track tax accounting and regulatory impacts, augment internal teams, and operate tax and accounting functions.
To learn more about Lucasys, visit https://www.lucasys.com.
About Utegration
Utegration is a full-service consulting and solution provider specializing in SAP® technology and SAP-certified products for the energy and utilities sectors. Acquired by Cognizant in 2022 to expand its SAP capabilities for energy and utilities clients, Utegration builds and optimizes new technology for asset operations, customer experience, finance, and regulatory reporting to simplify operations, lower risk and maximize our clients’ return on investment.
Utegration's industry experts have earned the trust of energy and water providers across North America with outcome-driven roadmaps and a track record of successful implementations. Our innovative solutions include Finance4U®, MeterData4U® and Utility4U™—the most comprehensive cloud platform designed just for utilities and built on SAP RISE.
Learn more about Utegration at www.utegration.com.
