Banking and financial services group UBS has selected Oracle’s cloud based Fusion Human Capital Management (HCM) product to help support its HR function.
The software-as-a-service (SaaS) module will provide information and tools to a 65,000-strong workforce across more than 50 countries.
Although no specific details were provided, UBS has said that it plans to take advantage of ‘future enhancements’ to Oracle Fusion HCM.
“UBS needs an HCM solution that works globally and can help transform the way our HR organisation delivers services,” said John Bradley, global head of HR at UBS.
“We believe that Oracle Fusion HCM will significantly increase our HR core platform capability.”
Earlier this year Oracle laid out its plans for the HCM software market, shortly after announcing plans to buy cloud-based HCM vendor, Taleo, for some $1.9 billion.
There was some confusion at the time as to how Taleo’s product portfolio would align with Oracle’s Fusion HCM software, as both are available as software-as-a-service.
However, Oracle has since said that Taleo will allow it to sell ‘fringe’ products, such as recruitment, into companies that have already invested in core HR software systems, such as payroll and benefits management.
“As a significant Oracle customer for many years, including the long-term use of Oracle’s PeopleSoft as our core HCM platform, we were looking for a next generation business-enabling solution that allows us to maintain our security and data protection, whilst reducing total cost of ownership,” said Michele Trogni, UBS's group CIO.
“We regard Oracle Cloud HCM Services as a good fit with our own technology strategy.”
In other news, UBS has said that it plans to sue Nasdaq for the full £227 million it lost during the botched Facebook IPO earlier this year.
The IPO was riddled with technical problems, which led to a delay of 30 minutes on share trades being processed. The problem stemmed from Nasdaq’s IPO Cross - a pre-IPO auction process that the exchange put in place in 2006 that allows traders to place orders and agree on an IPO price before the stock is officially launched - which couldn’t handle the trading demand.
This led to a number of brokerages suffering financial losses after losing out on half an hour of trading and not receiving up-to-date information.