LuLu and Mashreq Partner with Kyriba for Finance Transformation
Deal News | Jan 24, 2025 | Zawya
Mashreq has partnered with Kyriba, a leader in cloud treasury solutions, to create a customized finance transformation plan for LuLu Group International. This initiative aims to overhaul LuLu's financial operations including payments, liquidity management, and automation. The transformation plan will consolidate several financial functions into a single platform providing real-time visibility and facilitating efficient fund transfers. The first phase integrates over 35 banks to streamline operations. With operations in 25 countries, LuLu seeks to improve financial efficiency and sustainability as it plans for a public listing. Kyriba's platform brings enhanced visibility, fraud control, and cost savings, driven by real-time data. The strategic partnership positions LuLu at the forefront of financial innovation, as articulated by Joel Van Dusen of Mashreq and EP Nampoothiri of LuLu. The initiative is phased, promising expanded functions in coming months.
Sectors
- Financial Services
- Retail
- Technology
Geography
- Middle East – Mashreq is one of the leading financial institutions in the MENA region, providing services to LuLu across their operations in this geography.
- United Arab Emirates – Both Mashreq and LuLu Group have significant presence in the UAE, where this financial transformation is being implemented.
Industry
- Financial Services – The collaboration involves Mashreq and Kyriba, both providing financial solutions, including transformation of treasury and finance functions for LuLu Group.
- Retail – LuLu Group International operates hypermarkets across multiple regions, representing the retail sector.
- Technology – Kyriba, a provider of cloud-based treasury and finance solutions, illustrates the technology industry's role in financial operations transformation.
Financials
- 7.3 billion – LuLu Group International's annual revenue in 2023, signifying its scale and operational reach.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Mashreq | Financial Services Provider | Company | A leading financial institution in the MENA region, partnering with LuLu for financial transformation. |
| Kyriba | Technology Provider | Company | A global leader in cloud treasury and finance solutions partnering to enhance LuLu's financial systems. |
| LuLu Group International | Target Company | Company | A multinational conglomerate focusing on hypermarket businesses in the GCC and across the globe. |
| Joel Van Dusen | Group Head of Corporate and Investment Banking at Mashreq | Person | A senior executive at Mashreq leading the initiative with LuLu and Kyriba. |
| Amer Chebaro | Sales Leader, CEMEA at Kyriba | Person | Leading Kyriba's sales efforts in partnership with Mashreq for LuLu's transformation. |
| EP Nampoothiri | Director Finance at LuLu | Person | Overseeing LuLu's financial operations transformation as part of the public listing preparation. |