Intermodal container leasing company Textainer has purchased Real Asset Management (RAM)’s fixed asset software to comply with new corporate governance requirements.
The new software, which will help the company meet IFRS and US GAAP regulations, whilst also assisting with the upcoming IFRS 16 lease accounting rules that will become effective in 2019, replaces an older in-house system.
In addition to enable management of the fundamentals of asset accounting while helping towards compliance with all financial directives, the purchase of RAM’s system also aims to accommodate growth.
Gregory Coan, chief information officer at Textainer, said: “Our previous solution was written in-house 13 years ago. While it has served us well, our fleet size has grown dramatically and the dynamics of our business have evolved.
“This led us to the purchase of a new, specialist tool that can be tailored to our requirements and that delivers crucial functionality when it comes to fixed asset management.”
In the past, RAM had supplied its software to a company acquired by Textainer in 2009, Amficon.
“Our work with RAM during the migration of that fleet into our systems contributed to the confidence we had in engaging them for this requirement,” Coan added.
Textainer, which is headquartered in Bermuda, has a fleet of over 3.2m teu.