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Monday August 12, 8:32 am Eastern Time
Bank of Hawaii Selects nextSource Inc. for its Talent Acquisition Management Solution
NEW YORK--(BUSINESS WIRE)--Aug. 12, 2002--nextSource Inc. - a
wholly owned subsidiary of Formula Systems LTD (NASDAQ:FORTY - News), and a
leading provider of Human Capital Management Solutions - announced
today that Bank of Hawaii (NYSE: BOH - News), has selected its Talent
Acquisition Management Solutions(TM) (TAMS) software to manage their
recruiting, agency and applicant management processes.
nextSource will provide Bank of Hawaii with a company-wide
web-based solution, empowering the company to automate and streamline
its current staffing practices.
"Our partnership with nextSource will help Bank of Hawaii continue
to achieve its objectives of reducing costs and increasing
efficiency," said Vice Chairman and Director of Human Resources Neal
Hocklander. "With its real-time reporting capabilities and effective
procurement practices, nextSource will aid in our efforts to
streamline our processes for acquiring temporary staff and
consultants."
"The team at nextSource is very proud to have been selected as
Bank of Hawaii's Vendor Management partner," said Joseph Musacchio,
President/CEO of nextSource. "Bankoh has demonstrated a progressive
vision in deploying this leading-edge solution to help them reduce
their staffing costs while maintaining quality recruiting services."
With the experience of its executive team, nextSource Inc. boasts
extensive collective knowledge of the staffing industry and its
processes. The team knows and understands these processes from
internal client perspectives, as well as from external supplier points
of view. As a result of this experience, nextSource has developed a
unique business model to provide a single source for corporate
customers for all their related staffing and human resources needs.
The cornerstone of nextSource's unique business model is its
Talent Acquisition Management Solution (TAMS). nextSource has blended
its web-based Talent Acquisition Management Solution with other
related work services. These services include a Job Board for both
onsite and offsite jobs, HR Services which include payrolling,
benefits administration, etc., The People Ticker(TM) a real-time
online rates and salaries resource, and The Multiple Listing Staffing
Association(TM) (MLSA), an industry-wide agency exchange.
For additional information on nextSource's Talent Acquisition
Management Solution, as well as all of the other services provided,
visit www.nextsource.com.
About Bank of Hawaii
Founded in 1897, Bank of Hawaii is the leading locally
headquartered commercial bank in Hawaii. It is the primary subsidiary
of Bank of Hawaii Corporation, a regional financial services company
with assets of $9.8 billion as of June 30, 2002. The company and its
subsidiaries provide varied financial services to businesses,
consumers and governments in Hawaii, the West Pacific and American
Samoa.
About nextSource
nextSource, headquartered in New York City is a subsidiary of
Formula Systems LTD. The company designs, develops and implements
web-based, high quality, innovative Human Capital Management
Solutions. These offerings allow customers to manage the business
processes of job posting and fulfillment, vendor selection,
evaluation, and management; accrual of spend; MWDVBE compliance; skill
set and market-rate benchmarking. An Oracle and Microsoft Certified
Partner, nextSource has patents pending on both its Talent Acquisition
Management Solution (TAMS) and The People Ticker.
Founded in 1985, Formula Systems (1985) LTD (NASDAQ: FORTY - News) is an
international Information Technology company, principally engaged
through its subsidiaries and affiliates, in providing proprietary
software products, computer based solutions and software consulting
services.
Contact:
nextSource Inc., New York
Ed Remus, 212/736-5870
eremus@nextsource.com
or
Kate Rudgers, 212/736-5870
krudgers@nextsource.com
 
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