First Horizon National Corp. Awards Procurement Services Contract to Accenture
MEMPHIS, Tenn.; March 13, 2007 – Accenture (NYSE: ACN) will provide First Horizon National Corp. (NYSE: FHN) with procurement services under a seven-year business process outsourcing (BPO) agreement. Financial terms of the contract were not disclosed.
The agreement is designed to reduce First Horizon’s costs for purchased goods and services through improvements to supplier relationships, processes, technology and spend compliance.
"This is part of our overall strategy to improve efficiencies as we position First Horizon for long-term earnings growth,” said Jerry Baker, CEO of First Horizon National Corp. “We believe this agreement with Accenture will drive down our expense base while enabling us to continue providing high-quality service to our customers.”
Under the agreement, Accenture will provide First Horizon with the full range of source-to-pay capabilities, including strategic sourcing and category management, requisition-to-purchase-order processing, invoice processing, and travel and expense processing. These capabilities will be supported by Accenture‘s source-to-pay technology platform. Accenture has already begun working with First Horizon in the area of strategic sourcing and category management and is expected to begin providing the additional services later this year.
The services will be delivered by Accenture Procurement Solutions, using Accenture’s global delivery centers in Texas and India.
The initiative will be managed under the leadership of Tom Baker, First Horizon’s chief procurement officer, who said, “Accenture’s team brings deep procurement experience and capabilities that would have been more costly to create internally. I look forward to a long and successful partnership with Accenture.”
Hap Brakeley, global managing director of Accenture Procurement Solutions, said, “Looking to improve business outcomes and achieve cost efficiencies, businesses like First Horizon are increasingly seeking the opportunity to increase control of their procurement functions and leverage proven tools and capabilities to help provide substantial value to the bottom line. We look forward to helping First Horizon achieve its strategic business goals.”
About First Horizon
The 12,000 employees of First Horizon National Corp. (NYSE: FHN) provide financial services to individuals and business customers through hundreds of offices located in more than 40 states. The corporation’s three major brands—FTN Financial, First Horizon and First Tennessee – provide customers with a broad range of products and services including:
- Capital markets, one of the nation’s top underwriters of U.S. government agency securities
- Mortgage banking, one of the nation’s top mortgage originators and recipient of consecutive awards for servicing excellence from Fannie Mae and Freddie Mac
- Retail/commercial banking, with the largest market share in Tennessee and one of the highest customer retention rates of any bank in the country
FHN companies have been recognized as some of the nation’s best employers by AARP, Working Mother and Fortune magazines. FHN also was named one of the nation’s 100 best corporate citizens by CRO magazine. More information can be found at www.fhnc.com.
Accenture is a global management consulting, technology services and outsourcing company. Committed to delivering innovation, Accenture collaborates with its clients to help them become high-performance businesses and governments. With deep industry and business process expertise, broad global resources and a proven track record, Accenture can mobilize the right people, skills and technologies to help clients improve their performance. With approximately 146,000 people in 49 countries, the company generated net revenues of US$16.65 billion for the fiscal year ended Aug. 31, 2006. Its homepage is www.accenture.com.