MetaComet™ Systems, a premium provider of royalty systems for media companies, announced an agreement with industry leader Harcourt Education in which MetaComet™ will provide The Royalty Tracker™ System software and services to help Harcourt manage royalties for all of its U.S. divisions.
“This is an excellent validation of our commitment to helping publishers and entertainment companies meet the challenges of today, while helping to position them to experience success in the marketplace of tomorrow,” said MetaComet™ Systems president David Marlin, who co-founded the South Hadley, MA, based company. “This solidifies our position as the premier provider of royalty systems. It is an honor and a privilege to partner with a company of Harcourt’s stature. Harcourt joins the list of the industry’s top companies who now use The Royalty Tracker™ Solution. With Harcourt now part of our growing client base, we are excited to continue our perfect record of successful implementations. Our users continue to praise the effectiveness of our product and its superiority to other solutions for handling this important financial function.”
“Accounting for royalties is incredibly important and also incredibly difficult because we have literally tens of thousands of contracts with authors, and each one needs to be tracked in a timely and accurate manner,” said Marc Silverman, Assistant Controller at Harcourt Education. “MetaComet impressed us with their experience and expertise in this critical business function. We’re looking forward to a long term partnership.”
Prized for its ease of use and flexibility, MetaComet™’s The Royalty Tracker™ Solution also features tools to help publishers comply with the requirements of Sarbanes-Oxley, including powerful new reports and increased user-level access control.
“Over the last year, Sarbanes-Oxley compliance has become a primary concern for CFOs and their royalty departments,” said Marlin. “Statements must be accurate, reports must reconcile, and proper controls must be in place. This places a substantial burden on publishers and other licensees because royalties represent an important liability on their balance sheets. With the new financial transparency required by Sarbanes-Oxley for strict royalty accounting practices, we have designed The Royalty Tracker™ System to fulfill this need.”
The Harcourt Education companies that will be using The Royalty Tracker™ System include: Harcourt School Publishers; Holt, Rinehart and Winston; Harcourt Achieve, Professional, and Trade; and Harcourt Assessment. Implementation of The Royalty Tracker™ Solution is expected to be completed by late summer of 2006.
About Harcourt Education
Harcourt Education is a leading global education provider serving students and teachers in Pre-K through grade 12, adult learners and readers of all ages. Harcourt companies provide a variety of books, print, and electronic learning materials, assessments, and professional development programs. The Harcourt Education companies include Harcourt School Publishers; Holt, Rinehart and Winston; Harcourt Achieve, Professional, and Trade; and Harcourt Assessment. Harcourt is a member of the Reed Elsevier Group PLC, a world leading publisher and information provider. For more information, visit www.Harcourt.com.