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The Principal Financial Group selects Softlab for company-wide application maintenance activities; Maestro II to support improvements in time to market.

ATLANTA--(BUSINESS WIRE)--Feb. 27, 1995--Softlab Inc., a leader in application maintenance solutions, today announced that The Principal Financial Group, one of the largest insurance companies in the U.S., signed a contract for a company-wide implementation of Maestro II. Under the terms of the agreement, The Principal will begin with an initial installation of 80 workstations in its Information Systems (IS) Group Application Area. The company plans to implement on a corporate-wide basis after the successful completion of the first 80 workstations.

The Principal Financial Group's objectives included the significant reduction in the required time to complete application fixes, perform maintenance work, and to develop and deliver to market new and enhanced products.

"Softlab is very pleased to be working with The Principal Financial Group," said Mark Bartolomeo, president and chief executive officer, Softlab Inc. "We see The Principal at the forefront of the insurance industry and consider them an ideal partner for implementing our enterprise-wide maintenance solution."

Founded in Munich, Germany in 1971, Softlab is one of the top 50 software companies in the world and a leading developer and marketer of maintenance and redevelopment solutions. The company's product line, Maestro II, is targeted to the insurance, financial and telecommunications industries and provides an infrastructure for large-scale, team based maintenance activities in legacy mainframe software. Maestro II allows companies to gain greater control over their maintenance processes by integrating people, process, data and technology. Softlab is a wholly owned subsidiary of prestige auto manufacturer BMW.

The Principal Financial Group is a diversified family of insurance and financial services companies with more than $47 billion in assets under management. Its member companies serve 8.7 million customers by providing a full line of individual and group insurance and financial products. Its flagship and largest member, Principal Mutual Life Insurance Company, is the 10th largest U.S. life insurance company in assets.

CONTACT: Softlab Inc.

Leigh Asher, 404/668-8811


Elyse Familant, 617/648-8826
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Publication:Business Wire
Date:Feb 27, 1995
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