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HMS Networks, headquartered in Halmstad, Sweden, develops products that connect industrial equipment to software systems. With 1,100 employees, operations in over 20 countries, and revenue of €268 million in 2024, HMS plays a key role in modernizing industrial automation across the globe.
A manual treasury process that had reached its limit
In recent years, the global business environment has become more complex, especially for companies operating across borders. Volatile markets, rising interest rates, and increased demands for visibility have put more pressure on finance teams to manage liquidity proactively.
At HMS, treasury had historically been handled through manual processes. “For the longest time, we didn’t have a system in place. Everything was based on multiple Excel sheets,” says Sofia Frykner, Group Treasury Manager of HMS Industrial Networks, “and that needed to change.”
Each week, cash forecasts from different entities were submitted by email, consolidated manually, and reported to the CFO. Tracking forecast accuracy, following up on deviations, coordinating across local banks, and getting a full view of the group’s cash position was increasingly difficult and time-consuming.
The goal: Accuracy, visibility, and time savings
The first priority was to build a better cash forecasting process that would be easier to manage and more accurate.
“I really felt the need to improve this — to get better accuracy and to make it easier to follow up deviations,” Sofia says. A central system would also allow subsidiaries to submit forecasts online and see up-to-date balances pulled automatically from banks.
Cash visibility across currencies, especially cash pools in EUR, GBP, and USD, was key to better loan management and repayment decisions.
Why Nomentia?
After benchmarking several tools, she chose Nomentia for its focused, flexible approach.
“I really felt that Nomentia seemed to be very strong on cash forecasting, with a lot of happy customers. What I really like is that we don’t have to get a full TMS at once. We can start with cash forecasting and loan management and then add on more functionality as we grow.”
Nomentia’s ability to integrate with HMS’s Microsoft Dynamics ERP and close connection with SEB, the group’s main bank, helped solidify the decision.
Towards an effective treasury
For HMS, their new treasury system is about saving time, reducing interest costs, and building a treasury function that works.
“We expect to save a lot of time by having all the cash gathered in one place,” she says. “Also, uploading all our loans and credit facilities and actually seeing when they’re due, what interest costs we have, and when we need to send in new utilization requests will help us plan better. These benefits will only multiply when we further automate our manual processes like FX hedging over time.”
As HMS's treasury function develops and becomes more sophisticated, Nomentia's flexible platform will grow with them—offering the right features and tools exactly when they need them without overwhelming the team with unnecessary complexity from the start.
About HMS Networks
Founded in 1988, HMS Networks stands for Hardware Meets Software™. The company builds solutions that enable industrial devices to connect with software systems — helping customers increase productivity and sustainability. HMS has over 1,100 employees, distributors in more than 50 countries, and operations in 20+ countries. The company is headquartered in Halmstad, Sweden. www.hms-networks.com
About Nomentia
Nomentia is a category leader within European treasury and cash management solutions. Nomentia’s mission is to provide unparalleled cloud treasury and cash management solutions for and with our customers.
Today, Nomentia is solving the challenges of modern treasurers and cash managers across 1400+ businesses in over 80 countries, processing more than 1 trillion euros annually. Nomentia solutions specialize in global payments, bank connectivity-as-service, cash forecasting and visibility, bank account management, financial process automation, treasury workflows, FX risk, in-house banking, and trade finance. www.nomentia.com.