CORRECTION: An earlier version incorrectly reported the software is cloud based.
University of Connecticut has junked its aging financial-management system setup, replacing it with software designed specifically with colleges in mind, authorities say.
The state's flagship university and rSmart, its Scottsdale, Ariz., technical adviser for the conversion, announced the installation Friday of the school's Kuali community developed financial system.
Cost of the software and related systems weren't disclosed.
RSmart is a self-described Kuali community founder and commercial affiliate.
UConn began its search two years ago for a financial-reporting replacement, and took 18 months to identify, field test and install the new system, officials said.
UConn Controller Charles Eaton, who was the Kuali project executive director, said in a statement the system appealed because it "is purposefully built by higher education for higher education.''
"We get highly functional, easy to use software, plus the benefits of collaboration with other universities involved in its open, community development," Eaton said.