CAPE TOWN, South Africa--(BUSINESS WIRE)--eFront, a leading software provider of financial solutions for managing alternative investments, is happy to announce that South African fund administrator, IDS Fund Services (IDS), selected the eFront solution for its private equity and real estate fund administration operations.
IDS is an independent fund administrator based in Cape Town, with operations in Malta and representation in Mauritius. Established in 2002, IDS employs more than 110 staff and has grown into a leading alternative investment fund administrator in South Africa with more than US$ 8 billion worth of assets under administration.
With a growing private equity market in Africa and the increasing complexity of the alternative asset market, IDS sought an innovative and reputable technology solution that would enhance its private equity operation and service offering for local and international clients. eFront was able to provide a flexible solution to support IDS requirements and evolve with the market demands.
“The success of IDS is built on our ability to build and develop close clients’ relationships, adapt and evolve with customers’ needs and our innate understanding of business culture in Africa. Our commitment for high-quality client service prompted us to search for an innovative technology solution that meets the increasingly complex fund management and reporting requirements in the private equity administration space. We believe that eFront has the most advanced and recognized system solution which will support our commitment to high quality services and will assist us to further expand into the private equity market,” explained Tony Christien, Deputy CEO at IDS.
“We believe that eFront will complement our private equity services, assisting IDS in providing reliable and timely services to support and facilitate the private equity fund operation activities, allowing private equity managers to focus on core activities,” adds Raffaela Mirai, Private Equity Specialist at IDS.
“We couldn’t be more pleased with the launch of our solution at IDS,” commented Beatrice Vachonfrance, Head of Business Development at eFront. “This further demonstrates our commitment to African investment firms, as well as our leadership position on that continent.”
With the signing of its first South African contract in 2008, eFront celebrates five years of success in South Africa and has built a community of more than ten customers and 500 users using its FrontInvest software package.
As an associate member of the South Africa Venture Capital Association, eFront has chosen the EMPEA-SAVCA conference, taking place in Stellenbosch this week, to celebrate this anniversary. eFront is a sponsor of this event and will join many of its clients there from the fund management and institutional investor communities, including managers of governmental funds and fund administrators. eFront is committed to its clients and partners there and throughout the African continent and intends to build upon its many successes and continue to support the growth of alternative investing across Africa.
About IDS Fund Services
IDS is a specialized fund administration service provider. The success of IDS results from outstanding customer experience, personalized services and the team’s extensive skills and expertise. Our focus is on building long lasting relationships and adapt to changing requirements. Our flexible solutions are designed to assist fund managers across the lifecycle of the fund, extending from fund formation, fund accounting, investor services, cash management and to corporate secretarial services. For more information on how we can assist you please visit www.idsfundservices.com
In terms of the Financial Advisory and Intermediary Services Act (FAIS), IDS is registered as Investment Data Services (Pty) Limited with the Financial Services Board, South Africa (FSP no. 16802 Category 1), and registered as IDS Fund Services Malta Limited, a recognised fund administrator, with the Malta Financial Services Authority.
eFront is a leading software provider of end-to-end solutions dedicated to the financial services industry with a recognized expertise in enterprise risk management, alternative investments and customer relationship management. eFront’s solutions serve more than 700 customers in 40 countries, including companies in the private equity, real estate investment, banking and insurance sectors. eFront’s primary product suites offer tightly integrated solutions for streamlining the management of alternative investments and corporate risk. Founded in 1999, eFront services clients worldwide from offices in Asia, Europe, the Middle East and North America. For more information visit www.efront.com and follow us on LinkedIn at www.linkedin.com/company/efront