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.