Pendo, the leading provider of enterprise-class investment accounting solution BasisPoint® and L&T Infotech Financial Services Technologies Inc. (L&T Infotech FSTI), a subsidiary of L&T Infotech, have arrived at a partnership to strengthen L&T Infotech FSTI's foothold in the Canadian Fund Accounting Business. Following L&T Infotech's 2011 Canadian expansion with the acquisition of a transfer agency business, the partnership seeks to further expand L&T Infotech FSTI's Canadian footprint by leveraging BasisPoint®. L&T Infotech FSTI believes that the deployment of BasisPoint® enhances its transfer agency fund platform Unitrax by providing funding accounting services to the Canadian financial services community.
According Mr. K. R. L. Narasimham, Director, L&T Infotech; and Executive VP & Country Manager, USA, L&T, "BasisPoint® combines sophisticated transactions processing with a complete multi-tax lot-level capabilities, offering multiple books simultaneously (GAAP, TAX, STAT, Canadian GAAP, IFRS, etc.) in a rules-based standards-driven fashion, rooted in an open framework and cloud-based application. Launching BasisPoint® as our fund accounting platform helps us establish a leadership position in the Canadian market."
BasisPoint® 's native data warehouse design, granularity of the data and game-altering date-agnostic processing style immediately addresses the issues clients in the Canadian market have faced with their legacy fund accounting systems. The Pendo L&T Infotech FSTI partnership addresses these long-standing concerns.
"We are thrilled that L&T Infotech is going to help define BasisPoint® as the global fund accounting standard of the future. With the support of L&T Infotech, Pendo's BasisPoint® will become the standard for the evolution of fund accounting," states Ms. Pamela Pecs Cytron, CEO, Pendo.