3i Infotech has acquired Accounting Frameworks Limited (AFL), an independent provider of accounting, portfolio management and front office systems to the private equity sector.
The acquisition marks another milestone for 3i Infotech, as it seeks to enhance its existing portfolio of applications to meet the needs of financial institutions and private equity investors in the future.
AFL software and services are distributed and implemented in the UK, Northern Europe and the Middle East and include a client base that represent all sectors of the private equity and venture capital industry.
The software provides clients with tailored process management and accounting systems that enhance effectiveness and control delivering increased efficiencies to the business.
The acquisition will enable AFL to capitalise on this knowledge and leverage the global coverage of 3i Infotech to further meet the needs of its existing and prospective clients.
“We are delighted to have secured a deal with the team at AFL. As part of our commitment to build a leading financial services technology business, we identify and track companies that enjoy a strong industry reputation and have developed an established customer base within specialist areas of the market. This ensures that we continue to meet the needs of our customers and have the ability to offer them a comprehensive solutions portfolio,” says Chris Potts, COO, 3i Infotech Western Europe.
“There is a great deal of synergy between 3i Infotech – Western Europe and AFL and we are delighted to have secured a deal to work with a business that understands our ambitions. Capitalising on the global presence and in-depth market knowledge that exists within 3i Infotech, we now have the opportunity to develop our solutions and increase our customer base,” adds Peter Wooster, director, AFL.
This acquisition by 3i Infotech of AFL follows the purchase of Exact Technical Services in January 2008 and the 2006 acquisition of Rhyme Systems, a provider of asset management applications.