3i InfoTech acquires AFL for £6.3m
Acquisition provides the private equity sector with a comprehensive software solutions portfolio and highlights 3i Infotech’s commitment to the European market
London & Mumbai, 12 February 2008 - 3i Infotech, a global provider of IT solutions, today announces that it has acquired Accounting Frameworks Limited (AFL), a leading 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 solutions 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 highly configurable software provides clients with tailored process management and accounting systems that enhance effectiveness and control delivering increased efficiencies to the business.
Formed in 2000 as the result of a consultancy and software house merger, the AFL management team offer a combined total of over fifty years industry experience and understanding of the sector. The acquisition will enable the team to capitalise on this knowledge and leverage the global coverage of 3i Infotech to further meet the needs of its existing and prospective clients.
Commenting on the acquisition, Chris Potts, Chief Operating Officer, 3i Infotech – Western Europe, said, “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.”
“The strategic acquisition of this independent provider of accounting and portfolio software reaffirms these ambitions and marks another milestone in our commitment to the European financial services market. We look forward to working with the AFL and its customers.” Peter Wooster, Director, AFL, said, “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.”
This acquisition by 3i Infotech of AFL follows the purchase of Exact Technical Services in January 2008 and the 2006 acquisition of Rhyme Systems, the UK’s leading provider of asset management solutions.