Sundaram BNP Paribas Fund Services has engaged France-based eFront to meet the software needs required in servicing its private equity clients.
The joint venture is involved in providing accounting and other services relating to the securities held by PE players.
Shridhar Iyer, CEO, Sundaram BNP Paribas Fund Services, said that the technology would help streamline its operations.
“The Indian PE market, currently estimated at $70 billion, is one of the fastest growing markets in the world. The task of streamlining fund administration and accounting services is increasingly getting more and more complicated. We recognize eFront as a provider of latest technology solutions with significant global experience in the PE space. The tie-up is borne out of our confidence in eFront’s expertise,” he said in an emailed statement.
Meanwhile, Tarek Chouman, eFront COO, Asia and Middle East said that the move confirms its own presence in the country.
“We are thrilled to have Sundaram BNP Paribas Fund Services Limited as a client . The company has a great potential of growth in the region and we’re confident that we will support it. This new partnership also confirms our strong presence in India and the region, and the continuous success with fund administrators worldwide,” he said as part of the same press statement.
Globally, BNP Paribas Securities Services uses eFront’s solutions private equity services, it added.