Two of the private funds industry’s biggest names in software have merged operations. eFront, a European-based software provider which has steadily been making inroads in the US market, has capped off its most recent efforts with the acquisition of Florida-based DMLT for an undisclosed sum.
Earlier this month eFront opened a San Francisco office to complement its New York office opening in 2009, Montreal in 2010, and Dallas in late 2011.
For eFront the merger will “amplify” its North America expansion, the software firm said in a statement. In turn eFront will use its global operations to take DMLT’s Investment Café platform to Europe, Asia and South Africa. As a combined entity, eFront will derive more than 40 percent of its total revenue from North America, according to the statement.
Eric Bernstein, chief operating officer of eFront North America, said the firm’s flagship products, FrontInvest and FrontAnalytics, will continue to be offered on a standalone basis, as will Investment Café, but that together the platforms “will set the standard for the next generation of investor portals”.
The enhanced platform will allow GPs to “execute their entire business workflow: obtaining financial information from investments, analysing that data, and aggregating and packaging it for consumption by investors,” the statement said.