AFA Systems, the London Stock Exchange-listed provider of software solutions for global financial markets, today announced that it has acquired the intellectual property rights to Common Knowledge, the holistic knowledge management and customer relationship management (CRM) solution from former Ixchange incubator company NeuraTech for R4.7 million.
This strategic acquisition cements AFA Systems` CRM solution offering and is in line with the group`s vision to be a leading player in international financial and investment management markets.
Common Knowledge was previously licensed from NeuraTech as the software platform for AFA Systems` locally developed CRM for Financial Markets application, recently launched into Europe and the Middle East.
JB Maree, business development director of AFA Systems South Africa (formerly JSE-listed Smacsoft), says: "We are very excited to have acquired Common Knowledge. There is a growing need for investment managers to manage and leverage client information for real business benefit. Common Knowledge is ideally positioned to do this and becomes central to our new client-centric approach to software development."
AFA Systems has absorbed NeuraTech`s core application development team to ensure ongoing product development and support of Common Knowledge. Key sales staff have also been retained. "Our South African operation serves as the group`s software development factory and we`re delighted to be able to absorb this depth of IT development skills within our team. Besides, it is crucial that the investment made in local skills is protected and nurtured," says Maree.
NeuraTech`s non-financial sector clients will be supported through strategic partners within a complementary sales structure which AFA is establishing. Former NeuraTech partners, Deloitte & Touche will continue to play a crucial role in AFA Systems` support and development of the product within niche markets.
"AFA Systems will not deviate from its core business of developing and supporting applications for the financial and investment management markets. Consequently, we will establish and manage a partner programme to take Common Knowledge to the widest possible market.
"Common Knowledge can be deployed across all business sectors where there is a knowledge management or CRM need. Our partner programme will seek out firms with the vision and expertise to develop industry-specific applications on the Common Knowledge platform," says Maree.
AFA Systems` short-term goal is to integrate the development teams and to close the many pending sales among NeuraTech`s prospect base, many of which are busy with pilot projects. "We anticipate a return on our investment by the end of the year," says Maree.
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AFA Systems is a global company specialising in the development and sales of advanced software solutions for the international financial markets. It is trusted by over 120 organisations in over 20 countries to deliver mission- critical financial applications using modern technology for treasury, capital, risk management, derivative trading and investment management markets.
The company was formed in 1995. A year later it listed on the alternative investment market of the LSE. As part of its acquisition strategy AFA Systems Plc acquired DART in April 2000, a company specialising in price discovery and risk management. Less than a year later, it acquired Smacsoft Group and added a range of investment management software to its suite of global financial solutions. In May 2001, AFA Systems joined the main board of the London Stock Exchange.
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