IOTA Financial Services Limited and Dimension Data have announced a strategic partnership focused on enabling IOTA to move forward aggressively in the financial services sector.
Dimension Data secured the partnership due to the scope of its holistic network integration and e-business enabling offerings across the Group.
The Group was chosen for its expertise in this sector, and for the sheer scope of its service and solution offerings. Over a quarter of Dimension Data`s total revenues and profits emanate from the financial services industry.
"Our IT partner had to understand our business in its entirety and provide the necessary depth and breadth of experience and offerings," says Michael Gahagan, chief executive officer of IOTA Financial Services Limited.
"We believe Dimension Data can improve our competitive edge, transforming us into a stronger company, distancing ourselves from our competitors".
"Technology is vital as we constantly review how to deliver a better product more quickly and efficiently to our existing clients," says Gahagan.
"Our phenomenal growth - 93% up on our original earnings forecasts in our first year of operations - means we can no longer effectively manage IT ourselves. Such rapid growth necessitates refinement of the business fundamentals, and IT delivery is now paramount."
He adds that new product development is also critical and IOTA must be first to market with these. "To leapfrog to the next level, we needed to form a strategic, long-term relationship with an IT partner."
Bruce Watson, Dimension Data`s Chief Executive Network Services believes the partnership is significant as it is between IOTA and the Dimension Data group as a whole.
"We are entering into this long-term relationship on the basis of a number of group-wide services offerings. As a broad-based IT company with extended offerings in e-commerce and communications, we can provide true end-to-end solutions to enable IOTA to achieve its business objectives," he says.
IOTA, formed in 1997 when several smaller entrepreneurial businesses combined, listed on the Johannesburg Stock Exchange the following year. It has expanded aggressively since, both through organic and acquisitive growth. It specialises in servicing an established client base of high worth individuals and small to mid-sized businesses with an extensive range of investment, insurance, accounting and other financial services.
A key area to be addressed by the partnership is customer management.
"Based on our local and international experience, we will guide IOTA on how to better serve its customers, increase customer base penetration, create a group client information database and focus on key customers," says Watson. "We are already working with IOTA on research and market analysis projects for this."
In addition, Dimension Data Communications Services, with its comprehensive networking expertise, is currently designing and developing the right IT infrastructure for IOTA`s move into new premises in Illovo, Johannesburg.
"These projects, however, are only the start of IOTA`s strategic business relationship, which is seen to be long-term," says Gahagan.
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