JSE-listed Global Technology (Glotec) has released new administration software, Enrich, which it says is already achieving some success in the marketplace.
Enrich consists of a core investment engine and modules for employee benefits, unit trusts and linked investments.
Glotec CEO Ray Leonard says Absa Consultants and Actuaries, and First Mutual Zimbabwe use Enrich, while Old Mutual Zimbabwe, Tanzania`s Parastatal Pensions Fund, and Zimbabwe`s Kingdom Asset Management have signed deals to implement the product.
"Full financial performance data is stored and reported to scheme managers while independent financial advisers can receive sales administration support, client management information and full financial performance reporting - functionality the financial services community needs to remain competitive."
Meanwhile, Glotec denies market rumours that it is to sell its shareholding in Swiss financial software company Temenos.
"Glotec is locked into Temenos until 20 June, so nothing can happen with our holding until then," explains Glotec financial director, Gavin Leonard.
He says CEO Ray Leonard explained at the last investment presentation for analysts that the local company will be looking to unlock shareholder value from the Swiss investment, but stressed that a number of options were being looked at.
"We are planning to unlock value, but that will be accomplished over a period of time and in a sensible manner. It is obviously in our interests to keep a close relationship with Temenos," says Gavin Leonard.
Commenting on the restructuring of Glotec announced with its financial results in March, Gavin Leonard says the plan to split the business into four separate divisions is a "fine-tuning" rather than a restructuring.
"The move is more to fine-tune the business into its logical divisions. We also wanted to separate the Globus business which was a logical move."
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