3i Infotech - Framework ("Framework") is pleased to announce the opening of its offices in New York City.
Framework, the software provider dedicated to the private equity community, is a subsidiary of 3i Infotech, the global provider of IT solutions. The new office is located at 500 5th Avenue and will be the base for Framework's operations in North America.
As the North American private equity industry begins to recover from the impact of the financial crisis, fund managers are coming under significant pressure from regulators who demand improved risk management and investors who require greater transparency. At the same time, firms are seeking to provide a better service to investors in a challenging fundraising environment. The resulting increased burden on the internal operations of private equity firms, along with a growing desire for business efficiency, is the catalyst for the demand for Framework, which is a complete, end-to-end solution for the private equity industry.
The new office will be headed by Sanjay Tolani, who joined 3i Infotech - Framework over a year ago. Sanjay has 10 years' experience in private equity, having previously worked for JP Morgan Partners in the US as well as a private equity-focused management consultancy.
"Our expansion into North America is a clear demonstration of 3i Infotech's considerable and growing investment in the Framework business. We have signed new clients in New York and Montreal over the past few months and market feedback indicates there is significant opportunity to build on this success. The new office in New York City provides a clear commitment to the local market and means we are perfectly placed to capitalise on this opportunity and increase the momentum we have already begun to build in the region," said Elspeth Goodchild, Managing Director, 3i Infotech - Framework.
Sanjay Tolani, Head of North American Operations, 3i Infotech - Framework, added, "The North American private equity market faces a number of significant challenges over the course of the next twelve to eighteen months, as it seeks to reassure investors, manage investments and attract and allocate new capital. Key to success is the ability to provide increasing levels of transparency and accountability. Consequently, the appetite for private equity software and services continues to accelerate.
"Our presence in New York means we are closer to our North American clients and prospects and are best placed to provide the market with timely service and support from a local operation."