eFront, the leading software solutions provider for the financial industry, today announced that Bahrain Mumtalakat Holding Company (Mumtalakat) has selected eFront's FrontInvest Alternatives to support its alternative investments operations. FrontInvest Alternatives is the global frontrunner in alternative asset management platforms.
Mumtalakat is the investment arm of the government of Bahrain's strategic non-oil and gas related assets and holds stakes in over 35 commercial enterprises, representing a portfolio value of more than USD 9 billion. Mumtalakat's investment strategy is to create a well diversified and balanced global portfolio across asset classes and geographies to generate long term financial growth for Bahrain.
The objective of Mumtalakat is to adopt a single solution allowing the investment team to share and monitor the different information as well as reporting easily on the existing portfolio or on any future operation. Mumtalakat wanted a proven, flexible and rich solution including the best practices of the market. Moreover the solution should be scalable enough to handle future requirements.
"We were really impressed with eFront's pragmatic approach to our specific requirements, and its focus on innovation and operational excellence provided a strong cultural fit with Mumtalakat," states Jameel Al Sharaf, Vice President for Information Technology at Mumtalakat. "Also eFront's experience and its local presence in the region are unique and convinced us we should start a long-lasting relationship with the provider. Our objective was to consolidate all of our investment data with a single global provider, and eFront offered the most compelling service proposition together with a proven record of excellence to meet our requirements."
Wissem Souissi, Sales Manager, Middle East at eFront commented: "We are very proud to welcome Mumtalakat as an important new client to our expanding client base in the Middle East. eFront's new partnership with Mumtalakat affirms our dedication to creating an established presence in Bahrain and in the Middle East. Our investment in the product and staff over the past three years has clearly put us ahead comparing to competition in serving Investors in private equity and alternative investments."