While many foreign investors may be cautious about South Africa’s growth prospects at this stage, UK-based firm StatPro believes South Africa could be set for growth in the medium term.
The AIM-listed provider of cloud-based portfolio analytics and asset pricing services for the global asset management industry is stepping up its South African presence, despite prevailing market concerns and downscaling by some international businesses operating in the country.
“We’re cautiously optimistic. South Africa already has increasing levels of transparency in terms of the economy and the management of fraud and corruption, so it may take a bit of time, but we believe things will get better,” Craig Arenhold, CEO of both StatPro South Africa and Infovest, says.
“We have many long-dated contracts in place with our loyal customers, and we are illustrating our commitment to them and our faith in the local economy by investing in growth.”
StatPro and its wholly owned subsidiary, Infovest Consulting, are set to move to larger, shared premises early next year as the company gears up to meet growing local demand for their advanced data and financial services solutions.
Arenhold says StatPro is seeing strong growth in interest in its new cloud-based portfolio analysis software, Revolution, which is expected to further support the company’s growth in South Africa.
In addition to the two companies’ advanced solutions, they are winning the support of local financial services firms through their support levels and the fact that they price contracts in Rand.
StatPro and Infovest together now have a combined team topping 70 specialist resources, and there is room for further growth at the new 1 100m2 shared premises at Riverpark in Mowbray, Cape Town.
“The acquisition of Infovest, which was concluded early this year, aligns what is in effect a data management and compliance business – Infovest – with StatPro’s portfolio performance, attribution and risk solution,” says Arenhold.
“The strength of our proposition is that we are able to offer clients data rationalisation and an efficient data model. Essentially, we can help financial services organisations to do business better.”