Saudi Economic and Development Company (SEDCO), one of the leading Shariah-compliant private wealth management companies in Saudi Arabia, announced on Tuesday the selection of 3i Infotech's C-Matis Solution. 3i Infotech's revolutionary C-Matis Solution is a complete wealth management suite that helps investment firms streamline their wealth, asset and fund management operations. Established in 1976 and headquartered in Jeddah, SEDCO is one of the largest private wealth management companies in the Kingdom, with more than 3,500 employees. The company has a portfolio comprising a wide variety of Islamic investment products, direct investments in private companies, and investments in the real estate sector across four continents. 3i Infotech's end-to-end wealth, asset and fund management solution, C-Matis will simplify and increase operational efficiencies for the primary businesses of SEDCO. C-Matis has core functionalities that will automate the entire investment cycle across the varied portfolios managed by SEDCO, in compliance with the requirements of the Capital Market Authority (CMA). C-Matis will centralize the wealth management, portfolio management and relationship management operations of SEDCO and facilitate direct and efficient reporting to the stakeholders of SEDCO. Pankaj Chawla, CEO and president, 3i Infotech, Middle East, Africa, Russia & CIS, said:”We are pleased to have SEDCO as our esteemed client in the region. We are looking forward to working with SEDCO, and our recently established relationship is a testament to the continued encouraging response that our products and services have been receiving in the region. As a global IT solutions provider, we understand the dynamic nature of SEDCO's business and are confident that 3i Infotech will reliably manage and support the future growth of this company.” SEDCO's Chief Executive Officer Ahmed S. Banaja said: “In line with the evolving market environment, SEDCO's business model is becoming more and more dynamic, and the company therefore requires software analytical tools and business solutions that can aid our operations and marketing efforts. SEDCO has always played a pioneering role in the sectors in which it operates in the Kingdom of Saudi Arabia and abroad. Today, we are looking at accelerating our innovations in the areas of wealth management, asset management and fund management operations. Partnering with 3i Infotech will clearly assist us in meeting our and clients objectives.” “Our vision required partnering with a global IT end-to-end service provider with capabilities in wealth, asset and fund management solutions internationally,” he added. “Following a rigorous tender process, we found 3i Infotech's highly dynamic and scalable C-Matis solution best suited to meet our requirements,” he added. Ashish D Dass, senior vice president & business head - ERP & Investment Management Group, 3i Infotech, MEARC, said: “Our investment management group has consistently delivered excellent value to our customers in the region. 3i Infotech's overall offerings become very compelling when coupled with our horizontal services offerings such as managed IT services, business process outsourcing and data warehousing. I foresee SEDCO setting a precedence within its peer group and heralding a new era of sophisticated services to its clients.”
