Navis backs Singapore expansion for family office software provider
Navis Capital Partners has led a USD 38m Series C round for Eton Solutions, a US software provider for family offices currently establishing a Singapore office.
"As family offices grow rapidly both in number and operational complexity, the critical need for a purpose-built technology platform to provide greater operational efficiency, transparency and risk reduction has intensified globally," Robert Mallernee, Eton's founder and CEO, said in a statement.
"Eton Solutions and its AtlasFive platform and services uniquely address this need. This significant investment by Navis Capital Partners provides additional funding to amplify our platform innovations while supporting the rapid growth we're currently experiencing in North America and our international expansion."
AtlasFive is a cloud-based platform with around USD 425bn in assets under administration that is said to enable some of the largest single and multi-family offices globally improve their productivity and services. It is marketed as the only truly integrated, all-in-one technology platform that seamlessly connects all data, services, and stakeholders within single and multi-family offices.
The idea is to eliminate the need for disconnected point solutions, repetitive data entry, and spreadsheets to reconcile, consolidate, and aggregate data. This is said to deliver family offices easy, secure, and privacy-protected mobile access, visibility and approvals of their activities and information, including day-to-day net worth information.
Eton claims to have experienced more than 100% growth a year since its inception in 2012. The company notes that this has coincided with massive growth in the family office industry, with Singapore alone establishing more than 400 family offices in the past five years. Kevin Hayes, Eton's president, described Singapore as "the nexus of the family office industry in Asia."
Navis is currently investing its eighth regional fund, which closed on USD 900m last year. The private equity firm was active in cloud software for business administration as recently as last month, when it made an investment of undisclosed size in Australia and New Zealand-based Software Combined.
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