The champagne was finally flowing at Powerlan last week after the company secured a contract to deploy its Portfolio Manager system into the Tower Group. The deal took over four years and three tenders but with the help of IBM Global Services Australia, Powerlan has obtained a major client in its push to become a serious financial software contender.
Funds management company Tower intends to invest $20 million into a new Centre of Excellence, otherwise known as an investment administration centre or back-office processing facility, to service its strategic push into wealth management under its New Horizon strategy, according to Tower chief executive Andrew Moon.
The company plans to move the centre to new premises in Sydney in the next 18 months from its current digs in Adelaide.
"Our current platforms are of high quality but are aging and will need replacement in the coming years, and a modern integrated platform is a logical way forward for Tower," said Moon.
Powerlan had been trying to win the business of Tower since 1998. Faced with possibly losing the deal early last year, Powerlan drew on its relationships within IBM and recruited the help of Big Blue to win the deal.
Under the terms of the agreement, IBM Global Services will provide an enhanced technology platform and ongoing support for Tower's newly established investment administration centre.
For the full story, read next week's issue of ARN, out on Wednesday, August 21.