Pendo partners with L&T Infotech FSTI to launch Canadian Fund Accounting Platform

MONTCLAIR, NJ, and MISSISSAUGA, ON and MUMBAI, India, April 17, 2012 /CNW/ - Pendo, the leading provider of enterprise-class investment accounting solution BasisPoint^® and L&T Infotech Financial Services Technologies Inc. (L&T Infotech FSTI), a subsidiary of L&T Infotech, have arrived at a partnership to strengthen L&T Infotech FSTI's foothold in the Canadian Fund Accounting Business. Following L&T Infotech's 2011 Canadian expansion with the acquisition of a transfer agency business, the partnership seeks to further expand L&T Infotech FSTI's Canadian footprint by leveraging BasisPoint^®. L&T Infotech FSTI believes that the deployment of BasisPoint^® enhances its transfer agency fund platform Unitrax by providing funding accounting services to the Canadian financial services community.

According Mr. K. R. L. Narasimham, Director, L&T Infotech; and Executive VP & Country Manager, USA, L&T, "BasisPoint^® combines sophisticated transactions processing with a complete multi-tax lot-level capabilities, offering multiple books simultaneously (GAAP, TAX, STAT, Canadian GAAP, IFRS, etc.) in a rules-based standards-driven fashion, rooted in an open framework and cloud-based application.  Launching BasisPoint^® as our fund accounting platform helps us establish a leadership position in the Canadian market."

BasisPoint^® 's native data warehouse design, granularity of the data and game-altering date-agnostic processing style immediately addresses the issues clients in the Canadian market have faced with their legacy fund accounting systems.  The Pendo L&T Infotech FSTI partnership addresses these long-standing concerns.

"We are thrilled that L&T Infotech is going to help define BasisPoint^® as the global fund accounting standard of the future. With the support of L&T Infotech, Pendo's BasisPoint^® will become the standard for the evolution of fund accounting," states Ms. Pamela Pecs Cytron, CEO, Pendo.

For more information on L&T Infotech / L&T Infotech FSTI, please visit www.Lntinfotech.com and on Pendo Systems, Inc., please visit www.pendosystems.com

For further information:

L&T Infotech Media contacts:

Benjamin A. Friedman
+1 732.609.3606
[e-mail]
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Anand Aashay
[phone]
[e-mail]

Pendo Media Contact:

Pamella Berwanger
973 735 5788