Building on a long pedigree, Framework has rebranded to daappa, as the firm looks to stay ahead of the rapidly evolving private asset market.
The company was acquired by Bertil Rouveure (its chairman) in 2016, following its initial sale as Accounting Frameworks to 3i Infotech in 2008. Since then, daappa has been on a journey of rejuvenation and evolution, culminating in a new management team, the opening of an office in Luxembourg, an upgrade of its core platform, the launch of new products, and new service capabilities including daappa cloud – a managed cloud and data service delivery model.
The rapid pace of change in the private asset market has underpinned the evolution of daappa.
The ‘retailisation’ or democratisation of an asset class long the preserve of very wealthy and sophisticated investors, means the industry is facing demands to become more transparent and socially responsible – against a backdrop of downward fee pressure and more stringent regulatory oversight.
Augmenting daappa’s core accounting, administration and reporting capabilities, is the launch of two new products – daappa Studio and daappa Studio+, which meet these industry challenges head on, with new value-added applications including mandate and ESG Compliance, complex investment structure Look Through, investment and operational data Analytics, a reporting, data and document Portal, and DataHub that addresses a long-held goal of many firms by creating a single source of truth for aggregated internal and external data.
Alongside this wider repositioning, daappa has undergone a cultural reboot. As a global firm, the new management team has been mindful of workers’ local traditions and customs, as well as the firm’s impact on the environment, with the launch of a new CSR initiative, mission statement and company values statement.
Bertil Rouveure, daappa Chairman, said:
“Engagement with our clients and the wider industry means we know there is a clear need for the private market industry to be more open and collaborative”.
“Our team has worked diligently over the last 18 months to establish the daappa ecosystem, providing our clients with a flexible and scalable technology platform and a proactive partnership approach to client servicing.”
Karim Ali, daappa CEO said:
“The initial feedback on the rebrand from our clients, prospects and consultants has been overwhelmingly positive”.
“While in the process of revamping and expanding our platform and services, we concluded the time was right to update our core values, mission, and objectives.”
“Our clients, and indeed the industry, are demanding a better user experience, transparency, interoperability and flexibility – this has been our focus”.