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Series C Funding Round Anchored by Navis Capital Partners to Support Eton Solutions Product Development, its Rapid Growth Trajectory, and International Expansion.
RESEARCH TRIANGLE PARK, N.C., July 12, 2022 /PRNewswire/ -- Eton Solutions, developer of the cloud-based AtlasFive® technology platform for the family office of the future, and new investor Navis Capital Partners ("Navis"), today announced the raising of a US$ 38 million Series C funding round. This investment will help Eton fund the company's rapid growth, product development, and international expansion as the premier provider of solutions and services for managing the assets and business affairs of ultra-high-net-worth families. This includes the establishment of an international headquarters in the fast-growing Singapore market.
"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," said Eton Founder and CEO Robert Mallernee. "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."
Rajendra Pai, Partner at Navis, commented: "Eton Solutions and the AtlasFive® platform enable some of the world's largest single and multi-family offices to improve their productivity and services to ultra-high-net-worth families. We strongly believe in Eton's vision, experienced leadership team, and expert skills of its employees. This makes us feel that Eton is the right technology and services partner for family offices worldwide. We are thrilled to become part of Eton's story and to have the opportunity to help grow such a forward-thinking business."
In recent years, the growth of ultra-high-net-worth families and individuals has resulted in a significant expansion of family offices globally. According to Ernst & Young, the number of family offices expanded from 1,000 in 2008 to an estimated 10,000 in 2019. Singapore has become the Asian hub for family offices. Over 400 family offices, large and small, have been established in Singapore in the past five years.
"Navis Capital has an extraordinary track record of recognizing and funding growth opportunities globally. They bring exceptional operating excellence, insights, and relationships to our company," said Satyen Patel, executive chairman of Eton Solutions. "We are delighted that they have chosen to make this strategic growth investment in Eton and welcome them as shareholders."
"Singapore has become the nexus of the family office industry in Asia," said Kevin Hayes, President of Eton Solutions. "We are committed to serving this fast-growing market with the best enterprise technology solution and services in our industry. This investment and partnership with Navis will help accelerate achieving that objective."
An ERP system for family offices, AtlasFive®, was purpose-built to deliver unmatched process efficiency, data accuracy, and risk reduction for ultra-high-net-worth family wealth management. It is the only truly integrated, all-in-one technology platform that seamlessly connects all data, services, and stakeholders within single and multi-family offices, eliminating the need for disconnected point solutions, repetitive data entry, and spreadsheets to reconcile, consolidate, and aggregate data. Family office clients now have easy, secure, and privacy-protected mobile access, visibility and approvals of family office activities and information, including day-to-day net worth information.
Founded in 1998, Navis manages approximately US$ 5 billion in private equity capital and focuses on investments primarily in Southeast Asia and its adjacent economies. Navis contributes both capital and management expertise to well-positioned companies with the objective of directing strategic, operational and financial improvements. Navis has one of the largest private equity professional teams in Asia, comprising 60 individuals, supported by 30 administrative staff, in six offices across the region. Since inception, Navis has completed over 90 control transactions, of which over 60 have been exited, and consistent with Navis investment strategy, almost all these exits have been to trade buyers.
Eton Solutions is a software and services company founded to handle the complexities of servicing ultra-high-net-worth families. Created by family office leaders, Eton Solutions' flagship product is AtlasFive®, an integrated platform with over US$ 425 billion in assets under administration that holistically aggregates and manages all your office's data, reporting, and workflow processes. With one source of truth, Eton Solutions leads family offices into the future by maximizing efficiency and minimizing errors and risk. Eton Solutions has experienced a CAGR of over 100% since its inception.
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