Autorek branches into Africa

Press Release

Date: 1 August 2013
London, UK

AutoRek, a global provider of financial data management solutions, has today announced that it has entered into a partnership with Grey Matter Thinking, a supplier of financial consultancy services across Southern Africa. Grey Matter Thinking and its technology subsidiary Grey Dot, will sell and distribute AutoRek’s reconciliation technology to South Africa’s corporate sector to assist businesses in improving the quality and efficiency of financial controls.

The collaboration combines the financial services advice and training that Grey Matter Thinking delivers with the capability of AutoRek’s reconciliation and order-to-cash software. The partnership was established following a year of record worldwide turnover for AutoRek and builds on the success of existing partnerships with the Hill Group in Warsaw and the global outsourcing division of IBM.

Richard Cohen, chief executive officer of Grey Matter Thinking and director of Grey Dot, explains the significance of this new partnership: “Despite strong reporting standards in South Africa, the prevalent use of multiple systems that don’t speak to each other, means we see a significant amount of errors and inefficiencies in managing risk reduction and gaining a comprehensive view of daily exposures. Furthermore, many companies still use manual process and spreadsheets, to reconcile accounts – methods which are costly and prone to inaccuracy.

This is where AutoRek can play a crucial role, it enables companies to use a single system to automate the management and extraction of data, identify and resolve inconsistencies and increase the reliability of data for audit, compliance and stakeholder reporting. We’re looking forward to working closely with AutoRek to grow the range of financial services solutions available to the South African market.”

Gordon McHarg
, co-founder and managing director of AutoRek, adds his comments on the collaboration: “With increasing demand for our products worldwide, it is important that we develop partnerships with companies that have a strong understanding of the financial services space and how our products can help. Grey Matter Thinking’s specialist expertise in the South African market, gives us confidence that this is a well-suited partnership that will help in driving forwards our international expansion strategy and address the challenges that surround providing greater control and transparency in business.”

AutoRek’s suite of financial controls solutions are used by major financial service companies and Fortune 500 corporates across the UK, Europe and Asia. Further developing a global partner network remains a prime focus for the company moving forward.
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