The Education Business division of the Johannesburg Stock Exchange-listed leading specialised software provider, Adapt IT, today announced a partnership with i-Chain, a fixed asset management services and solutions company from South Africa. The partnership is aimed at providing a Web-based system that offers easy access to a cloud-based environment, allowing education institutions to manage their assets.
Commenting on the partnership at the 22nd Annual Asset Management Forum of Southern Africa in Windhoek, Namibia, Adapt IT Education’s Divisional Executive, Luxolo Rubushe, said Adapt IT Education was excited to join forces with i-Chain to offer this innovation solution.
“The i-AMS solution is a world-class fixed asset management system, which i-Chain has developed to suit the financial frameworks including GRAP, IFRS and the Modified Cash Standard. The system can manage and maintain all assets that comply with the minimum asset register criteria for all classes of assets, including movable and intangible assets. The integrated solution provides functionality to maintain full detail of all assets, scan assets, update asset information, verify asset conditions with photographs, review asset valuations and useful life, and depreciate the assets accordingly.”
He added that the partnership allowed Adapt IT to integrate the software with its existing ITS Integrator System, thus putting the power in the hands of institutions to manage their fixed assets more effectively. “This will enable current and prospective clients to meet asset management demands and compliance with internal and external asset audit requirements and standards.”
Rubushe said both parties have considerable skills, knowledge and experience in their respective fields. “We have identified synergies for partnering closely in the future to deliver these solutions and services to the higher and further education sectors.”
According to i-Chain’s Managing Director, Paul Verheul: “Asset management has evolved to become a critical part of how universities, colleges and schools capture and manage their assets. It’s clear that educational institutions are looking for efficient scanning and asset management solutions to manage their assets and promote compliance with statutory and accounting guidelines within the education sector.”
Verheul concluded: “With this partnership, the cutting-edge software and systems now on offer create the perfect solution to suit every department and campus, reducing costs, enabling better asset utilisation, and extending the lifespan and control of assets, which is a definite requirement of every accounting officer.