March 15, 2006
The East African Development Bank (EADB) has selected LeaseWave, Odessa Technologies, Inc.’s Internet based lease management software to manage its multi-national portfolio. EADB currently operates in Uganda, Kenya and Tanzania and plans to substantially expand its leasing presence in these three countries in the coming years. With the establishment of the East African Community (EAC), the bank has recognized new opportunities to play a catalyzing role in regional integration through the provision of development finance. Providing leasing in developing markets such as this poses unique risks and challenges that require innovative and flexible responses; this is exactly what the bank is well known for in the region. It hopes to back its mission with the automation and flexibility that LeaseWave will lend.
“We’re excited about EADB joining us. We view this as a unique opportunity that gives us a credible presence in the African market,” says Madhu Natarajan, CEO Odessa Technologies, Inc. EADB is a well recognized name in East Africa and is owned by governments of the three East African countries and a consortium of reputable international financial institutions. “We’re especially delighted to be associated with an entity that is involved in development and bolstering progress in more nascent leasing economies. We hope to quickly add value to further the bank’s ongoing efforts,” adds Natarajan. EADB, in anticipation of substantial growth in the coming years, is looking forward to the automation of its lease management. “We are happy to have Odessa Technologies involved with the implementation of our leasing system. As we continue to grow, we recognize the importance of choosing the right partners in IT. We’re looking forward to working with them and implementing the LeaseWave system for our operations in Uganda, Kenya, and Tanzania,” says Peter Opande, Director of Finance.
The East African Development Bank (EADB) was established in 1967 under the treaty of the then East African Community. Following the break up of the community in 1977, the Bank was re-established under its own charter in 1980. The Bank offers a broad range of financial services in the Member States of Kenya, Uganda and Tanzania with an overriding objective of strengthening socio-economic development and regional integration. EADB is owned by the three member states of Kenya, Uganda and Tanzania. Other shareholders include the African Development Bank; FMO (Netherlands); DEG (Germany); Consortium of Yugoslav Institutions; SBIC – Africa Holdings; Commercial Bank of Africa, Nairobi; Norbanken AB, Stockholm; Standard Chartered Bank, London; and Barclays Bank International, London.
Odessa Technologies, Inc. is a software company located in Philadelphia, PA, with a sole focus in building and marketing software solutions to the leasing industries. The LeaseWave suite is its fully-integrated family of products that cater to various parts of the leasing operations, providing an end-to-end solution that is fully Internet-based. Furthermore, recognizing that each business is unique, the LeaseWave suite has been engineered, specifically, to be customizable. Designed using cutting-edge technology and sound functional expertise, LeaseWave can be custom–built to fit around the unique needs of each lessor. While not every client requires customization, the LeaseWave suite is flexible to cater to even the most complex of business models, as evidenced by its strong customer base. LeaseWave is the only end–to–end system that is fully Internet–based. Its technology as well as its ability to be customized easily differentiates it from competing products.