SINGAPORE, 22 June 2021 — Azentio Software (“Azentio” or the “Company”), a Singapore-headquartered software products business owned by Funds advised by Apax, is pleased to announce that it has acquired Candela Labs, a technology firm specialising in automation and digital solutions for insurance firms. This is Azentio’s first acquisition as an independent company following its carve out from 3i Infotech in 2020.
Candela Labs, which has over 250 employees across 7 countries, is an ‘Intelligent Automation’ solutions specialist that helps make insurance firms and banks more agile, efficient and effective. Candela Labs focuses on transforming processes around customer experience, acquisitions, service, underwriting and claims. Its portfolio of customers includes marquee insurers and banks across APAC and Africa.
This acquisition is an important building block in Azentio’s growth plans as it looks to become the preeminent BFSI led technology products company in the high-growth APAC and MEA markets. Candela Labs brings to Azentio cutting-edge intelligent automation products, a portfolio of blue-chip clients across Asia Pacific and Africa, and a strong team with deep domain and technical capabilities. The two companies have strong synergies that offer a significant advantage to insurance providers and banks, combining Azentio’s robust core insurance and core banking engines with Candela Labs’ intelligent process automation and digital front-end products.
Tony Kinnear, CEO, Azentio, commented: “We are on a mission to transform Azentio into a regional software leader and today’s acquisition is an important step in achieving this vision. Candela Labs are dedicated insurance specialists with a reputation for excellence in this sector and their skills and products will help bolster our offering in this space. We believe that our complementary skills, our shared commitment to client service and our joint vision for the future will be a winning formula and we are excited to welcome the people and clients of Candela Labs into the fold.”
Arsh Maini, CEO, Candela Labs, said: “For over two decades, Candela Labs has been a crucial technology partner to the insurance sector, and I am extremely proud of what we have achieved in that time. We believe that now is the right time for Candela Labs’ next chapter, and that joining Azentio is the right next step for the company. The Azentio team have ambitious growth plans and a clear vision for the future and we are excited to be a part of that journey, whilst continuing to provide the core products and services that our clients have come to rely on.”
Romil Turakhia, Co-founder and Executive Director – Innovation, Candela Labs, added: “We see a significant opportunity in the insurance and banking technology space moving forward, especially in the high-growth Asia-Pacific, Middle East and Africa markets. Today’s announcement is a significant milestone for the Candela Labs team, and we now look forward to our next phase of growth as an integral part of Azentio.”
Azentio Software is a newly formed company in 2020 that has been carved out of 3i Infotech, a global information technology company. Azentio Software provides mission critical, vertical-specific software products for customers in banking, financial services and insurance verticals and includes key products such as Kastle™ (universal banking platform), Amlock™ (compliance software suite), Premia™ Astra (core insurance software), Orion™ (enterprise resource planning software) and MFund Plus™ (asset management platform). Azentio has over 700 customers in more than 48 countries with a strong team of over 1,600 employees across offices in 9 countries globally.
About Candela Labs
Candela Labs (Automated Workflow Private Limited) is an IP-led intelligent automation company providing core process automation and customer engagement solutions to insurance providers and banks. The company’s products are built on their Cloud-native, Microservices and Open-standards based platform, and delivered using their proprietary Labs-to-Live approach. Candela Labs’ portfolio of customers include blue-chip insurers and banks across APAC and Africa. The company has over 250 employees across 7 countries. To learn more, please visit www.candelalabs.io