Apax Partners–backed Azentio flags Asia, MEA as key markets for organic growth, bolt-on
SINGAPORE, 2 July 2021 – Azentio Software, a Singapore-based software product business backed by Apax Partners, has flagged Asia, the Middle East and Africa as its key markets for organic growth and bolt-on opportunities, CEO Tony Kinnear said.
The company, which was carved out from India-based IT company 3i Infotech [BOM: 532628] last year, has a relatively strong presence in the Middle East and is growing in Africa and Asia, including Singapore, Malaysia,Thailand, Vietnam, the Philippines and Hong Kong, said Kinnear, who joined Azentio recently from Thomson Reuters where he was president of the Legal Professionals business.
Azentio is pursuing growth in those core markets through organic investments in product R&D, talent acquisition and services delivery. That is supplemented by acquisitions.
One example is the acquisition of India-based process automation specialist Candela Labs (Automated Workflow Private Limited) for an undisclosed amount last month. This marks its first bolt-on deal as an independent company.
Candela brings to the table talent and digital capabilities with which Azentio can automate processes and deploy microservices on top of its existing core banking and insurance engines, the CEO said. Azentio’s headcount hasgrown to 1,850 following the deal as Candela has 250 employees across seven countries.
Azentio has a portfolio of products for the banking, financial services and insurance (BFSI) industry, and these include the compliance software suite Amlock™, which is gaining strong growth momentum, Kinnear said. The company will continue to enrich Amlock™’s financial crime detection and management features and add new functionalities to other products through in-house development and purchasing technologies, he said.
Azentio’s BFSI-centric product portfolio include its universal banking platform Kastle™, core insurance software Premia™ Astra, asset management platform MFund Plus™. Its enterprise resource planning (ERP) software Orion™ has customers from BFSI, manufacturing, trading, retail and distribution, among other industries.
The company announced on Thursday (1 July) that it has signed a binding agreement to acquire India-based insurance technology company Beyontec. Beyontec provides digital solutions for insurers including a core multi-line insurance administration system and a set of cloud-based accelerator tools.
The traditional core banking system segment is facing disruptions from cloud-native core banking solutions in recent years, and the trend is also seen in the insurance industry, Kinnear said. While there are BFSI customers that are pressing forward with cloud migration, others are still very focused on their existing core and functionalities.
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