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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.

Azentio’s product portfolio spans across multiple BFSI verticals with a client base in Asia and MEA markets, and this makes it necessary for the company to adapt to the variations among these clients and markets in their infrastructure maturity and readiness for legacy system migration, Kinnear said. Azentio has not launched cloud-native banking solutions yet but is actively evaluating the prospects of such products, he added.

The company is meanwhile looking to strengthen its on-the-ground presence in the core growth markets by having its own local teams or channel partners for services delivery, Kinnear said.

Azentio currently has offices in Singapore, Thailand, India, UAE, Saudi Arabia, Kenya, Mauritius, the UK and the US.It has more than 700 customers in over 48 countries, according to its website.

There are global players in each of the BFSI product verticals, but their pricing points are considered premium for many emerging markets, and the global players also tend to allocate more resources for the developed markets.Azentio has its value proposition of offering affordable solutions and on-the-ground support in the emerging markets, the CEO said.

Through this, the company believes it can contribute to the social welfare in these markets by offering technologies to enable banks and insurers to innovate and deliver products like micro insurance to the underbanked and underinsured population in a more cost-effective way, Kinnear noted.

The company’s growth last year is in line with projection, with a relatively balanced revenue stream generated across the banking, insurance, asset management and ERP product verticals, the CEO said without specifying.

Apax Partners completed the acquisition of the software product business from 3i Infotech in March 2021 for INR10bn (USD 136m). The target had a revenue of INR 4.4bn (USD 59.4m) for the year ended 31 March 2020, as disclosed by the vendor.

by Lizzie Ko in Singapore

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A Frontline Captive Service Provider in India Upgrades to Orion11j

A leading captive service provider for one of the most popular banks in India has upgraded to Orion11j to effectively digitize their business processes. The customer has had a mutually beneficial partnership with Orion™ for over a decade. Implementing Orion11j will help the customer to move to a completely web-based application.

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A leading trading entity in U.A.E. selects Orion™11j

We are excited to announce that a prominent trading company offering customized solutions for Plant and Machinery requirements, has selected Orion™ ERP to upgrade their legacy systems to meet the company’s growth.

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Leading Ethiopian bank selects Amlock™

A leading Ethiopian private commercial bank has selected Amlock™, Azentio’s Financial Crime Detection and Management Solution, to ensure compliance with Ethiopian and international anti-money laundering (AML) regulations.

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GA Insurance, Kenya upgrades to Azentio Insurance’s Premia™ Astra

Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds managed by Apax Partners, announced today that National Bonds, the UAE’s leading Shariah-compliant savings and investment company owned by the Investment Corporation of Dubai, has selected Azentio’s market leading Islamic Banking solution, iMAL, to support its quest to improve process efficiency, enhance internal controls and deliver an exceptional customer experience as part of National Bonds ambitious growth strategy.

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A leading life insurer in Thailand chooses Azentio Digital Solutions

A leading Life Insurer in Thailand has gone live with Azentio Insurance’s document management system in September 2021. The client is an existing user of Azentio Insurance’s group life core solution – a dynamic, bilingual advanced application with innovative process automation features and a proven track record of benefitting life insurers globally.

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A leading insurer in Thailand has gone live with Azentio™ digital solutions

A leading insurer in Thailand has gone live with Azentio™ Insurance’s digital policy servicing and digital claims transactions solutions helping bring basic automation and ensuring their team can perform their daily operations from home during the pandemic.

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Ghanaian fintech start-up selects Amlock™

A cutting edge fintech start-up based out of Ghana has chosen Amlock™, Azentio’s Financial Crime Detection and Management Solution, to meet its anti-money laundering (AML) compliance and international money transfer monitoring requirements.

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Shinhan Life Insurance, Vietnam Chooses Azentio's Portal Solutions

Shinhan Life Insurance, Vietnam (SHLV), a life insurance subsidiary of Shinhan Financial Group, Korea chooses Premia’s™ end-to-end bilingual web portal solution. The digital front-end is an interactive insurance solution helping insurance companies increase cost savings and sales capabilities.

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A leading insurer in the Philippines selects Premia™ Astra

A leading insurer in Philippines, has selected Premia™ Astra, an end-to-end integrated solution built on contemporary technology. Implementing the solution will help the insurer deliver better quality products and services and engage strongly with their customers.

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A Leading Japanese Insurer Chooses Azentio's Digital Solutions

A leading Japanese non-life Insurance service provider has chosen Premia’s™ eCargo web portal, claims mobile application, and motor mobile application, part of Premia’s™ digital solutions to strengthen its operations in Egypt.

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Fidelity Printers and Refiners Pvt. Ltd. goes live with Orion™11j ERP

We are happy to announce that Fidelity Printers and Refiners Pvt. Ltd. – Zimbabwe, has gone live with Orion™11j ERP. This programme was completed in just four months starting from April 2021. The first phase of the programme went live in August 2021 and the project is on track to complete two additional modules shortly.

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Al Huraiz Est. goes live with Orion™11j ERP Suite

We are delighted to announce that Al Huraiz Est., a conglomerate in the UAE dealing in a wide range of industrial verticals, has gone live with our Orion™11j ERP suite.

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Azentio Software acquires Path Solutions

Azentio is pleased to announce the signing of a binding agreement to acquire certain software assets from Path Solutions (including the flagship products iMAL™, iShraq™, Path Digital and Path Analytics), a leading provider of core banking software.

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AFNIC selects Orion™11j

Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds managed by Apax Partners, announced today that National Bonds, the UAE’s leading Shariah-compliant savings and investment company owned by the Investment Corporation of Dubai, has selected Azentio’s market leading Islamic Banking solution, iMAL, to support its quest to improve process efficiency, enhance internal controls and deliver an exceptional customer experience as part of National Bonds ambitious growth strategy.

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MFund Plus™ recognized in The Wealth Mosaic’s APAC WealthTech Landscape Report 2021

MFund Plus™ – Wealth & Asset Management Platform recognized in The Wealth Mosaic’s APAC WealthTech Landscape Report 2021

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An Insurtech leader excels in global market expansion by embracing adaptive transformation

Romil Turakhia, Head of Markets at Azentio in conversation with the team from Co Mantis, our partner in Europe.

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CEO, Anthony Kinnear’s interview in Mergermarket

Apax Partners–backed Azentio flags Asia, MEA as key markets for organic growth, bolt-on

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Azentio Software announces the acquisition of Beyontec Solutions

Azentio Software is pleased to announce that it has signed a binding agreement to acquire Beyontec, a leading insurance technology company.

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Azentio Software Acquires Candela Labs

Azentio Software is pleased to announce that it has acquired Candela Labs, a technology firm specialising in automation and digital solutions for insurance firms.

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Azentio Software ranked among top players by the IBS Intelligence Sales League Table 2021

Azentio Software’s products Kastle™ Universal Lending Solution and Amlock™ make it to the IBSI SLT Leadership Club 2021.

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Azentio Software appoints Tony Kinnear as CEO

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 appointed Tony Kinnear to the role of Chief Executive Officer (CEO), effective immediately.

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Azentio Software, a wholly owned company by Apax Partners, acquires 3i Infotech’s software product business

3i Infotech Limited, a global information technology company, today announced that it has entered into a definitive agreement to sell its Software Products business to funds advised by Apax Partners, for a total consideration of INR 10 billion.

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