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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We are excited to announce that SICOM GIN, has successfully gone live with the Azentio Health Insurance platform along with the mobile application to digitalize its health insurance business.
Azentio Software is pleased to announce it has achieved high rankings across multiple categories in the IBS Intelligence (IBSi) Sales League Table (SLT) 2022.
Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, today announced that Banque Populaire de Mauritanie (BPM), one of the largest financial institutions (FIs) in Mauritania, has gone live with the R14.5 version of iMAL, Azentio’s Core Banking Platform, to meet the multiple technology requirements imperative for its planned business growth.
We are excited to announce that the NIC General Insurance Co. owned by the Government of Mauritius has gone live with Azentio Insurance suite to manage its general insurance business along with the agent portal.
We are excited to announce that Shinhan Life Insurance Vietnam (SHLV), a life insurance subsidiary of Shinhan Financial Group, Korea has gone live with its website and Azentio’s end-to-end bilingual digital solution in just three months.
Azentio is pleased to announce it has progressed across multiple categories in the Global Banking Platform Deals Survey 2022, published by leading research and advisory firm Forrester.
Azentio Software is pleased to announce that it has delivered a swift launch of its iMAL™ platform at APS Islamic Microfinance Co. Ltd, a subsidiary of APS International, the leading international money transfer service provider in The Gambia.
SINGAPORE, May 23, 2022 – Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, announced today that it has won the ‘Islamic Digital Banking Provider of the Year’ award at the prestigious MEA Finance Banking Technology Summit & Awards 2022, for its Shariah-compliant core banking platform offering – iMAL™.
Azentio Software, a Singapore-headquartered software products company is pleased to announce that the company’s award-winning software Orion™11j has been chosen by Mama Sauce Factory for Food Industries in KSA for a massive digital transformation to achieve agility at scale across the enterprise.
Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, announced today that BigPay, a Ghana-based global digital payment solutions company, has gone live with Amlock™, Azentio’s Financial Crime Detection and Management Solution (FCDMS).
Azentio Software announced today that it has won the ‘Excellence In Digital Banking Solutions’ Award at the eminent Finnovex East Africa Summit 2022, for its Kastle™ Digital Solution.
Masharie, a Dubai-based venture capital company has selected Azentino’s Software Orion™11j...
Azentio Software announced today its inclusion in Forrester’s Now Tech: Anti-Money Laundering (AML) Solutions, Q1 2022 report.
Azentio Software successfully delivered in record time its Shariah-compliant profit calculation and distribution system for Bank of Abyssinia’s Islamic window operations.
Azentio Software is pleased to announce that its Middle East Banking Division has been appraised at Level 5, the highest maturity level of the CMMI Institute’s Capability Maturity Model Integration (CMMI)® for New Product Release and Implementation.
Azentio Software today announced that Samco Mutual Fund, India’s youngest asset management service provider, has gone live with MFund Plus™, Azentio’s Asset Management Solution, for its front-office business processes.
The award was presented during the InsureTek Middle East 2022 International Conference and Golden Shield Excellence Awards ceremony, at the Address Dubai Marina, UAE, on February 9 &10.
Samco Mutual Fund, the youngest asset management service provider in India, has gone live with MFund Plus™, Azentio’s Asset Management Solution, to meet its front-office business process requirements.
Our client, a Tier 1 bank in Tanzania, has signed a deal with Azentio for the implementation of Azentio Banking’s Kastle™ Corporate Loan Origination System (C-LOS). This will be Azentio’s first direct solution implementation deal in the country for any variant of Azentio Banking’s Universal Banking Solution.
iMAL™ R14.5, the latest version of the company’s Islamic core banking platform, has successfully completed the annual certification review for the year 2022 by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
Sanlam Vie Plc, Rwanda has gone live with Azentio Insurance’s enterprise document management system in a years’ time. The Data Scan Online Solution has helped the client digitalize their operations using an in-built workflow process across all lines of business including claims, underwriting, accounts, commercial, agent licensing, legal and human resources.
Azentio Software (“Azentio”), a Singapore-headquartered software products business owned by funds advised by Apax Partners, today announced that it has won five awards at the IBS Intelligence (IBSi) Global FinTech Innovation Awards 2021.
Azentio Software is proud to announce the successful implementation of Insurance Authority’s data submission requirement for 10 insurers in UAE. The regulation seeks a trusted digital environment throughout the UAE with additional upgrades and improvements on the cards to facilitate this vision.
Path Solutions, a leading Islamic technology provider, recently acquired by Azentio Software, was ranked highly and named a winner in three categories among top firms worldwide at the recently held Faster Community’s Fintech Prize 2021 on December 1st via a virtual ceremony.
We are excited to announce that Age Intrade LLC, a leading GCC steel import, stockist, trade, and distribution company, has upgraded to Orion™11j.
The client is an existing user of Azentio’s globally acclaimed Insurance Solutions Suite and chose Azentio Insurance’s B2B Portal for agents to meet their current set of challenges.
We are happy to announce that a prominent investment group, in the Gulf region, has selected Orion™ ERP to leverage group consolidation benefits across its eight entities.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
MFund Plus™ – Wealth & Asset Management Platform recognized in The Wealth Mosaic’s APAC WealthTech Landscape Report 2021
Romil Turakhia, Head of Markets at Azentio in conversation with the team from Co Mantis, our partner in Europe.
Azentio Software is pleased to announce that it has signed a binding agreement to acquire Beyontec, a leading insurance technology company.
Azentio Software is pleased to announce that it has acquired Candela Labs, a technology firm specialising in automation and digital solutions for insurance firms.
Azentio Software’s products Kastle™ Universal Lending Solution and Amlock™ make it to the IBSI SLT Leadership Club 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 appointed Tony Kinnear to the role of Chief Executive Officer (CEO), effective immediately.
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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