August 16, 2021 – Azentio Software (“Azentio”), a Singapore-headquartered software products business owned by funds advised by Apax, 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. The transaction is contingent on obtaining relevant regulatory approvals and subject to customary closing conditions. This acquisition will strengthen Azentio’s banking portfolio by adding complimentary core banking software capabilities and a full spectrum of next generation solutions focused on Islamic banks and financial institutions.
Founded in 1992, Path Solutions offers a comprehensive range of core banking, retail banking, transaction banking, lending, treasury, digital banking and analytics solutions to banks and financial institutions through its flagship products iMAL™, iSHRAQ™, Path Digital and Path Analytics. These software products help Islamic banks with digital transformation, deliver frictionless customer experience and drive long term sustainable growth. Path Solutions has an extensive footprint of over 100 Islamic banks and financial institutions in over 40 countries across the world.
Path Solutions’ team of domain and technical specialists will further augment Azentio’s capabilities as it aims to become the leading BFSI software company across the Asia Pacific (APAC), the Middle East and Africa (MEA). Path Solutions will be supported by Azentio with increased investments in R&D and sales and customer service to deliver enhanced value to its customers. Together with Azentio’s banking portfolio, comprising of lending, treasury, trade finance and anti-money laundering solutions, this acquisition will provide an end-to-end integrated solution to banks in the region.
Tony Kinnear, CEO, Azentio, commented: The acquisition has great significance for us, as it adds scale and depth to Azentio’s Islamic and core banking offerings and further reinforces our vision and resolve to be a regional leader in the BFSI software space across APAC, MEA and emerging markets. iMAL™’s industry-leading digital Islamic core banking platform has been recognized by industry analysts for its broad and deep Islamic functionality, flexibility and operational performance. I am extremely happy to welcome Mohammed Kateeb and the Path Solutions team, clients and partners to Azentio. We complement each other well, with both organizations focused on making a real difference to our clients.
Mohammed Kateeb, Group Chairman and CEO, Path Solutions, said: Path Solutions has been a leader in the segment providing feature-rich core banking software specialized for Islamic banks and financial institutions. Today, the Islamic financial industry needs to urgently transform to meet its new digital objectives. Joining with Azentio now puts wind beneath our wings to accelerate our journey and deliver at a greater scale and speed to meet industry demands. This will also provide our people and partners the opportunity for growth and to our clients the surety of technologically rich, innovative, high-impact products that will help them grow and provide best-in-class service to their end customers.
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 800 customers in more than 60 countries with a team of over 1,900 employees across offices in 9 countries globally.
This is Azentio’s first acquisition in the banking space, following soon after its announcements to acquire Candela Labs and Beyontec – providers of front-end automation and core software in the insurance space.
About Path Solutions
Path Solutions provides the broadest portfolio of Islamic financial solutions and services in the world today. The company’s set of services enables its clients to deploy mission-critical technology on premises or in the cloud. Through its open, secure and reliable solutions, its clients are empowered to comply with Sharia, accelerate growth, optimize cost, mitigate risk and continually evolve to meet the changing needs of their customers.
Path Solutions’ scale and geographical reach means that it can serve its clients effectively, regardless of their size or geographic location. The company’s multi-award winning iMAL™ platform permits the co-existence of Islamic and conventional banking in the same core banking infrastructure and allows user access restrictions and different screen layouts for Islamic and conventional operations. To know more, visit www.path-solutions.com.