Azentio Software has committed, through a binding agreement, to acquiring several software assets from Path Solutions, essentially taking over the latter’s Islamic banking portfolio.
Among the assets to be absorbed by the Singaporean company include flagship products iMAL, iSHRAQ, Path Digital and Path Analytics — offerings designed specifically for Islamic banks. The deal is still subject to regulatory approvals and customary closing conditions.
Acquiring these products of Path Solutions, which over the last two decades has built a clientele of over 100 Islamic banks and financial institutions across 40 countries, will place Azentio strategically within the Islamic finance community, strengthening its presence in the Asia Pacific, the Middle East and Africa.
“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 banking, financial services and insurance software space across APAC [Asia Pacific], MEA [Middle East and Africa] and emerging markets,” said Tony Kinnear, CEO of Azentio, adding: “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.”
Azentio, established just last year post a carve-out from global information technology company 3i Infotech, has been on a buying spree. In July, it confirmed it is to acquire insurtech firm Beyondtec, and in June it acquired Candela Labs, an automation and digital specialist for insurance.
With Path Solutions on its team, it will expand its Islamic banking capabilities even further while supporting Path Solutions with greater investment in research and development as well as sales and customer service.
“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,” Mohammed Kateeb, the group chairman and CEO of Path Solutions, shared.