Azentio Software’s Acquisition of Software Assets from Path Solutions

Kirkland & Ellis advised Azentio Software on the deal.

Azentio Software (“Azentio”), a Singapore-headquartered software products business owned by funds advised by Apax, signed 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 complementary core banking software capabilities and a full spectrum of next generation solutions focused on Islamic banks and financial institutions.

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).

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.

The Kirkland team was led by corporate partners Daniel Dusek (Picture) and Ram Narayan, with support from corporate partner Srinivas Kaushik, government & internal investigations partners Cori Lable and Michael Casey, technology & IP transactions partner Matthew Lovell, and labor & employment partner Richard Kidd.

Involved fees earner: Michael Casey – Kirkland & Ellis; Daniel Dusek – Kirkland & Ellis; Srinivas Kaushik – Kirkland & Ellis; Richard Kidd – Kirkland & Ellis; Cori Lable – Kirkland & Ellis; Matthew Lovell – Kirkland & Ellis; Ram Narayan – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Azentio Software;

Sonia Carcano

Author: Sonia Carcano