3i Infotech has agreed to sell its Software Products business to funds advised by Apax Partners for INR 10 billion.
The Software Products business will be acquired by a newly formed company named Azentio Software, wholly owned by the Apax Funds. The transaction, subject to shareholder approval and relevant regulatory approvals, is expected to close in early 2021.
3i Infotech has been providing a range of IT services and software products to 1,200+ customers across multiple industry verticals in over 50 countries.
The company operates through two business segments: Services and Software Products. The Services segment, under the brand Altiray, provides consulting services, business optimization services and an extensive expertise in mobility, data analytics, big data, testing and application development.
The Software Products business includes software products for customers in banking, financial services and insurance (BFSI) verticals and includes key products such as Kastle (universal banking platform), AMLOCK (financial crime detection and compliance software suite), Premia Astra (core insurance software), MFund Plus (asset management platform) and Orion (enterprise resource planning software).
3i Infotech will continue to pursue strategic growth initiatives in the IT services business, supported by a stronger balance sheet.
The newly formed Azentio Software will be supported by Apax Funds, with increased investments in R&D and sales and marketing. Azentio Software will focus on investing in its current product portfolio and launching new products. The Apax Funds will also use Azentio as a platform to do M&A across the BFSI software space in the region.
