On 28th December 2020, the Apax X Fund (LON:APAX), in which AGA is a limited partner, announced that it had entered into a definitive agreement to acquire the Software Products business from 3i Infotech, a global information technology company. The transaction is expected to close in early 2021, subject to shareholder and regulatory approvals.
On a look through basis, AGA is expected to invest approximately €5.4m in the newly formed company, which will be named Azentio Software.
Note that these figures relate to AGA’s look through position of Apax X’s overall investment in Azentio Software and are stated before taking into account any closing adjustments and are translated into Euro based on today’s exchange rates where applicable.
Since its incorporation in 1993, 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 Software Products business comprises a comprehensive set of core software products for customers in banking, financial services and insurance verticals (“BFSI”) 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).
Having closely followed the company’s progress, Apax X identified an opportunity to carve out the software business from 3i Infotech to create a leading BFSI software provider in the region. Following the transaction, Apax X will support the newly formed Azentio Software with increased investments in R&D and sales and marketing. Azentio Software will focus on modernising its current product portfolio, launching new products and providing best in class service levels to all customers. The Apax Funds will also use Azentio as a platform to do M&A across the BFSI software space in the region.
AGA, whose shares are listed on the London Stock Exchange, provides investors with access to a diversified portfolio of private equity funds advised by Apax Partners as well as a focused portfolio of debt and equity investments. In July 2019, AGA made a commitment of c.$450m2 to Apax X.
