Azentio Software Acquires Specialist Insurance Technology Firm Beyontec
Azentio Software | July 02, 2021
Azentio Software, a Singapore-based software products company owned by Apax Funds, is pleased to announce the signing of a binding agreement to acquire Beyontec, a leading insurance technology company. The acquisition is conditional to the obtaining of all relevant regulatory approvals.
Beyontec employs over 300 people and serves over 65 customers in the United States, the Middle East, and Africa. The company provides a complete set of cloud-based accelerator tools and a core multi-line insurance administration system, and digital platform-based ecosystem solutions for the insurance sector.
Azentio's customer base and product suite will be expanded as part of the acquisition to become the leading banking, financial services, and insurance-led technology product business in high-growth markets. Azentio and Beyontec have significant synergies, enabling Azentio to provide a complete insurance product and end-to-end insurtech solutions for General, Health, Life, and Commercial insurance. In addition, the acquisition enables significant scale benefits and investments in next-generation insurance technology solutions.
In this transaction, Houlihan Lokey served as Beyontec's only financial advisor. Beyontec's legal advice was Katten Muchin Rosenman LLP. The company's legal counsel was Kirkland & Ellis LLP.
Azentio Software is a newly formed company in 2020 formed out from 3i Infotech, a global information technology company. Azentio Software offers mission-critical, vertical-specific software products to customers in the banking, financial services, and insurance industries, including critical 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 700 clients in more than 48 countries and a strong team of over 1,600 people spread throughout 9 locations worldwide.
Beyontec Solutions is an insurance solution provider specializing in general insurance, takaful, life insurance, medical insurance, and insurance broking. Beyontec's varied insurance expertise and knowledge have allowed it to develop transformational solutions that combine the best insurance practices worldwide. These include the Beyontec Suite, a core insurance administration solution, specialized accelerator tools, and a set of industry platform solutions.