Azentio Software acquires Islamic banking vendor Path Solutions
Singapore-headquartered Azentio Software has agreed to acquire “certain software assets” from Islamic core banking vendor Path Solutions.
The deal includes the firm’s flagship iMAL, iShraq, Path Digital, and Path Analytics platforms. Azentio says the deal, the figure of which is undisclosed, will strengthen its banking portfolio.
Path Solutions counts more than 100 Islamic banks among its customer base, and has a presence in around 40 countries worldwide.
Azentio is a newly formed company, spun out from 3i Infotech in 2020 when private equity firm Apax Partners acquired the vendor’s software for $136 million.
It claims to have more than 800 customers in 60 countries and operate nine major geographic offices.
The firm says it will support Path Solutions with increased investments into research, product development, sales, and customer service.
The Singapore company aims to combine Path’s software with its own treasury, trade finance, and AML solutions to create an “end-to-end” platform.
“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,” says Tony Kinnear, Azentio CEO.
Mohammed Kateeb, group chairman and CEO of Path Solutions, says the agreement puts “wind beneath our wings”.
In July, Kateeb wrote to employees that Path Solutions would continually examine its health and performance, and had “recently embarked on a journey of rejuvenation”.