3i Infotech Limited, a global information technology company, today announced that it has entered into definitive agreements to sell its Software Products business to funds advised by Apax Partners, for a total consideration of 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.
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:
About Apax Partners LLP
Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of approximately $50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. The Apax Funds have a strong track record in the software sector having previously invested in companies such as Duck Creek, MyCase, Eci and Lexitas. For more information see:
Azentio Software, a newly formed company in 2020 that has been carved out of 3i Infotech, a global information technology company in 2020. Azentio Software provides 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).