Singapore's Azentio Software has acquired the core banking software assets of Path Solutions, a technology supplier to 150+ Islamic financial institutions across the globe.
Owned by funds advised by Apax, Azentio is buling out its banking portoflio by buying Path's flagship products iMAL, iSHRAQ, and Path Digital and Path Analytics.
Path Solutions staff and senior management will also be joining Azentio, which currently provides lending, treasury, trade finance and anti-money laundering technology to banks across Apac, the Middle East and Africa.
Mohammed Kateeb, group chairman and CEO, Path Solutions, says: "The Islamic financial industry needs to urgently transform to meet its new digital objectives. Joining with Azentio now puts wind beneath our wings to accelerate our journey and deliver at a greater scale and speed to meet industry demands. This will also provide our people and partners the opportunity for growth and to our clients the surety of technologically rich, innovative, high-impact products that will help them grow and provide best-in-class service to their end customers."
Terms of the transaction were not disclosed.