back Back

Azentio to acquire software assets from Path Solutions

By Leandra Monteiro

August 16, 2021

  • Azentio
  • UAE
Share

Azentio Software, Azentio, Path solutions, UAE, software, Core banking, digital banking, lending, transaction bankingAzentio Software, a Singapore-based software products business owned by funds advised by Apax, has announced the signing of a binding agreement to acquire certain software assets from Path Solutions (including the flagship products iMAL™, iSHRAQ™, Path Digital and Path Analytics), a leading provider of core banking software.

The transaction is contingent on obtaining relevant regulatory approvals and subject to customary closing conditions. This acquisition will strengthen Azentio’s banking portfolio by adding complimentary core banking software capabilities and a full spectrum of next generation solutions focused on Islamic banks and financial institutions.

Founded in 1992, Path Solutions offers a comprehensive range of core banking, retail banking, transaction banking, lending, treasury, digital banking and analytics solutions to banks and financial institutions through its flagship products iMAL™, iSHRAQ™, Path Digital and Path Analytics. These software products help Islamic banks with digital transformation, deliver frictionless customer experience and drive long term sustainable growth. Path Solutions has an extensive footprint of over 100 Islamic banks and financial institutions in over 40 countries across the world.

Path Solutions’ team of domain and technical specialists will further augment Azentio’s capabilities as it aims to become the leading BFSI software company across the Asia Pacific (APAC), the Middle East and Africa (MEA). Path Solutions will be supported by Azentio with increased investments in R&D and sales and customer service to deliver enhanced value to its customers. Together with Azentio’s banking portfolio, comprising of lending, treasury, trade finance and anti-money laundering solutions, this acquisition will provide an end-to-end integrated solution to banks in the region.

Tony Kinnear, CEO, Azentio, commented, “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 and resolve to be a regional leader in the BFSI software space across APAC, MEA and emerging markets. iMAL™’s industry-leading digital Islamic core banking platform has been recognized by industry analysts for its broad and deep Islamic functionality, flexibility and operational performance. I am extremely happy to welcome Mohammed Kateeb and the Path Solutions team, clients and partners to Azentio. We complement each other well, with both organizations focused on making a real difference to our clients.”

Mohammed Kateeb, Group Chairman and CEO, Path Solutions said, “Path Solutions has been a leader in the segment providing feature-rich core banking software specialized for Islamic banks and financial institutions. Today, 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.”

Previous Article

August 16, 2021

Zilch announces the acquisition of NepFin for further scaling into the US

Read More
Next Article

August 16, 2021

YOOX NET-A-PORTER GROUP partnered with Klarna for BNPL features

Read More






IBSi Daily News Analysis

UAE, money transfer

June 14, 2024

Azentio

Digital remittances surge as key lifeline amid global economic challenges, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Mastercard taps Thought Machine to advance its core banking capabilities

Read More

Today

BNP Paribas and BPCE join forces to create a payment processor

Read More

Today

Prime Bank Bangladesh & CTM360 to fight digital threats & online frauds

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023