Azentio Software acquires Candela Labs

Its portfolio of customers includes marquee insurers and banks across Asia-Pacific APAC and Africa.This acquisition is an important building block in Azentios growth plans as it looks to become the pre-eminent BFSI-led technology products company in the high-growth APAC and MEA Middle East Africa markets.Candela Labs brings to Azentio cutting-edge intelligent automation products, a portfolio of blue-chip clients across Asia-Pacific and Africa, and a strong team with deep domain and technical capabilities, according to a statement.

Singapore-based Azentio Software on Tuesday said it has acquired Candela Labs, a technology firm specialising in automation and digital solutions for insurance firms.

This is the first acquisition by Azentio, a software products business owned by Funds advised by Apax, as an independent company following its carve out from 3i Infotech in 2020.

Candela Labs, which has over 250 employees across seven countries, helps insurance firms and banks become more agile, efficient and effective. It focuses on transforming processes around customer experience, acquisitions, service, underwriting and claims. Its portfolio of customers includes marquee insurers and banks across Asia-Pacific (APAC) and Africa.

''This acquisition is an important building block in Azentio's growth plans as it looks to become the pre-eminent BFSI-led technology products company in the high-growth APAC and MEA (Middle East & Africa) markets.

''Candela Labs brings to Azentio cutting-edge intelligent automation products, a portfolio of blue-chip clients across Asia-Pacific and Africa, and a strong team with deep domain and technical capabilities,'' according to a statement. BFSI stands for banking, financial services, and insurance.

The two companies have strong synergies that offer a significant advantage to insurance providers and banks, combining Azentio's robust core insurance and core banking engines with Candela Labs' intelligent process automation and digital front-end products, it added.

No financial details of the deal were disclosed.

''We are on a mission to transform Azentio into a regional software leader and today's acquisition is an important step in achieving this vision.

''Candela Labs are dedicated insurance specialists with a reputation for excellence in this sector and their skills and products will help bolster our offering in this space,'' Azentio Chief Executive Officer Tony Kinnear said.

Candela Labs CEO Arsh Maini said now is the right time for Candela Labs' next chapter, and that joining Azentio is the right next step for the company.

''The Azentio team have ambitious growth plans and a clear vision for the future, and we are excited to be a part of that journey, whilst continuing to provide the core products and services that our clients have come to rely on,'' Maini added.

Azentio has over 700 customers in over 48 countries with a strong team of over 1,600 employees across offices in nine countries globally.

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