Azentio Software (Azentio), a Singapore-based software products company, has confirmed signing a binding agreement to acquire some of the software assets from Path Solutions, a leading provider of core banking software (including the flagship products iMAL™, Path Digital, iShraq™ and Path Analytics).
The deal is subject to customary closing conditions and is depending on receiving necessary regulatory approvals.
With this acquisition, Azentio will strengthen its banking portfolio by the addition of complementary core banking software capabilities and a full range of next-generation solutions aimed at Islamic banks and financial institutions.
Path Solutions, established in 1992, provides banks and financial institutions with core banking, transaction banking, lending, retail banking, digital banking, treasury, and analytics solutions through its top products iMAL™, iShraq™, Path Digital, and Path Analytics.
These software products assist Islamic banks with digital transformation, driving long-term sustainable growth and deliver frictionless customer experience.
Path Solutions has a reach across more than 100 Islamic banks and financial institutions in more than 40 countries. The company’s domain and technical specialists will enhance Azentio's capabilities as it wishes to become one of the BFSI software companies across the MEA (the Middle East and Africa) and APAC (Asia Pacific) region.
In return, Azentio will support Path Solutions with additional investments in R&D, sales, and customer service to provide better value to its client.
Azentio CEO, Tony Kinnear commented – “This acquisition is vital for their firm since it enhances and diversifies Azentio's Islamic and core banking services and reinforces their commitment to becoming a regional leader in BFSI software across APAC, MEA, and emerging markets”.
“Industry analysts have acknowledged iMALTM's industry-leading digital Islamic core banking platform for its broad and deep Islamic functionality, adaptability, and operational effectiveness. As a result, they are delighted to welcome Path Solutions CEO and Chairman, Mohammed Kateeb, its team and their clients and partners to Azentio”.