Singapore-based Azentio Software has agreed to acquire Islamic core banking software assets of Path Solutions.
Azentio will buy Path Solutions’ flagship products iMAL, iShraq, Path Digital and Path Analytics. These software products are used by Islamic lenders to improve customer experience and drive growth.
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Path Solutions’ products are used by over 100 Islamic banks and financial institutions in more than 40 nations across the globe.
As a part of the deal, staff and senior management of Path Solutions will join Azentio, which offers lending, treasury, trade finance and anti-money laundering solutions to banks across APAC, the Middle East and Africa.
Furthermore, Azentio will increase investment in Path Solutions’ R&D, sales, and customer service.
Azentio CEO Tony Kinnear said: “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.”
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By GlobalDataPath Solutions group chairman and CEO Mohammed Kateeb said: “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.”
