Beyontec acquired by Singapore-based Azentio
Beyontec has signed a binding agreement signifying its acquisition by Singapore-based software products business Azentio Software. The transaction is conditional obtaining the necessary regulatory approvals.
Beyontec has more than 300 employees and over 65 customers across the US, Middle East, and Africa. The company provides a comprehensive range of digital solutions for the insurance industry, including a core multi-line insurance administration system, digital platform-based ecosystem solutions, and a comprehensive set of cloud-based accelerator tools.
Azentio is owned by Funds advised by Apax, and the acquisition expands the company’s customer base and product suite with the goal of becoming the preeminent banking, financial services, and insurance-led technology product company in high-growth markets. Azentio and Beyontec have significant synergies – allowing Azentio to offer an enhanced insurance product and end-to-end insurtech solutions for general, health, life, and commercial insurance. The acquisition also allows for significant scale benefits and investments in next-generation insurance technology products.
Tony Kinnear, CEO, Azentio, commented: “We are focussed on creating a leading regional insurance and banking technology company, delivering cutting-edge products with deep domain and local market experience to help our customers transform and grow. I am delighted to welcome the Beyontec team to Azentio. We have much in common, including our client-first culture and our focus on excellence. Together we will be able to offer an unbeatable range of solutions to our clients.”
Vivek Sethia, CEO and Co-founder, Beyontec said, “As we join the Azentio family, I see an incredible opportunity for the combined entity to offer future-ready insurance solutions to make our customers highly competitive. We will draw on the combined team strength and decade-long experiences, to push the boundaries of technology innovation and create world-class products. We are excited to combine our resources and best practices to further enhance the value we bring to clients in the insurance industry.”
Azentio Software is a newly formed company in 2020 that has been carved out of 3i Infotech, a global information technology company. Azentio Software provides mission critical, vertical-specific software products for customers in banking, financial services and insurance verticals
