Private equity investor General Atlantic-owned KFin Technologies Pvt. Ltd, an investor and issuer servicing platform, on Wednesday said it has acquired Hexagram Fintech, an IT product company specialising in fund accounting and reconciliation product development.
Following the acquisition, Hexagram will become a wholly-owned subsidiary of KFin Technologies. After the deal, KFin Technologies will expand its fintech product offerings by adding fund accounting and reconciliation solutions to its platform. The acquisition will also strengthen KFin Technologies’s presence in South-East Asia, helped by Hexagram’s established base of BFSI marquee clients in the region.
Hexagram Fintech, based out of Bengaluru, is engaged in fund accounting and reconciliation software product development for customers in mutual funds, AIF (alternatives), insurance & banking sector as well as corporate treasuries. It serves more than 25 clients in India and Southeast Asia.
The acquisition will add to KFin Technologies’s competencies by opening up the asset side of the investment management industry and allow KFin Technologies to provide holistic solutions to its clients, drive rapid expansion into alternatives segment and globalize its offerings rapidly, the statement said.
“As a hyper-scale backbone for asset managers and advisors across asset classes, we at KFin Technologies are continually expanding our portfolio of products and services. Fund accounting has been a strong focus area for us and the acquisition will bring together some of the best minds in the space to create a truly global end to end platform for asset managers and intermediaries. We believe the adjacencies, innate synergies, domain expertise and a compelling value proposition to the clients would help us achieve our stated objective to be the SaaS leader in asset management space,” said Sreekanth Nadella, Chief Executive Officer of KFin Technologies.
KFin Technologies serves critical needs of asset managers with clients spanning mutual funds, AIFs (alternative investments), pension, wealth managers and corporates in India and abroad. The company provides SaaS based end-to-end transaction management, channel management, compliance solutions, data analytics and various other digital services to asset managers across segments as well as outsourcing services for global players.
KFin Technologies is majority owned by funds managed by General Atlantic. Kotak Mahindra Bank Limited acquired 9.9% stake in KFin Technologies in 2021.
Source: Mint