3i Infotech Sells Software Products Business for Rs. 1000 Crore; Value More than its M-Cap
In the aftermath of the new deal, 3i Infotech is looking forward to pursue strategic growth initiatives in the IT services business.
In a statement issued by Apax, Padmanabhan Iyer, Managing Director & Global CEO, 3i Infotech, said, “Today’s announcement is transformative and value accretive for all stakeholders of 3i Infotech. I foresee a very exciting future for both the IT services and the software products business. Both businesses will have the resources to capitalize on market opportunities and build long term value for employees, customers and shareholders. I want to thank the entire 3i Infotech team for their commitment and contribution towards the successful journey of the company and I am sure that the teams will be infused with renewed vigor going forward.”
Shashank Singh, Partner and Head of the India office at Apax Partners, commented, “Increasing technology spend on core software systems across the BFSI industry and ERP space is driving rapid growth in the enterprise software market in the region. The newly formed company, Azentio, has a strong portfolio of feature rich products that run the core operations for customers. We are excited to unlock Azentio’s potential and help transform the business into a true regional leader in the software space.”
Umang Kajaria, Partner at Apax Partners, added, “ERP, core Banking and Insurance software are key areas of focus for the Apax Funds, with numerous successful investments to date. Azentio provides critical, vertical-specific software that allows its customers to stay competitive. We look forward to partnering with the Azentio management team in driving continued innovation and creating a software leader for the MEA and APAC regions.”
3i Infotech, was incepted in 1993 and provides a range of IT services and software products to 1,200+ customers across multiple industry verticals in over 50 countries. The company operates through two business segments – Services and Software Products.