Singapore software firm Azentio acquires Indian insurtech platform

Singapore-based Azentio Software (Azentio) announced it has acquired Candela Labs, an Indian technology firm specializing in automation and digital solutions for insurance firms.

Arsh Maini, CEO of Candela Labs/ Photo credit: Azentio Software

The deal marks Azentio’s first acquisition as an independent company after buying the software business of Mumbai-headquartered 3i Infotech in 2020.

The Candela Labs deal is expected to help Azentio’s growth plans as it aims to become the leading BFSI (banking, financial services, and insurance) tech firm in the Asia Pacific as well as the Middle East and Africa markets.

As part of the transaction, Candela Labs will provide Azentio with automation products, a portfolio of blue-chip clients across Asia Pacific and Africa, and a team with domain and technical capabilities. Azentio’s insurance and banking engines, combined with the process automation and digital front-end products at Candela Labs, are expected to bring operational synergies to both the firms.

Azentio offers vertical-specific software products for customers in the BFSI sector such as a banking platform, a compliance software suite, a core insurance software, an enterprise resource planning software, and an asset management platform.

Meanwhile, Candela Labs focuses on developing processes around customer experience, acquisitions, service, underwriting, and claims for insurers and banks.

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“We see a significant opportunity in the insurance and banking technology space moving forward, especially in the high-growth Asia Pacific, Middle East and Africa markets,” said Romil Turakhia, co-founder and executive director of innovation at Candela Labs.

Azentio said it has a team of over 1,600 employees across offices in nine markets, serving over 700 customers in more than 48 countries.