3i Infotech (Western Europe) Group Ltd, a step-down subsidiary of 3i Infotech Ltd, has signed an agreement with Italy-based Objectway Financial Software SPA to sell a couple of units in western Europe for an undisclosed amount, as per a stock market disclosure.
Objectway Financial Software, a provider of wealth management and digital software solutions in EMEA, is buying 3i Infotech (Western Europe) Ltd and 3i Infotech (Flagship-UK) Ltd.
The divestment is in line with 3i Infotech’s strategy to sell its non-core assets and use the additional cash generated from such sale to deleverage its balance sheet and for other business purposes.
3i Infotech Western Europe provides investment management software solutions to mid-market UK firms.
Its products include rhymeSIGHT, Fiscal and Altimis and have 30 active clients. The acquisition will help Objectway make its presence stronger in UK.
Founded in 1990, Objectway Financial Software is one of the top European players in the development and deployment of wealth and investment management software platforms for the financial services industry.
With offices in Italy, Belgium and the UK, Objectway employs 400 people and supports more than 50,000 investment managers in 14 countries in three continents.
Mumbai-based IT services provider 3i Infotech provides solutions for manufacturing, retail distribution, banking, financial services and insurance industries. The company is also focused on value-added services such as business intelligence & analytics services, infrastructure management services, testing & compliance and application development & maintenance.
(Edited by Joby Puthuparampil Johnson)