General Atlantic-backed KFin Technologies Pvt Ltd, which is eyeing for an initial public offering (IPO) this year, on Wednesday said it has acquired IT product company Hexagram Fintech, for an undisclosed amount.
KFintech said that the buyout will expand to its fintech product offerings by adding fund accounting and reconciliation solutions to its platform.
It will also strengthen the company’s presence in South-East Asia due to the establishment of Hexagram’s BFSI marquee clients in the region.
“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 the asset management space," said Sreekanth Nadella, Chief Executive Officer of KFintech.
The Bengaluru-based Hexagram Fintech Pvt Ltd, is engaged in fund accounting and reconciliation software product development for customers in mutual funds, AIF (alternatives), insurance and banking sector as well as corporates.
“This acquisition is highly synergistic and shall enable Hexagram to accelerate product innovation, provide an end-to-end solution as part of KFin Technologies’s integrated offerings and reach customers in new domains and geographies," said MS Chandrasekhar, Co-Founder and Executive Chairman, Hexagram.
KFin Technologies 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.
Last year in December, VCCircle reported that the company is planning for an initial public offering (IPO) this year.
According to the statement, KFin Technologies is majority-owned by funds managed by private equity firm General Atlantic. Notably, Kotak Mahindra Bank Limited acquired a 9.9% stake in KFin Technologies in 2021. HDFC Bank was an exclusive advisor to KFin Technologies for this transaction.
