M&A

M&A

KFin Technologies acquires Singapore’s Ascent Fund Services for $34.7 M

Business Line   BSE Announcement  

Hyderabad-based KFin Technologies Pvt Ltd (KFintech) has acquired 51% stake of Singapore-based Ascent Fund Services for USD 34.7 million, through combination of share subscription and purchase from existing shareholders.KFintech will acquire 763,651 newly issued ordinary shares and purchase 4,533,030 existing shares. The remaining 49% stake will be acquired in three tranches of 16.33% over the next 5 yearsAscent Fund Services, a division of The Ascent Group, is a fund administrator that provides various services to asset managers, investors, and private clients. Their services include fund administration, corporate solutions, and fintech solutions.KFintech provides comprehensive technology-driven solutions to asset managers, intermediaries, and corporate issuers.