Azentio Software, a Singapore-headquartered software products business, has signed a binding agreement to acquire Beyontec, a leading insurance technology company.
The transaction is conditional on obtaining relevant regulatory approvals.
Beyontec has more than 300 employees and over 65 customers across the United States, Middle East, and Africa. The company provides a comprehensive range of digital solutions for the insurance industry, including a core multi-line insurance administration system, digital platform-based ecosystem solutions, and a comprehensive set of cloud-based accelerator tools.
The acquisition expands Azentio’s customer base and product suite with the goal of becoming the preeminent banking, financial services, and insurance-led technology product company in high-growth markets.
Azentio and Beyontec have significant synergies that would allow Azentio to offer an enhanced insurance product and end-to-end insurtech solutions for general, health, life, and commercial insurance. The acquisition also allows for significant scale benefits and investments in next-generation insurance technology products.
Tony Kinnear, CEO, Azentio, said they are focussed on creating a leading regional insurance and banking technology company, delivering cutting-edge products with deep domain and local market experience to help their customers transform and grow.
“As we join the Azentio family, I see an incredible opportunity for the combined entity to offer future-ready insurance solutions to make our customers highly competitive,” said Vivek Sethia, CEO and co-founder of Beyontec. “We will draw on the combined team strength and decade-long experiences, to push the boundaries of technology innovation and create world-class products.”