Share of KFin Technologies climbed as much as 8.7% on Thursday to Rs 1,145.00 on the BSE after the company announced an agreement to acquire a controlling stake in Singapore-based Ascent Fund Services.
In a statement released late Wednesday, the financial services provider said it will acquire a 51% stake in Ascent for $34.7 million, with a path to full ownership over the next five years. The remaining 49% stake will be acquired in three equal tranches of 16.33% each after the end of FY28, FY29, and FY30, respectively.
Following the transaction, KFintech will become the sole promoter of Ascent. The deal is subject to customary regulatory approvals.
Ascent is a global fund administrator with clients across 18 geographies, serving 260 global alternative asset managers managing 576 funds, with $24 billion in assets under administration.
KFintech said the acquisition will fast-track its entry into the global fund administration industry, a market it estimates to have an annual revenue pool of over $12 billion. The company said it expects the deal to provide immediate access to an international client base and regulatory licenses across multiple jurisdictions.
“Ascent’s global footprint, deep domain expertise, client-centric approach, and ambitious team share our passion and vision for diversified and sustainable growth, and innovation,” said Sreekanth Nadella, Managing Director and CEO of KFintech.
Co-founders of Ascent—Kaushal Mandalia, Jaideep Mukhariya and Samuel Chen—each said the deal marks a transformative step that will unlock new opportunities, enhance capabilities, and strengthen the company’s position in the fund administration industry.
Shares of KFin Technologies have risen 25.6% so far this year.
Also read | IT stocks slide up to 6% as Wipro forecasts revenue decline, sparks sector-wide selloff
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
In a statement released late Wednesday, the financial services provider said it will acquire a 51% stake in Ascent for $34.7 million, with a path to full ownership over the next five years. The remaining 49% stake will be acquired in three equal tranches of 16.33% each after the end of FY28, FY29, and FY30, respectively.
Following the transaction, KFintech will become the sole promoter of Ascent. The deal is subject to customary regulatory approvals.
Ascent is a global fund administrator with clients across 18 geographies, serving 260 global alternative asset managers managing 576 funds, with $24 billion in assets under administration.
KFintech said the acquisition will fast-track its entry into the global fund administration industry, a market it estimates to have an annual revenue pool of over $12 billion. The company said it expects the deal to provide immediate access to an international client base and regulatory licenses across multiple jurisdictions.
“Ascent’s global footprint, deep domain expertise, client-centric approach, and ambitious team share our passion and vision for diversified and sustainable growth, and innovation,” said Sreekanth Nadella, Managing Director and CEO of KFintech.
Co-founders of Ascent—Kaushal Mandalia, Jaideep Mukhariya and Samuel Chen—each said the deal marks a transformative step that will unlock new opportunities, enhance capabilities, and strengthen the company’s position in the fund administration industry.
Shares of KFin Technologies have risen 25.6% so far this year.
Also read | IT stocks slide up to 6% as Wipro forecasts revenue decline, sparks sector-wide selloff
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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