SG’s Azentio Software acquires insurance digitalization firm Candela Labs

Singapore-headquartered software firm Azentio Software announced that it has acquired Candela Labs, a technology company that specializes in automation and digital solutions for insurers.

Financial details of the transaction were not disclosed. It was the first acquisition by Azentio as an independent company following its carve out from 3i Infotech in 2020. Azentio is owned by funds advised by Apax.

Azentio said the acquisition is an important building block in its growth plans as it looks to become the preeminent BFSI-led technology products company in the high-growth APAC and MEA markets.

“Candela Labs brings to Azentio cutting-edge intelligent automation products, a portfolio of blue-chip clients across Asia Pacific and Africa, and a strong team with deep domain and technical capabilities,” the company said.

Candela Labs is an IP-led intelligent automation company providing core process automation and customer engagement solutions to insurance providers and banks. It has over 250 employees across 7 countries.

Candela Labs focuses on transforming processes around customer experience, acquisitions, service, underwriting, and claims.

“The Azentio team has ambitious growth plans and a clear vision for the future and we are excited to be a part of that journey, whilst continuing to provide the core products and services that our clients have come to rely on,” said Candela Labs CEO Arsh Maini.

For Azentio CEO Tony Kinnear, the complementary skills, shared commitments to client service, and joint vision for the future will be a winning formula.

“We are on a mission to transform Azentio into a regional software leader and today’s acquisition is an important step in achieving this vision,” Kinnear added.

Azentio Software was formed in 2020. It provides vertical-specific software products for customers in banking, financial service, and insurance verticals. It has over 700 customers in more than 48 countries with a strong team of over 1,600 employees across offices in 9 around the world.