Kfin Technologies To Acquire Ascent Fund Services For $34.68 Million

Kfin Technologies on Wednesday said it will acquire Ascent Fund Services (Singapore) Pte. Ltd., marking a major global expansion in fund administration.

The company will initially acquire a 51% stake for $34.68 million, and plans to acquire the remaining 49% stake over the next five years, it said in an exchange filing.

The first 51% stake will be acquired by purchasing 763,651 ordinary shares from Ascent Fund and 4.53 million shares from its existing shareholders. The deal is expected to be completed in three to four months.

The company expects the acquisition to accelerate KFintech’s entry into the rapidly growing and sizable global fund administration market, which boasts an annual revenue pool exceeding US$12 billion, it said in the filing. 

To facilitate the acquisition, Kfin Technologies will set up a wholly-owned subsidiary in Singapore, with an investment of up to $35 million. 

The remaining 49% stake will be acquired in three tranches of 16.33% each in FY28, FY29, and FY30.

Founded in 2019, Ascent Fund Services is a global fund administrator for alternative investment funds, with a presence in 23 offices across 13 countries. It currently services 576 funds managed by over 260 asset managers across 18 countries, the filing said.

Today, shares of Kfin Technologies were at ₹1,113.10 rupees, up 6% from yesterday’s close.