KFin Technologies Acquires Majority Stake in Ascent Fund Services

KFin Technologies has announced its acquisition of a 51% stake in Ascent Fund Services for USD 34.7 million, with plans for full ownership. This deal strengthens KFintech's presence in the global fund administration market, leveraging Ascent's expertise and expanding into new geographies and asset classes.

KFin Technologies has signed a major agreement to acquire a 51% stake in Singapore-based Ascent Fund Services Pte. Ltd for USD 34.7 million, with an eventual goal of 100% ownership within five years.

This strategic acquisition positions KFin Technologies as the sole promoter of Ascent, allowing it to expand its footprint in the global fund administration sector—a multi-billion-dollar industry. The remaining 49% of Ascent will be acquired by KFintech in three tranches concluding in FY30. This partnership is pending customary regulatory approvals.

The acquisition strengthens KFintech's market position, leveraging Ascent's global reach and capabilities in fund administration, which includes serving 260 asset managers with USD 24 billion under administration. The collaboration aims to enhance service delivery to global asset managers through innovative and technology-driven solutions.

(With inputs from agencies.)