KFin Technologies to acquire 51% stake in Singapore-based Ascent Fund Services

KFin Technologies has entered into a definitive agreement with Ascent Fund Services (Ascent) to acquire controlling stake of 51% for US$ 34.7 million, with a path to 100% ownership over the next five years. Post this transaction, KFintech will become the sole promoter of Ascent, and the residual 49% stake will be acquired in three equal tranches of 16.33% each after the end of fiscal year 2028, 2029, and 2030 respectively. The transaction is subject to customary regulatory approvals.

Headquartered in Singapore, Ascent is a fast growing full-suite global fund administrator, having clients across 18 geographies, serving 260 global alternative asset managers managing 576 funds, across all asset-classes, with US$ 24 billion assets under administration. The Company is backed by strong pedigree of founding team and senior management with multiple decades of industry experience, deep operational expertise and proven track record of continuous client acquisition. The acquisition shall expedite KFintech's entry into the fast growing and large market of global fund administration industry having more than US$12 billion annual revenue pool. Ascent will help KFintech to gain an immediate and scaled access to global fund administration market with requisite licenses / permits to render services across multiple international jurisdictions, diversified portfolio of clients, sticky and recurring revenue, and experienced team possessing strong domain expertise. Ascent's client acquisition and service capability backed by KFintech's technology finesse and operational efficiency will enhance the duo's ability to partner with funds throughout a fund lifecycle, and to become a single point provider of global fund services.

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