General Atlantic-backed KFin Technologies on Wednesday said it has signed a deal to buy a 51% stake in Singapore-based Ascent Fund Services for $34.7 million.
The transaction gives KFin a clear path to full ownership, with the remaining 49% to be acquired in three equal tranches after FY2028, FY2029, and FY2030, the company said in a statement. The deal is subject to regulatory approvals.
Founded in 2019, Ascent is a full-suite global fund administrator with clients across 18 countries and over $24 billion in assets under administration. The company serves 260 alternative asset managers across asset classes and operates 23 offices in 13 countries, with regulatory licences in Singapore, Hong Kong, Dubai, Abu Dhabi, Mauritius, and India’s GIFT City.
The acquisition will give KFin immediate scale and regulatory access to international markets, strengthening its ambition of becoming a global fund services platform.
KFin provides services to asset managers and corporate issuers across asset classes in India and also provides solutions, including transaction originating and processing for mutual funds and private retirement schemes in Malaysia, the Philippines, and Hong Kong.
“This is a force multiplier of KFintech’s vision to become the first global fund administrator from India,” said Sreekanth Nadella, MD and CEO of KFintech. “It enhances our ability to deliver tech-driven, multi-asset, multi-currency fund administration capabilities.”
Ascent’s co-founders Kaushal Mandalia, Jaideep Mukhariya, and Samuel Chen said the partnership marks a “transformative” step that will allow them to deepen their service offerings, expand globally, and set new benchmarks in the industry.
Shares of KFintech closed up 4.5% at Rs 1,053 on Wednesday.
