Aurionpro announces purchase of business consisting of a comprehensive loan management system to complement and enhance its portfolio of industry leading Lending Solutions. The transaction involves Aurionpro purchasing Omnifin, loan management system catering to 45+ banks and financial institutions in the Indian domestic market, from A S Software Services Pvt. Ltd, a company based in NOIDA, India.
This acquisition covers purchase of the entire business, as a going concern, covering all the assets & liabilities of the target business including the intellectual properties, 150+ employees & contracts and such transfer and payment of consideration will be governed by the Business Transfer Agreement (BTA) between the parties. The total deal is valued close to INR 82 Crores, to be paid in cash, as per the statement.
Abhijit Mittra, CEO – Managing Director of A S Software Services Private Limited said “we are delighted with this deal and are excited to be part of the Aurionpro family as we believe we share common values and culture. We can leverage Aurionpro’s market position and capabilities to take this business to newer markets and expand our share in this rapidly growing market. We are thankful to Aurionpro for this deal and we look forward to a great future for the product, our clients and our team.”
Ashish Rai, Vice Chairman while announcing the deal said “we are excited to announce this acquisition as it allows us to significantly accelerate our strategic plan to create the most comprehensive portfolio of lending solutions globally. Omnifin is a cutting edge, proven and comprehensive product suite which fills an identified gap in our lending solutions footprint. I am confident that Aurionpro’s industry leading position in Asia and Omnifin’s deep product and talent will make this a tremendous win-win deal for both the parties. We will sharply focus on leveraging strengths from both the businesses to rapidly scale this business by expanding in India as well as international markets. Abhijit and his team are absolutely the best in this business and they will be a very high-quality addition to Aurionpro’s leadership team.”
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