Computer Age Management acquires 51% stake in Fintuple Technologies; stock slips ~2%

7 Mar 2022 , 09:48 AM

In its exchange filing today, Computer Age Management Limited, informed the exchanges and investors that the company has entered into Share Subscription and Purchase Agreement and Shareholders Agreement with the existing promoters and shareholders of Fintuple Technologies Private Limited and with Fintuple to make a strategic investment in Fintuple by way of a primary and secondary acquisition amounting to 51 % of the total paid-up share capital in the form of Equity Shares.

The Transaction is proposed to be completed by March 31, 2022, and accordingly, Fintuple shall become a subsidiary of the Company as per the conditions set out in the Shareholders Agreement signed between CAMS, Fintuple, the promoters, and an existing shareholder.

Commenting on the acquisition, Mr. Anuj Kumar, Managing Director – CAMS, said, “We expect the AIF and PMS markets to grow at a CAGR of more than 15% over the next decade, and hence found investing into Fintuple as a great opportunity that will assist CAMS and Fintuple in the overall market reach and revenue diversification. The Fintuple solution suite will ensure clients who have more bespoke needs are serviced with ease and speed. The acquisition will further drive CAMS’s vision of providing technologically superior products in the BFSI space, specifically the rapidly growing AIF and PMS segment.”

Founded in 2018, Fintuple is a new-age start-up that has launched niche technology offerings in the areas of client digital on-boarding, eKYC, fund reports, and other support digital solutions for AIF and PMS. In a short span, Fintuple has added marquee AIF brands and Banks to its client roster and is set to expand its footprint as the gateway connecting the digitally savvy consumers to digitally-enabled manufacturers and providers, via APIs.

Mr. Kaushik Narayan, Co-Founder – Fintuple, stated “Alongside the growth potential, the AIF and PMS segment is also poised for technology-led transformation. The synergy between CAMS and Fintuple’s solutions can be leveraged to solve industry problems and partner clients to build unique, frictionless experiences for their customers.”

Computer Age Management Services Ltd is currently trading at Rs2,375.90 down by Rs44.9 or 1.85% from its previous closing of Rs2,420.80 on the BSE. The scrip opened at Rs2,335 and has touched an intraday high and low of Rs2,386.50 and Rs2,335 respectively.