KFin buys Hexagram to expand into fund accounting, reconciliation solutions

Leading investor and issuer solutions platform KFin Technologies on Wednesday announced the acquisition of Hexagram Fintech, an IT product company specializing in fund accounting and reconciliation product development.

Post this acquisition, Hexagram will become a wholly-owned subsidiary of KFin Technologies, according to a statement.

The financial details of the transaction were not disclosed.

With this acquisition, KFin Technologies will further expand its fintech product offerings by adding fund accounting and reconciliation solutions to its platform.

This acquisition will also strengthen KFin Technologies' presence in South-East Asia, due to Hexagram's established base of Banking, financial services and insurance (BFSI) marquee clients in the region.

The acquisition will add to KFin Technologies' competencies by opening up asset side of the investment management industry, and allow the firm to provide holistic solutions to its clients, drive rapid expansion into alternatives segment and globalize its offerings.

"Fund accounting has been a strong focus area for us and the acquisition will bring together some of the best minds in the space to create a truly global end to end platform for asset managers and intermediaries," Sreekanth Nadella, Chief Executive Officer of KFin Technologies, said.

Chandrasekhar, Co-Founder and Executive Chairman, Hexagram said this acquisition is highly synergistic and shall enable Hexagram to accelerate product innovation, provide end-to-end solution as part of KFin Technologies's integrated offerings and reach customers in new domains and geographies.

KFin Technologies provides SaaS-based end-to-end transaction management, channel management, compliance solutions, data analytics and various other digital services to asset managers across segments as well as outsourcing services for global players.