KFintech expands global footprint with Ascent Fund Services acquisition

KFin Technologies (BSE:KFINTECH) is set to significantly expand its global presence by acquiring Ascent Fund Services Pte. Ltd., a Singapore-headquartered fund administrator. Under the definitive agreement, KFintech will acquire an initial 51% stake in Ascent Fund for US$34.7 million, through a combination of primary capital infusion of US$5 million and secondary purchase of US$29.7 million, at an Enterprise Value of US$63 million. The agreement includes a defined path to 100% ownership over the next five years, with the remaining 49% stake to be acquired in three equal tranches after fiscal years 2028, 2029, and 2030. These subsequent acquisitions are linked to Ascent’s EBITDA performance.