IT software firm KG Information Systems Pvt. Ltd. (KGISL) has acquired AETINS Sdn. Bhd. of Malaysia, a data-solutions provider focusing on the growth of insurance and Takaful (Islamic insurance) companies, through its wholly owned Malaysian arm KG Information Systems Sdn. Bhd.
According to a statement from KGISL, the acquisition is a part of its growth strategy in the insurance technology space. The core insurance product of AETINS is well-known in life, general and Takaful insurance segments and KGISL gets access to customers and markets of AETINS.
Without disclosing the acquisition amount, Prassadh Shanmugam, director and CEO of KGISL, said AETINS registered an annual turnover of ₹30 crore last financial year. KGISL is looking at ₹1000 crore turnover in three years and the acquisition will help achieve the target.
