Tag: acquisition

KGISL Completes Acquisition of AETINS, Expands Expertise in the Insurance Space

KG Information Systems Private Limited (KGISL), a global IT services, consulting, and business solution provider, today announced the acquisition of AETINS Sdn. Bhd. through its wholly-owned subsidiary in Malaysia, KG Information Systems Sdn. Bhd. The acquisition is a part of KGISL’s growth strategy in the InsurTech space.

Prassadh Shanmugam, Director and Chief Executive Officer, KGISL

AETINS brings aboard an exceptional range of insurance solutions for Life, General and Takaful bundled with an unmatched domain expertise. AETINS’ Core Insurance Product and Solutions are well known in the market and are market-leading. The company serves a vast clientele of insurance firms in the Asia Pacific, Middle East, and North Africa. The people, products, and solutions from AETINS would be leveraged in expanding KGISL’s footprint in the InsurTech space.

KGISL has market presence in the Malaysia InsurTech (201301013805) space since 2006 and has grown as a market leader with its Point of Sale (PoS) and Claims Management Solution for the Non-Life Insurance segment. The acquisition of AETINS will now bring in Core Insurance Product and Insurance Solution Framework (ISF) into KGISL’s product offerings and opens doors to enter the wider Asia Pacific, Middle East, and Africa markets covering the Life, Non- Life and Takaful Insurance segments.

Mr. Prassadh Shanmugam, Director and Chief Executive Officer, KGISL commenting on the acquisition said, “I am super excited about this acquisition. AETINS’ Core Insurance products, Takaful offerings and good presence in the Middle East market are the missing pieces in KGISL’s Insurance offerings. It would have taken years for us to build this capability, so the acquisition is a perfect fit for KGISL. The employees of AETINS share the same integrity, culture and value systems of KGISL, so the integration will also be smooth and quick.”

Commenting on the acquisition, Dr Ashok Bakthavathsalam, Managing Director, KGISL said, “The acquisition brings together two leading InsurTech players in pursuit of a common mission, centred on providing the best value for customers, organisation and employees. With able leadership and a go-getter team, KGISL has been on a fast growth trajectory, clocking a five-fold growth in the last four years. This acquisition adds momentum, and I am confident that our growth will be even faster in the next 3 years.”

About KGISL – www.KGISL.com/gss

KG Information Systems Private Limited (KGISL) is a global IT Services, Consulting and Business Solutions provider in the BFSI space. KGISL offers Software Products, Solutions and Services in Intelligent Automation, ERP (SAP), CRM, Business Intelligence and Analytics, Quality Engineering, IT Infrastructure Management and Application Development. KGISL has offices in India, US, Malaysia, Singapore, Australia and Thailand.

KGISL is part of the $750 million business conglomerate KG Group with interest in Textiles, Engineering, Healthcare, Education, Real Estate, Entertainment, Software and Business Support Services. The Group employs over 25000 people and is known for its philanthropic services to the community for over 8 decades.

About AETINS (199801000924) – www.aetins.com

AETINS, established in 1998, is a single end-to-end Insurance and Takaful Solution provider that covers all lines of business: Individual Life, Group Life, Investment Linked and General. It spans across functions like illustration, quotation, new business, policy servicing, claims, agency management, commission and benefits, accounting and services. Our business is to help Insurance and Takaful Companies to strategize and operate by leveraging on Information Technology, a key enabler to achieve transformational growth through Operational Excellence and Innovation. See www.aetins.com.

For further information, please contact:

KGISL: Sampathkumar S | sampathkumar.s@KGISL.com | +91 9940069884

Adfactors PR (India):
Bhargav TS | bhargav.ts@adfactorspr.com | 9884883350
Shamitha Hegde | shamitha.hegde@adfactorspr.com | 9003107361

Adfactors PR (Singapore):
Namrata Sharma | namrata.sharma@adfactorspr.com | +65 8138 3034

Avantor Acquires RIM Bio; Expands Bioproduction Footprint into China

Avantor, Inc. (NYSE: AVTR), a leading global provider of mission-critical products and services to customers in the life sciences and advanced technologies & applied materials industries, announced today that it has acquired RIM Bio, a leading China-based manufacturer of single-use bioprocess bags and assemblies for biopharmaceutical manufacturing applications.

RIM Bio’s Changzhou, China facility is Avantor’s first single-use production plant in the AMEA region, building on the company’s existing global single-use manufacturing network in the Americas and Europe and greatly increasing capacity to meet growing global demand in bioprocessing. Avantor will leverage RIM Bio’s proprietary technologies and best-in-class lead times to provide single-use customers with a differentiated offering.

Dr. Ger Brophy, Executive Vice President, Biopharma Production at Avantor, said, “Adding RIM Bio enables Avantor to better serve our customers by expanding our single-use manufacturing, distribution, and cleanroom capabilities to the AMEA region. RIM serves as an anchor for us to build our presence in this key region, as we better position Avantor to capture long-term opportunities in the growing, global Bioproduction space.”Established in 2009, RIM Bio provides a complete range of single-use 2D bags, 3D bags, tank liners, bag assemblies and multi-bag manifolds used in the manufacturing of biologics including monoclonal antibodies (mAbs), vaccines, cell and gene therapies, and recombinant proteins.

This acquisition marks another major investment in China. In December 2019, the company opened its Shanghai Innovation & Customer Support center, a dedicated bioprocessing facility focused on research, application development and process optimization solutions for biopharma companies across AMEA.

About Avantor

Avantor, a Fortune 500 company, is a leading global provider of mission-critical products and services to customers in the biopharma, healthcare, education & government, and advanced technologies & applied materials industries. Our portfolio is used in virtually every stage of the most important research, development and production activities in the industries we serve. Our global footprint enables us to serve more than 225,000 customer locations and gives us extensive access to research laboratories and scientists in more than 180 countries. We set science in motion to create a better world. For more information, please visit www.avantorsciences.com.

Forward-looking statementsThis press release contains forward-looking statements. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our announced transaction with Ritter as well as our financial condition, results of operations, plans, objectives, future performance and business. These statements may be preceded by, followed by or include the words “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,” “potential,” “project,” “projection,” “seek,” “can,” “could,” “may,” “should,” “would,” “will,” the negatives thereof and other words and terms of similar meaning.

Forward-looking statements are inherently subject to risks, uncertainties and assumptions; they are not guarantees of performance. You should not place undue reliance on these statements. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that our assumptions made in connection with the forward-looking statements are reasonable, we cannot assure you that the assumptions and expectations will prove to be correct. Factors that could contribute to these risks, uncertainties and assumptions include, but are not limited to, the factors described in “Risk Factors” in our 2020 Annual Report on Form 10-K for the year ended December 31, 2020, which is on file with the U.S. Securities and Exchange Commission (“SEC”) and available in the “Investors” section of Avantor’s website, ir.avantorsciences.com, under the heading “SEC Filings,” and in any subsequent Quarterly Reports on Form 10-Q and other documents Avantor files with the SEC.All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. In addition, all forward-looking statements speak only as of the date of this press release. We undertake no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise other than as required under the federal securities laws.

Media Contact

Christina Koh

Director Communications – AMEA

+65 9720 0169

christina.koh@avantorsciences.com

Investor Relations Contact

Tommy Thomas

Vice President, Investor Relations

+1 781 375-8051

Tommy.Thomas@avantorsciences.com

SOURCE: Avantor and Financial News