3i Infotech Ltd on Thursday said Thompson Gnanam has been appointed as the company s managing director and global CEO, with immediate effect. Also, Mrinal Ghosh has been named as the company s chief financial officer, while Avatar Singh Monga has been appointed as an additional director. As part of the sale of the product business of the company to Azentio Software Pvt Ltd under the business transfer agreement (BTA) dated December 28, 2020, Padmanabhan Iyer will move to Azentio Software. Accordingly, he has stepped down as managing director and global CEO and CFO (chief financial officer) of the company, according to a regulatory filing.
IT services firm 3i Infotech on Monday said that the company’s software product business has been acquired by private equity firm Apax Partner for a consideration of about Rs 1,000 crore. The deal values the software business higher than the market capitalisation of the entire company (3i Infotech) which stands at around Rs 908 crore. According to the joint statement issued by 3i Infotech and Apax partner, the software products business will be acquired by a newly formed company named Azentio Software, wholly-owned by the Apax Funds. The transaction, subject to shareholder approval and relevant regulatory approvals, is expected to close in early 2021.