3i Infotech, a company founded by ICICI Bank, has sold its Western European units to Italy-based Objectway Financial Software. The financial terms of the deal were not disclosed.

The Mumbai-based IT services provider has sold 3i Infotech (Western Europe) Group Ltd, a step-down subsidiary, and 3i Infotech (flagship-UK) to Objectway, the company said in a regulatory filing.

Non-core assets

The sale is in line with the group’s strategy to sell its non-core assets and investments and use the additional cash generated from these sales to de-leverage its balance sheet and for business purpose.

3i Infotech (Western Europe) provides investment management software solutions to mid-market firms in the UK, it added.

UK objective

The Italian company is a provider of wealth management and digital software solutions in the Europe, the Middle East and Africa (EMEA) region.

In a statement, Objectway said that the acquisition was expected to close on Wednesday.

“This acquisition strongly reinforces our position and accelerates our commitment to expand within the UK market, the largest in EMEA,” said Luigi Marciano, founder and CEO of Objectway Group.

“With the addition of 3i Infotech’s platforms, we’ll be able to add a set of core solutions to Objectway Financial Software’s product portfolio for the UK. Objectway will actively invest in the 3i Infotech product offering to give long-term support to the customer base.

“The combined offering will drive our growth because it represents an excellent value proposition for the wealth and investment management industry in the UK,” Marciano added.

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