Mr. Prassadh Shanmugam (left), Director and Chief Executive Officer, KGISL (left) and Dr. Ashok Bakthavathsalam (right), Managing Director, KGISL Image Credit: Supplied

Dubai: The tech firm KG Information Systems (KGIS) has bought Malaysian company Aetins through its wholly-owned subsidiary there. The acquisition is a part of KGISL’s growth strategy in the ‘insurtech’ space.

With the deal, KGISL enters a new geography - the UAE market - and a new domain – life insurance and takaful insurance. AETINS brings insurance solutions for life, general and takaful. The company serves insurance firms in the Asia-Pacific, Middle East, and North Africa.

KGIS has had a presence in Malaysia’s insurtech space since 2006 and has a strong visibility in point-of-sale and claims management solution in the non-life insurance segment. Prassadh Shanmugam, Director and CEO of KGIS, said, “Aetins’ core insurance products, takaful offerings and good presence in the Middle East market are the missing pieces in KGIS’s insurance offerings. It would have taken years for us to build this capability, so the acquisition is a perfect fit for KGISL”.