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Apax to buy software business of 3i Infotech for Rs 1,000 crore

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The company’s board met on Monday to finalise the transaction.ET broke the story online before the official announcement.
The software business focuses on core BFSI, with clients in the Middle East, Southeast Asia and India growing at a 6-8% CAGR. It has a core insurance platform called Premia, a core lending platform for banks and NBFCs called Kastle, an anti-money laundering application called AM Lock, a core fund management application called MFund, and ERP software application called Orion, among others.
“Increasing technology spend on core software systems across the BFSI industry and ERP space is driving rapid growth in the enterprise software market in the region,” said Shashank Singh, head of India operations at Apax Partners. ....

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Fast Growing Remote Work Platform Turing.com Announces $32-Million Series B Financing

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PALO ALTO, Calif., Dec. 10, 2020 /PRNewswire/
Turing.com, an automated platform that lets companies hire Silicon Valley caliber remote developers at the touch of a button, announced today a $32-million Series B funding round led by $3.3-billion fund WestBridge Capital. The round includes a number of high-profile investors, such as Foundation Capital, which led Turing s seed round. Altair Capital, Mindset Ventures, Frontier Ventures, and Gaingels also participated in the Series B round, which was heavily oversubscribed.
Driven by the massive global shift to remote work, Turing taps into a global pool of developers to help companies hire in markets such as the San Francisco Bay Area, aka Silicon Valley and New York, where it is difficult and expensive to hire and retain top software engineers. Turing rigorously vets developers for a Silicon Valley bar. ....

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