Silverlake Axis buys retail banking software firm SunGard Ambit for $12m

Singapore-listed Silverlake Axis has reached a deal to buy local firm SunGard Ambit (Singapore) Pte. Ltd. (previously known as System Access Limited) for $12 million.

Silverlake, that provides digital economy solutions and services, told the Singapore exchange that the deal will enable it to expand its suite of software and services as well as deepen and broaden its customer relationships and geographical presence.

On an immediate basis, the deal is expected to contribute about 15 per cent to the revenue of the enlarged Silverlake Axis Group, the company said.

The acquisition will also enable it to add over 50 new customers to its current base of over 150 customers, extending its geographical reach to Eastern Europe, Middle East, South Asia while at the same time creating a stronger market leadership in South East Asia, it added.

The deal will see Silverlake Axis acquire 100 percent of SAS from SunGard Asia Pacific Inc.

“SAS brings a complementary retail banking portfolio of software and service solutions to the group’s strengths in delivering financial technology innovation to our customers. In particular, the SAS Retail Banking Product Portfolio positions Silverlake Axis for mid-tier customers while offering a broader variety of tiered deployment options from a technology and a pricing perspective. These products can be deployed on open digital platforms thereby making it possible for Silverlake Axis to address the needs of customers from mid-tier to large enterprises,” its regulatory filing said.

Dr Raymond Kwong, Silverlake Axis chief executive and group managing director, said : “The group is constantly on the lookout for complementary software businesses to expand our suite of business enterprise software solutions. Through this acquisition, the combined and complementary multi-platform core, channels, card and payment solutions will enable us to deepen our customer solution implementation and support capabilities.”