Silverlake Axis to acquire Auckland’s Finzsoft valued at $49 million
SINGAPORE (Dec 18): Silverlake Axis ( Financial Dashboard), the provider of IT solutions and services for banks, has entered into an agreement with the majority shareholder of Finzsoft Solutions to make a full takeover offer for all of Finzsoft’s shares at a price of NZ$3.00 per share ($3.029).
The seller has committed to accept the offer in relation to all of its 65.916% shareholding.
Finzsoft is an Auckland-based financial technology company that develops and implements software and solutions for banks and financial institutions in New Zealand and Australia. The company has a market cap of NZ$49.4 million.
To make the offer, Silverlake Axis has formed a company, Silverlake HGH, with a party associated with Andrew Holliday, Managing Director of Finzsoft, who is also associated with the majority shareholder of the company.
Fifty-one percent of the offeror is held by Silverlake Axis with the remaining 49% held by interests associated with Andrew Holliday.
Kwong Yong Sin, Group Managing Director of Silverlake Axis, said the acquisition is in line with the company’s strategy to expand its existing portfolio of software solutions and deliver new collaborative digital economy offerings throughout the Asia Pacific region.
“There are strong synergies between Silverlake Axis and Finzsoft’s products and solutions, and a natural alignment of target customers in the Asia Pacific region, being Tier One banks. We see Finzsoft as an important part of our Asia Pacific strategy going forward, and see Andrew Holliday and the Finzsoft team as having the capacity to leverage Silverlake Axis’s product and service offering to access opportunities in the Asia Pacific market,” said Kwong.
“The proposed transaction will provide Finzsoft with a committed cornerstone shareholder with deep industry knowledge and a global reach that will be beneficial as Finzsoft expands to meet a growing demand for its core and vertical banking applications,” he added.
Silverlake Axis rose 0.42% to close at $1.20 yesterday.
http://www.theedgemarkets.com/sg/article...49-million