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Silverlake Axis buys SunGard Ambit for US$12m

Miss Yvonne Cheong of OCBC receiving a Financial Insights Innovation Award from Dr Raymond Kwong, MD of Silverlake Axis.

SILVERLAKE Axis is buying SunGard Ambit (Singapore), or SAS, for US$12 million to expand its suite of software and services as well as deepen and broaden its customer relationships and geographical presence.

The consideration of US$12 million is on a willing-buyer willing-seller basis and will be paid in cash on completion, subject to certain working capital and net assets/liabilities adjustments. On an immediate basis, the acquisition is expected to contribute about 15 per cent to the revenue of the enlarged Silverlake Axis Group, said the mainboard-listed group on Friday.

While cost synergies will be identified and implemented following the acquisition, revenue synergies will be created from the cross selling of software and services to each other's customers, added the group.

Raymond Kwong, Silverlake Axis CEO 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. This investment will position Silverlake Axis to play a leading role in digital financial technology adoption and innovation across an expanded market space leveraging on the combined portfolio of software and knowledge assets".