Silverlake Axis plots takeover bid for NZ-based Fintech Solutions

Mainboard-listed Silverlake Axis (Silverlake) on Thursday revealed that it has formed a company, Silverlake HGH, to launch a takeover offer for Finzsoft Solutions - an Auckland-based financial technology company that develops and implements software and solutions for banks and financial institutions in New Zealand and Australia - at a price of NZ$3 per share.

The acquisition will allow Silverlake to expand its existing portfolio of software solutions and deliver new collaborative digital economy offerings throughout the Asia-Pacific region.

Silverlake will form the new company with a party associated with Andrew Holliday - the managing director of Finzsoft - and is also associated with the majority shareholder of Finzsoft, who has committed to accept the offer in relation to all of its approximately 65.916 per cent shareholding.

51 per cent of Silverlake HGH is held by Silverlake with the remaining 49 per cent held by interests associated with Andrew Holliday.

"There are strong synergies between Silverlake and Finzsoft's products and solutions, and a natural alignment of target customers in the Asia-Pacific region, being Tier One banks," Kwong Yong Sin, group managing director of Silverlake, said. "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's product and service offering to access opportunities in the Asia-Pacific market."

Mr Kwong added: "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."