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Finzsoft Solutions : » Silverlake Axis Ltd forms company to launch takeover offer for Finzsoft Solutions Ltd

12/17/2014 | 11:54pm EDT

(Incorporated in Bermuda) (Company Registration No. 32447)


18 December 2014 - Silverlake Axis Limited ("SAL") has today formed a company, Silverlake HGH Limited (the "Offeror"), with a party associated with Andrew Holliday, who is the Managing Director of Finzsoft Solutions Limited ("Finzsoft") (NZX:FIN), an Auckland- based financial technology company that develops and implements software and solutions for banks and financial institutions in New Zealand and Australia, and is also associated with the majority shareholder of Finzsoft.
The Offeror has entered into a lock-up agreement with the majority shareholder of Finzsoft (the "Seller"), under which the Offeror has agreed to make a full takeover offer under the New Zealand Takeovers Code for all of Finzsoft's shares at a price of NZ$3.00 per share. The Seller has committed to accept the offer in relation to all of its approximately 65.916% shareholding.
51 percent of the Offeror is held by SAL with the remaining 49 percent held by interests associated with Andrew Holliday.
Kwong Yong Sin, Group Managing Director of SAL said the acquisition is in line with SAL'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 SAL 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 SAL's product and service offering to access opportunities in the Asia Pacific market."
"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."

About Silverlake Axis Ltd (5CP.SI)

Silverlake Axis Ltd (SAL) is a leading provider of digital economy solutions and services for major organisations in Banking, Insurance, Payments, Retail and Logistics industries. The Group's Silverlake Axis Software and Services Solutions are delivering operational excellence and enabling business transformations at over 100 organisations across Asia, including 40% of the largest banks in South East Asia. SAL has a 25 year track record of successfully delivering proven Financial Institution Class Core Software and is the core system platform partner of choice for the top 3 of the 5 largest ASEAN super regional financial institutions.
Under Axis Systems Holdings Limited, the Group was listed on the SGX-SESDAQ on 12
March 2003. It was renamed Silverlake Axis Ltd in 2006 following the acquisition of SAACIS, the company that owns the Silverlake Integrated Banking Solution (SIBS) and the listing was transferred to the Mainboard of the Singapore Exchange on 22 June 2011.
SAL's Founder and Executive Chairman, Mr Goh Peng Ooi, is a highly regarded information technology visionary and entrepreneur who was recently named Ernst & Young Master Entrepreneur of the Year 2014 Malaysia.

About Finzsoft Solutions Limited (NZX:FIN)

Finzsoft provides software and solutions to banks and financial institutions.
In 2013 the company's Managing Director, Andrew Holliday purchased, through Holliday
Group Holdings (ICT Investments) Limited the majority shareholding in the company. In 2014 Finzsoft acquired Sush Mobile.
Together, Sush Mobile and Finzsoft leverage 'mBank' solutions to respond to the key current disruptive trends in banking - O2O (Online to Offline), IoT (Internet of Things) and Customer Centricity.
The two companies have partnered to develop Finzsoft's Seal the Deal app and mobile
banking apps.

Finzsoft is based in Auckland, New Zealand and has over 90 employees.

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© Publicnow 2014
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