Silverlake Axis : Singapore PE firm Ikhlas Capital invests in Silverlake partnership

KUALA LUMPUR (Reuters) - Singapore-based private equity firm Ikhlas Capital has formed a strategic partnership with Silverlake Group through a $40 million investment to support the software company's growth, the firms said on Tuesday.

Ikhlas will be Silverlake's first institutional partner, and the tie-up will help the technology software group strengthen its foothold in Asia and accelerate international expansion, they said in a joint statement.

The firms did not detail the stake involved in the investment. A source close to the deal said the investment includes Ikhlas taking equity stakes in the listed entity and in unlisted parts of the Silverlake Group.

Silverlake Group founder and executive chairman Goh Peng Ooi is the largest shareholder in Silverlake Axis Ltd, with 68% equity. Silverlake has a digital banking platform called Mobius.

Last week, AirAsia Group Bhd announced its fintech unit BigPay had applied for a digital banking license in Malaysia, in a consortium that includes Ikhlas, Malaysian Industrial Development Finance Berhad and a foreign conglomerate with fintech expertise that it did not name.

(Reporting by Liz Lee; Editing by Martin Petty)

By Liz Lee