Purchase of Finzsoft now unconditional

New Zealand banking and finance software company, Finzsoft Solutions Limited (NZX:FIN) is now part of Silverlake Axis Group Limited (SAL) as the takeover by the Kuala Lumpur based leader in digital economy solutions is unconditional.

In 2013, interests associated with Andrew Holliday, Finzsoft’s Managing Director, gained a controlling interest in Finzsoft by acquiring a majority shareholding in the company. On December 18 2014, interests associated with Andrew Holliday formed a company, Silverlake HGH, with Silverlake Axis Limited, to make a full takeover offer for all of Finzsoft’s shares. On March 1 2015, Andrew Holliday’s interests accepted the offer in relation to all of their approximate 65% shareholding in Finzsoft, making Silverlake HGH’s takeover offer of NZ$3.00 per share to all Finzsoft shareholders unconditional.

Kwong Yong Sin, Group Managing Director of SAL said SAL sees Finzsoft as an important part of the Group’s Asia Pacific strategy going forward. "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".

"This acquisition will add depth and range to the Group’s portfolio of software solutions and services to deliver and support our customers’ transformational initiatives and to compete and profit from the digital economy".

Later this week, Finzsoft and SAL will engage with over 600 senior executives from the banking, insurance and capital market sectors when the companies attend the Asian Financial Services Congress in Singapore on 5 & 6 March.

Finzsoft is attending the conference at the invitation of Silverlake:Axis. The Congress will give Finzsoft’s team and products exposure to some of the Asian Financial Services Industry’s regulators and senior banking and finance executives.

The AFS Congress is being chaired by Cyrus Daruwala, Managing Director IDC Financial Insights Asia/Pacific. Cyrus was in New Zealand last year and gave his view on how Finzsoft has been ahead of the game in the development of its banking and finance software. Watch the video here

Finzsoft will be located at stands A3 & A4 during the AFS Congress 2015 and will be represented by a senior team of board and management.