Friday 01 Mar 2024
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KUALA LUMPUR (July 6): Private equity firm Ikhlas Capital is investing US$40 million (RM166 million) in Silverlake Group — the holding company of SGX-listed Silverlake Axis Ltd — marking the entry of the first institutional partner for the latter.

Besides being the largest shareholder of Silverlake Axis, Silverlake Group also owns businesses covering various technology verticals, platforms, system integrators and research and development arms.

In a joint statement by the two parties, the technology software group said it is on the cusp of a new growth phase, with the partnership to accelerate its growth and scale internationally.

The size of the stake Ikhlas will be holding in Silverlake Group was not disclosed.

"At Silverlake, we are embarking on a big growth push to propel our technology offerings towards even greater integration to help customers innovate and manage their businesses. To be at the forefront of this rapidly changing world, our mission is to empower businesses and build technology access for all.

"We are excited for the partnership with Ikhlas Capital given their deep strategic expertise, proven experience of growing companies, and extensive network that will help us scale rapidly to further strengthen our foothold and proposition across ASEAN and the broader Asia region," said Silverlake Group founder and group executive chairman Goh Peng Ooi.

Meanwhile, Ikhlas Capital founding partner and chief executive officer Kenny Kim said Silverlake Group is well positioned to deliver technology solutions to address the upcoming needs of existing and new customers.

"The recent launch of its next generation digital banking system Möbiusis a clear testament to the group's ability to continue delivering cutting-edge transformative technology. We are thrilled to partner with Mr Goh and the Silverlake Group leadership to capture the vast opportunities and accelerate their growth ambitions," said Kim.

It is also worth noting that Ikhlas Capital, partly owned by former banker Datuk Seri Nazir Razak, is one of the partners of a conglomerate comprising the private equity fund, AirAsia Group Bhd's e-wallet unit Big Pay and Malaysian Industrial Development Finance Bhd (MIDF), which is vying for one of the five digital banking licences to be awarded by Bank Negara Malaysia.

The licences are expected to be issued by the first quarter of 2022.

Edited ByS Kanagaraju
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