SINGAPORE (Sept 18): Silverlake Axis, the provider of computing solutions and services to banks and financial institutions, is buying SunGard Ambit (Singapore) or SAS -- also previously known as System Access Limited -- for US$12 million ($16.8 million).

Silverlake Axis says the move will expand its suite of software and services as well as deepen and broaden its customer relationships and geographical presence.

It will acquire 100% of the equity of SAS from SunGard Asia Pacific Inc.

The acquisition is expected to contribute 15% to the revenue of the enlarged group "on an immediate basis", says Silverlake Axis.

Silverlake Axis says SAS brings a complementary retail banking portfolio of software and service solutions to the group’s strengths in delivering financial technology innovation to our customers.

“In particular, the SAS Retail Banking Product Portfolio positions Silverlake Axis for mid-tier customers while offering a broader variety of tiered deployment options from a technology and a pricing perspective,” says the group.

“These products can be deployed on open digital platforms thereby making it possible for Silverlake Axis to address the needs of customers from mid-tier to large enterprises,” it adds.

Another product called SAS OmniChannel solutions will enhance Silverlake Axis’ channel offerings to create and manage superior customer experience across all digital touch points.

Meanwhile, SAS OmniCard and 3D Protect components will augment Silverlake Axis’ Card solution with workflow-enabled tools and enhanced payment authentication for secure online internet and mobile transactions.

In addition, the group will add more than 50 new customers to its current base of over 150 customers, extending its geographical reach to Eastern Europe, Middle East, South Asia while at the same time creating a stronger market leadership in South East Asia.

In August, Silverlake Axis was the target of an attack by anonymous short-seller "razor99" who released a 42-page report, alleging the group uses interested party transactions to inflate its results.

The company has refuted the allegations, saying it was seeking legal advice on the matter and engaging Deloitte Singapore to undertake an independent review of its operations.

Silverlake Axis closed 0.9% higher at 54 cents on Thursday.