Silverlake Axis

Silverlake Axis: Silverlake Axis has agreed to make a full takeover offer for Finzsoft Solutions, an Auckland-listed financial technology company that develops and implements software and solutions for banks and financial institutions in New Zealand and Australia. The 51/49 joint offer with the managing director and majority shareholder (65.9%) of Finzsoft, Andrew Holiday, will be made at NZ$3.00/share, valuing the company at 10.1x trailing P/E, compared to Silverlake's own valuation of 27.8x. The move helps to expand Silverlake's existing portfolio, comprising 40% of the leading banks in S.E Asia. In a recent roadshow, Management is optimistic on order outlook, with contracts potentially coming from the OCBC-Wing Hang and CIMB-RHB-MBSB integrations. These contracts, and others, could potentially double the group’s order book by end-FY6/15e and start contributing to revenue in FY16-17e. Longer term, Silverlake is eyeing the North Asia market (particularly China) for growth.