Silverlake Axis Ltd (SAL), a leading provider of Digital Economy Solutions and Services to major organisations in Banking, Insurance, Payments, Retail and Logistics industries has announced completion of the acquisition of SIA X Infotech Group (X Infotech), a global provider of software solutions for identity documents and payment smart cards.
This acquisition brings together perfectly complementary product portfolios, business strategies and expanded geographical presence to allow both entities to better support existing customer bases and pursue new customers.
Commenting on the transaction, Dr. Raymond Kwong, SAL’s Group Managing Director, said, “Digital identity and security technologies are natural additions to our capabilities to accelerate digital enterprise transformation in areas such as customer onboarding, customer engagement, payments, fraud prevention and cyber security. In adding X Infotech to the Group, our customers will benefit from a larger portfolio of solutions to modernize traditional identity, security and access management”.
Likewise, X Infotech customers can look forward to new options with enhanced backing and resources. Vadims Teresko, Business Development Director of X Infotech, commented, “We are very enthusiastic about this strategic combination with SAL. This cooperation will definitely reveal new inspiring business opportunities and markets for us, as well as strengthen our collaboration with existing customers and partners, to whom we are now and always will remain truly loyal and dedicated.”
Following completion, the Board of Directors of SAL has appointed Mr. Jonas Lind, concurrently CEO of Silverlake Symmetri, as the new CEO of SIA X Infotech.
Noting that a trusted digital identity is the facilitator of a secure and frictionless user experience in the digital economy, Mr. Lind said, “X Infotech is well advanced in its transition from a historical, document personalisation software business, to an identity and digital security business for Government and financial institutions. Their experience of deploying nationwide trusted national identity solutions, coupled with cutting edge eKYC solutions for financial institutions, will bring a critical component and tremendous value to Silverlake’s technology coverage.”
The acquisition was completed on 25 January 2019, and SAL now owns eighty percent (80%) of the equity interest in SIA X Infotech Group. For more information, please refer to SAL website, Investor Relations. http://www.silverlakeaxis.com/investor-relations/.