Singapore's Silverlake Axis is to acquire SunGard Ambit, the core banking unit of the US technology group, for $12 million.
The all-cash acquisition will position Silverlake in the market for mid-tier retail banking software and services, adding more than 50 new customers to its current base of over 150 client locations.
The $12 million (S$16.7 million) price tag is some way off the S$120 million that SunGard shelled out in 2006 for the business when its Asia Pacific operations acquired the assets of Singapore's System Access. At the time, core banking transformation was seen as a critical issue for banks, and the acquisitions of System Access' mid-80's Symbols package was viewed as a means for SunGard to establish a firm toe-hold in the market - and ambition which it signally failed to achieve.
The sale comes as Sungard prepares for a $9.1 billion takeover by FIS, and may presage the start of an unwinding of the group's massive portfolio of acquired businesses.
Dieter Kaeslin, COO of SunGard’sretail banking business says: “SunGard has always been focused on driving our businesses in a direction which delivers more value to our clients. We believe that this transaction fulfils this purpose, and is the best outcome for our retail banking customers and employees.”