Silverlake Axis, a Singapore-based provider of digital economy solutions and services, has agreed to acquire retail banking software firm SunGard Ambit (Singapore) for $12m.

The deal will see Silverlake Axis purchase 100% of the equity of SAS from SunGard Asia Pacific.

Silverlake Axis in its press release said: "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.

"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," the release added.

The acquisition will also add over 50 new customers to Silverlake Axis’ current customer base of over 150, as well as will expand its geographical reach to Eastern Europe, Middle East, South Asia.

Silverlake Axis CEO and group managing director Raymond Kwong said: "The Group is constantly on the lookout for complementary software businesses to expand our suite of business enterprise software solutions. Through this acquisition, the combined and complementary multi-platform core, channels, card and payment solutions will enable us to deepen our customer solution implementation and support capabilities.

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"This investment will position Silverlake Axis to play a leading role in Digital Financial Technology adoption and innovation across an expanded market space leveraging on the combined portfolio of software and knowledge assets."