Finzsoft appoints Silverlake's Kwong to its board, cementing tie up

Tuesday 21st April 2015

Finzsoft Solutions, the Auckland-based financial technology company, appointed Silverlake Axis managing director Raymond Kwong to its board after the group became its cornerstone shareholder.

Malaysian-based Kwong heads Singapore-based Silverlake, which last year partnered with Finzsoft managing director Andrew Holliday to take an 88 percent stake in Finzsoft.

For Finzsoft, which provides software and solutions to banks and financial institutions, the tie up enables it to tap into Silverlake's large bank customer base in the Asia Pacific region, helping boost sales of its products. The acquisition is in line with Silverlake's strategy to expand its existing portfolio of software solutions and deliver new collaborative digital economy offerings throughout the region.

"There are strong synergies between Silverlake's product and solutions, and I look forward to working with Andrew Holliday and his team as they continue the company's growth through new technologies and by broadening into new industries and markets," Kwong said.

Shares in Finzsoft, the best performing stock on the NZX Small Company Capital Index the past year, last traded at $3.60. The shares have gained 567 percent over the past year, outpacing a 4.8 percent gain in the NZX Small Company Capital Index.

The appointment increases Finzsoft's directors to five.

BusinessDesk.co.nz

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