[May 23, 2013] Silverlake Axis to acquire 100% stake in Cyber Village from Brightsphere Tweet May 23, 2013 (Datamonitor Financial Deals Tracker via COMTEX) -- Silverlake Axis Limited (SAL) has entered into an agreement to acquire the entire issued share capital of Cyber Village Sdn Bhd (CVSB), a company engaged in developing and implementing of e-business applications for multi-national corporations (MNCs) and small medium enterprises, from Brightsphere Sdn Bhd (BSB). SAL is a is a provider of software solutions and services to organizations in banking and financial services, payments, retail, and logistics businesses. All the companies involved in the transaction are based in Malaysia. The transaction is valued at MYR42.29 million ($14.04 million) and will be settled in cash in three (3) tranches as follows: on the completion of the agreement, SAL shall pay BSB a sum of MYR39.29 million ($13.04 million); within 21 days from December 31, 2014, SAL shall pay to BSM a sum of MYR1.20 million ($0.39 million); and within 21 days from December 31, 2015, SAL shall pay to BSB a sum of MYR1.80 million ($0.59 million). The consideration will be financed using the internal resources of SAL. Following the completion, CVSB will become a wholly-owned subsidiary of SAL. Deal Value (US$ Million) 14.04 Deal Type Acquisition Sub-Category 100% Acquisition Deal Status Announced: 2013-05-22 Deal Participants Target (Company) Cyber Village Sdn Bhd Acquirer (Company) Silverlake Axis Limited Vendor (Company) Brightsphere Sdn Bhd Deal Rationale The acquisition is in line with SAL's strategy to expand its existing portfolio of software solutions and deliver new collaborative digital economy offerings. It will also reinforce and enhance the integrated digital economy solutions and services which are offered by SAL to the banking, payment, retail, insurance industries and digital economy businesses. [ Back To TMCnet.com's Homepage ]