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Singapore PE firm Ikhlas Capital invests in Silverlake partnership

Liz Lee
·1-min read

By Liz Lee

KUALA LUMPUR, July 6 (Reuters) - Singapore-based private equity firm Ikhlas Capital has formed a strategic partnership with Silverlake Group through a $40 million investment to support the software company's growth, the firms said on Tuesday.

Ikhlas will be Silverlake's first institutional partner, and the tie-up will help the technology software group strengthen its foothold in Asia and accelerate international expansion, they said in a joint statement.

The firms did not detail the stake involved in the investment. A source close to the deal said the investment includes Ikhlas taking equity stakes in the listed entity and in unlisted parts of the Silverlake Group.

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Silverlake Group founder and executive chairman Goh Peng Ooi is the largest shareholder in Silverlake Axis Ltd, with 68% equity. Silverlake has a digital banking platform called Mobius.

Last week, AirAsia Group Bhd announced its fintech unit BigPay had applied for a digital banking license in Malaysia, in a consortium that includes Ikhlas, Malaysian Industrial Development Finance Berhad and a foreign conglomerate with fintech expertise that it did not name.

(Reporting by Liz Lee; Editing by Martin Petty)