Systems Limited announced today that it has entered into a term sheet with the sponsor shareholders of National Data Consultant (Pvt.) Limited (NdcTech) for the acquisition of 100% of NdcTech’s issued and paid-up share capital.
However, compliance with applicable laws, including obtaining the necessary corporate and regulatory approvals (the “Transaction”), is required.
Both parties’ management will now begin discussions to finalize terms for the acquisition, the share purchase agreement, and other Transaction-related documents, and once completed, terms and conditions will be presented to the Board of Directors for final consideration and approval.
Previously, on April 27, 2022, the Board of Directors of Systems Limited authorized the company’s management to consider and finalize terms in relation to potential direct and indirect acquisitions, including the 100 percent acquisition of entities providing IT services locally and internationally, such as software development, software maintenance, and system integration.
For the past 22 years, NdcTech has been a leading core and digital banking implementation service provider, with a diverse client base in Pakistan, the Middle East, Africa, and the Asia Pacific region.
Temenos, a regional partner of NdcTech, has over 3,000 financial institutions worldwide, including 41 of the world’s top 50 banks.
Temenos has been named a Leader in its respective quadrants by renowned firms such as Gartner, Forrester, IBS Intelligence, Everest Group, and Fintech Futures.
NdcTech and the Company have both delivered market-leading IT performance in regional and global markets, creating value for customers and shareholders.
Given recent industry shifts such as the prominence of large digital transformation deals, cloud computing models for XAAS (Anything as a Service), and customers’ global preference for end-to-end offerings.
The management of the two organizations has decided that it is time to combine their strengths in order to better serve their customers.
To read our blog “Systems Ltd Announces Massive Improvement in Profits for Q1 2020,” click here.
