SINGAPORE - Software solutions provider Silverlake Axis is buying retail banking software and service solutions firm SunGard Ambit for US$12 million, it said in a statement on Friday.

The acquisition will help Silverlake Axis expand its software and services offerings, and also add more than 50 new customers to its current base of over 150 customers, the company said.

It will also be able to extend its geographical reach to Eastern Europe, the Middle East and South Asia while also building stronger market leadership in South-east Asia.

The acquisition is expected to contribute approximately 15 per cent to the revenue of the enlarged Silverlake Axis Group.

The investment will position Silverlake Axis to play a leading role in digital financial technology adoption and innovation across an expanded market space, said chief executive and group managing director Raymond Kwong.