Systems Limited is ready to acquire NdcTech, one of the leading IT companies providing banking solutions to local and foreign banks.
According to a stock filing, System Limited has entered into a term sheet with the sponsor shareholders of National Data Consultant (Pvt.) Limited (NdcTec) for the acquisition of 100 percent of the issued and paid-up share capital of NdcTech, subject to compliance with the applicable laws, including obtaining the necessary corporate and regulatory approval.
The decision was taken in the meeting of the authorized board of directors held in April where the management of the company was authorized to consider and finalize terms concerning potential direct and indirect acquisitions, involving inter alia the 100 percent acquisition of entities providing IT services locally and internationally, including software development, software maintenance, and system integration.
Now, the management of both parties will start discussions to finalize terms for the acquisition, the share purchase agreement, and other transaction-related documents, and upon finalization, terms and conditions shall be presented to the Board of Directors for their final consideration and approval.
NdcTech has been a leading core and digital banking implementation service provider for the past 22 years and has a rich set of clients in Pakistan, the Middle East, Africa, and the Asia Pacific region. NdcTech is a regional partner of Temenos, which has over 3,000 financial institutions across the globe, including 41 of the world’s top 50 banks.
Over the last couple of years, the operations of Systems Limited have been growing at local and international levels, which included the establishment of a subsidiary like Systems Arabia or investment in Jomo, an e-commerce company.
