Lahore May 10 2022: Systems Limited has accordingly, entered into a term sheet with the sponsor shareholders of National Data Consultant (Pvt.) Limited (“NdcTech”) for the acquisition of 100% of the issued and paid-up share capital of NdcTech, subject to compliance with the applicable laws, including, obtaining the necessary corporate and regulatory approvals (the “Transaction”). The management of both parties will now start discussions to finalise 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, Middle East, Africa and 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. Temenos is recognized by renowned firms such as Gartner, Forrester, IBS Intelligence, Everest Group and Fintech Futures as a Leader in their respective quadrants.
Both NdcTech and the Company have delivered market leading performance in IT regionally and globally and created value for customers and shareholders. Given the recent industry shifts such as, prominence of large digital transformation deals, cloud computing models for XAAS (Anything as a Service), preference for end-to-end offerings by customers globally, the management of the two entities have decided that the time is appropriate to combine the strengths of both organizations to better serve the customers.
