Systems Limited (PSX SYM: SYS), a leading information technology company in Pakistan with a global presence, has signed a definitive agreement to purchase 100% of National Data Consultant (Pvt.) Limited (NdcTech), a leading core and digital banking implementation service provider, as well as its subsidiaries and associated companies in the UAE and Singapore. Temenos’ award-winning partner NdcTech empowers premier banks in Pakistan, the Middle East, Africa, and Asia-Pacific. This deal is contingent on getting regulatory approvals in the coming weeks.
“With an impressive blue-chip customer base and highly skilled and engaged employees, NdcTech has become a regional market leader in core and digital banking solutions,” stated Asif Peer, CEO, and MD of Systems Limited. “We will expand and accelerate NdcTech’s successful business, go-to-market strategy, and customer portfolio by bringing our resources to build on the momentum NdcTech has established.”
“This is the first significant M&A transaction in the Pakistani IT industry,” Asif Peer added, “and it will herald an even greater growth trajectory for Systems Limited.”
“We are thrilled to join forces with Systems Limited, one of Pakistan’s largest and most respected IT companies,” NdcTech CEO Ammara Masood remarked. NdcTech’s ability to execute large digital banking transformations, in-depth knowledge of various markets, accelerated methodologies and tools, and rich 22-year history, when combined with Systems’ global scale, reach, and diverse portfolio, will enable us to provide the best end-to-end services to our customers. We are excited about this merger and the added value it will provide to our consumers and stakeholders.”
NdcTech will continue to function as a separate entity and a subsidiary of Systems Limited after the purchase, with Ammara Masood as its CEO.