The past few years have not been kind to Silverlake Axis. After founder and group executive chairman Goh Peng Ooi was accused by an anonymous short-seller of inflating the firm’s results back in 2015, its shares took a hit. The company was cleared of wrongdoing by Deloitte, but a subsequent slowdown in bank capex in 2015 and 2016 began to hurt the group’s operating performance and dividends, and this was further compounded by the effects of Covid-19 over the last year or so.

While most of the technology world saw their stock rise precipitously, Silverlake Axis’ share price went the other way. Traded as high as $1.22 on April 7, 2015, the stock is currently available at just $0.24 as of June 21, 2021, representing an 80% fall in value from its historical high. Meanwhile, the Singapore Exchange’s top five tech stocks delivered three-year and five-year returns of 391% and 486.7%, respectively, as of 2020.

But things appear to be looking up for the software firm, which has been in this business for more than three decades, providing software solutions and services to the banking, insurance, retail, government, payment and logistics industries. More than four in 10 of Southeast Asia’s top 20 largest banks use Silverlake Axis’ core banking solutions — which encompass 80% of the firm’s revenue — with premier industry names like OCBC and CIMB counted among its clients.

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