Malaysian FinTech Firm Acquires Latvia’s X Infotech

Malaysian FinTech Firm Acquires Latvia's X Infotech

Latvia-based eID specialist X Infotech has been acquired by Silverlake Axis (or “SAL”), a Malaysian FinTech solutions provider focused on the BFSI, retail, and logistics industries.

Announcing the acquisition in a statement, SAL did not disclose its fiscal details, but indicated that it now possesses 80 percent equity in SIA X Infotech Group. Its CEO, Jonas Lind, has now been appointed the CEO of X Infotech as well.

Over the past year or so, X Infotech has been involved in eID projects in Belarus and Ghana. The company’s offerings include identity management, document verification, and biometric and mobile authentication solutions, among others. While it is based in Latvia, it also has offices in Kenya.

In its statement, SAL highlighted X Infotech’s “software solutions for identity documents and payment smart cards,” with SAL Group Managing Director Raymond Kwong asserting that “[d]igital identity and security technologies are natural additions to our capabilities to accelerate digital enterprise transformation in areas such as customer onboarding, customer engagement, payments, fraud prevention and cyber security.”

The company added that X Infotech’s customers “can look forward to new options with enhanced backing and resources” thanks to the acquisition, which was completed on January 25th of this year.