The Competition Commission (CompCom) has given the green light, without conditions, to a proposed deal in which fintech investment firm Crossfin will acquire full control of Sybrin.
In a statement, the commission explained that the acquiring company, Crossfin, is ultimately controlled by Crossfin Holdings, an investor in financial technology businesses.
Prior to the deal, Crossfin already held joint control over Sybrin Holdings, the target company, which has now paved the way for the acquisition of full ownership.
Sybrin Holdings operates as an investment holding company with a focus on software solutions, systems implementation and support services.
Its product suite spans several areas critical to the financial services sector, including intelligent document processing, payments and clearing systems, case management, document management and digital identity management solutions.
These offerings enable banks, financial institutions and corporates to digitise and streamline key processes.
The competition watchdog concluded that the merger is unlikely to reduce or hinder competition in the market, given the complementary nature of the businesses and the existing joint ownership structure.
“The proposed transaction does not raise significant public interest concerns,” the commission noted.
Share