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2017-12-20 18:00 | Report Abuse
MyEG to buy stake in tech firm for RM10.4m
http://www.theedgemarkets.com/article/myeg-buy-stake-tech-firm-rm104m
E.G. Services Bhd (MyEG) is acquiring a 23.5% stake in Stampede Holdings Sdn Bhd for RM10.4 million, that will enable MyEG to venture into the emerging enterprise software market.
In a joint statement, MyEG and Stampede Solution Sdn Bhd said an agreement was signed between MyEG's wholly-owned subsidiary My E.G. Capital Sdn Bhd (MyEG Capital) and Stampede Solution for the proposed acquisition.
"The RM10.4 million investment in the holding company of Stampede Solution will allow Stampede — a specialist in the provision of a complete accounts receivable solution which counts more than 150 customers across the region — to continue strengthening its presence in maturing markets such as Philippines, Thailand and Vietnam, while exploring a potential venture into Indonesia, an emerging enterprise software market," they added.
“Our investment into Stampede reiterates our vision to be the leading information technology company in the region. To achieve this goal, we are constantly looking for companies that have proven to be disruptive in the past and have the vision to continue being disruptive going forward," said MyEG managing director T.S. Wong.
"We believe Stampede will emerge as a leading fintech player in its segment,” Wong added.
Stampede chief executive officer and founder Kris Uttraphan said the investment by MyEG came at an opportune time when financial institutions across the region are maturing and seeking innovative solutions to help drive their businesses forward, especially in the accounts receivables industry.
"While the global debt collection software market is expected to grow at a compound annual growth rate of 5.85% during the period of 2017-2021, the Asia-Pacific market continues to be promising, as organisations are seeking alternative solutions offered in the accounts receivables market, showing a stronger openness towards service innovation.
"This helps drive the adoption of Volare, our specialised software designed to automate and assist organisations in processing their receivable management cases,” Kris added.
Volare functions by centralising data through a simplified yet intelligent user interface to assist debt collection agencies in effectively running their businesses.
Today, Volare is deployed in more than 90% of leading professional debt collection agencies, and corporations such as Bank Islam Malaysia Bhd, Perbadanan Usahawan Nasional Bhd, Toyota Capital Malaysia, University Putra Malaysia and RCE Capital Bhd.
Through MyEG Capital, MyEG has invested in numerous technology businesses, including Agmo Studios, FashionValet and Hurr.tv.
Stampede is the leading account receivables technology provider in Malaysia, with a 90% market share, servicing key business verticals comprising banking, financial institutions and telecommunications industry.
At 4.59pm, MyEG shares were traded up 3 sen or 1.41% at RM2.16 today, with 11.26 million shares done, bringing it to a market capitalisation of RM7.79 billion.
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Stock: [MYEG]: MY E.G. SERVICES BHD
2017-12-27 08:09 | Report Abuse
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