Censof Holdings Berhad (“Censof” or the “Group”), a technology holdings company specialising in financial management software solutions, today announced that it has completed the acquisition of the 30.87% equity interest in Asian Business Software Solutions Pte Ltd (“ABSS”) for RM14.1 million. The purchase consideration was arrived at a “willing-buyer, willing-seller” basis after taking into consideration, amongst others, ABSS’ historical financial performance, prospects and value of its proprietary software portfolio.
With the completion of the acquisition of this 30.87% stake, which was acquired from ABSS’ minority shareholders, namely Paul Alistair Jennings, Fox Equities Pty Ltd and Lum Chong Eu, who disposed of a 22.34%, 7.27% and 1.26% interest in ABSS respectively, Censof’s stake in ABSS has increased to 89.07% from 58.20% previously.
“We, at Censof, are pleased that this acquisition has materialised as we reached this important milestone for the Group. This strategic investment is aligned with our strategies of growing our business in providing financial management solutions to the commercial and SME segment. We are certainly positive that this will improve our bottomline, enhance our long-term growth potential, as well as strengthen our position as a market leader in this area,” said Ameer Shaik Mydin, group managing director of Censof.
He added, “Being one of the leading players in the technology driven industry, we are dedicated to deliver innovative business solutions to our customers. We are committed to support and grow our customer base and augment our presence in the Asian market. Censof, as a whole, will continue to provide the full spectrum of the financial management solutions across all levels of market segment, including the government sector.”
ABSS is a developer and leading supplier of ABSS-branded financial management and accounting software that supports the Asian small and medium enterprises (“SMEs”) and cloud-based accounting product, namely Financio that caters for start-ups and entry level SMEs.