The Global Acceleration and Innovation Network (GAIN) programme initiated by Malaysia Digital Economy Corporation (MDEC) is about to make a significant breakthrough next week with the listing of Cloudaron Group Berhad on Bursa Malaysia’s Leading Entrepreneur Accelerator Platform (LEAP).
According to MDEC vice president (enterprise development) Gopi Ganesalingam, ASEAN is the fastest growing internet economy in the world, and companies based in Malaysia are well positioned to grow their regional footprint.
“These companies are able to take advantage of Malaysia’s competitive cost base, connectivity to the region, and most importantly, industry and government support to be top notch regional and global players,” said Gopi.
“The GAIN programme does just that, primarily focusing on market access, visibility, raising capital and to be industry leaders. Hence, Cloudaron fits perfectly to our approach and we are assisting in visibility, market access, potential funding for M&A activities,” he added.
Cloudaron is set to make history as it would be the first company to be listed on Malaysia’s LEAP market next Tuesday (3 October).
The LEAP market was conceived to provide companies with an alternative and efficient fund raising platform and visibility through the capital market.
“Southeast Asia is the fourth largest Internet market in the world. What we’ve been seeing is a rising opportunity from increasingly borderless trade. Today, with the right assistance, we can help businesses tap into a regional market of more than 260 million internet users,” said Gopi.
“The GAIN programme was designed to help companies expand through four main areas – market access, risk capital, tech refresh and visibility.”
Clouraron, an information technology solution provider, had sought an excluded issue at 11 sen a piece to raise RM5.5 million for the company. Through the listing, it is expected to capitalise at RM85.3 million.
The company develops and delivers cloud-based solutions, built with a comprehensive understanding of our customers’ and industry requirements to amplify business successes and values.
“In this new age of Cloud technologies, businesses must transform to stay relevant. Cloudaron helps with this, managing a strong team of experts in the field to help provide enterprise, education, public and healthcare sectors with end-to-end solutions and service offerings at all stages in their journey to the Cloud,” said Ong.
“We have to date been primarily active in Singapore and Malaysia, catering to small and medium enterprises as well as large corporations in the region. The LEAP listing will give us a solid foundation upon which to ramp up presence across the ASEAN region,” added Ong.
For the financial year ended March 31, 2017, the company made a net profit of RM5.2 million.
“With our listing on LEAP, we aim to further expand our customer base and market share across neighbouring countries like Indonesia, the Philippines, Thailand and Vietnam,” he further said.
He added that Cloudaron is also in partnership with international companies, such as Microsoft which Cloudaron partners with for certain deployments in a Cloud Delivery across Singapore, Malaysia and the Philippines.
“We are overwhelmed by the strong support and interest we have received for the IPO from investors. This gives us the best possible start as a newly listed entity – the faith and confidence which our investors have placed in us will definitely spur us on to grow our business and scale to greater heights post-listing,” concluded Ong.