Censof Holdings Berhad, a technology holdings company specialising in financial management software solutions, has announced that its wholly-owned subsidiary, Century Software (Malaysia) Sdn Bhd (CSM) has entered into a Share Subscription Agreement (SSA) with GW Intech Sdn Bhd on 22 February 2022.
The SSA entails the acquisition of a 51% equity stake in GW Intech through the share subscription of 100,000 new GW Intech shares for the subscription consideration of RM500,000.
In 2014, GW Intech secured the ePBT 2.0 redevelopment project to convert the client server based ePBT system to a web-based version of the ePBT 2.0. GW Intech currently has several maintenance contracts with Majlis Bandaraya Alor Setar, Majlis Perbandaran Kuala Kangsar, Majlis Perbandaran Manjung, Majlis Perbandaran Langkawi Bandaraya Pelancongan and Majlis Daerah Kerian, to name a few.
The ePBT system is a financial application system developed for local authorities to collect and make payments for local services accounts such as assessment tax, rental of business premises and compounds. Today, the ePBT 2.0 system is deployed by over 50 local authorities, mainly in Perak, Negeri Sembilan, Kelantan, Kedah and Pahang.
“This acquisition will essentially strengthen Censof’s dominant position in the local government front by providing innovative and digital financial management solutions to the ‘rakyat’. With Censof’s strengths in digitising the government services, I believe we can grow this business to provide smart government solutions to the local government. This acquisition is a win-win for Censof and GW Intech where we will be able to capitalise on each other’s expertise, in addition to increase the number of government agencies in compliance with the SAGA system application criteria provided under Censof’s financial management solutions, from our current clientele of over 90 agencies to over 140 agencies. This acquisition will undoubtedly improve our earnings in the near future,” Ameer Shaik Mydin, group managing director of Censof said
