Up to the latest practicable date, Autocount Dotcom Bhd sold approximately 70,000 AutoCount software licences for use by about 210,000 businesses and companies in Malaysia and Singapore to support its finance and accounting functions.
Autocount Dotcom Bhd offers three types of financial management software comprising accounting, POS, and payroll software which can be utilised by businesses and companies on a standalone basis.
At the latest practicable date, Malaysia and Singapore contribute approximately 80.65% and 18.72% of the company’s revenue in financial year 2022, said Mercury Securities in a recent report.
The company intends to leverage on the success of its business growth in Singapore by diversifying its revenue stream and expanding its business across various countries such as Thailand, Vietnam, Indonesia, and the Philippines with the primary focus of selling cloud-native software.
Plans have been made to facilitate this regional expansion via the establishment of offices, hiring of personnel for each country, undertake sales and marketing activities, and localisation of software which will be satisfied with proceeds from the initial public offering.
Existing softwares will be enhanced and new softwares developed to maintain its competitiveness and relevance in the industry. The company is managed by Chairman Choo Chin Peng who has more than 27 years of experience in the financial management software industry.
The company was able to achieve a 3-year revenue compounded annual growth rate of 27.0% from financial year 2019 to financial year 2022.
Compounded annual growth rate is the mean annual growth rate of an investment over a specified period of time longer than one year. Risk factors identified by Mercury Securities are skilled labour shortages and foreign exchange transaction risk arising from its revenue exposure to SGD which constitutes approximately 18.72% of the total revenue in financial year 2022.
