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“亚马逊云”账【号】(www.2km.me)_CTOS Digital to acquire 49% in JurisTech

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CTOS

PETALING JAYA: CTOS Digital Bhd has proposed to acquire a 49% stake in financial technology (fintech) specialist Juris Technologies Sdn Bhd (JurisTech) for RM205.8mil cash, the group’s largest ever acquisition since its inception.

The group yesterday entered into a conditional share sale and purchase agreement for the proposed acquisition in JurisTech from Natsoft (M) Sdn Bhd, the holding company controlled by JurisTech’s founders, pending the approval of CTOS Digital shareholders in an upcoming EGM.

The acquisition is slated to be completed by the first quarter of 2022.

To fund the acquisition exercise, CTOS Digital plans to undertake a private placement of new shares, representing up to 10% of the current 1.1 billion outstanding shares, pending shareholders’ approval in the same EGM. The group will also explore bank borrowing options if necessary. The date of the EGM will be announced in due course.

CTOS Digital deputy group CEO Eric Hamburger said, “Our acquisition in JurisTech will allow both companies to complement each other’s strengths to bring a stronger end-to-end digital lending solution proposition to the market by combining best in class credit data, software solutions and analytics services, subsequently establishing ourselves as a one-stop-solution for financial institutions.

“Our partnership is also well-positioned to address the new emerging opportunities in the digital lending space, as we seek to co-develop various new and unique propositions to cater to the needs of these customers, including digital banks, peer-to-peer, buy-now-pay-later and micro/pay-day loan providers.

“There will also be many customer synergies, leveraging on the relationship with our respective customer bases to cross-sell each company’s solutions and elevate our existing solutions.

“This will help both companies to penetrate new clientele as well as increase the wallet share of existing customers.”

He said CTOS Digital aimed to leverage on JurisTech’s strong presence in Islamic banks and co-operatives, and it could also assist in further increasing CTOS Digital’s wallet share in other banks in Malaysia that use JurisTech’s products as a core solution.

Similarly, JurisTech would also be able to tap into CTOS Digital’s existing customer base of financial institutions, telecommunication companies, fintech players and a wide base of small-medium enterprises.

JurisTech’s CEO and co-founder, See Wai Hun, said the company wants to revolutionise the way financial transactions are done.

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