- Systech will acquire 270,000 ordinary shares in Rofarez and subscribing 479,900 new ordinary shares
- Systech and with Steinbeis Malaysia will using real-life cyber risks detected to develop case studies
SYSTECH Bhd, a Bursa Malaysia-ACE Market listed e-business solutions provider, on May 30 announced two e-business initiatives, marking its expansion and depth of involvement in innovation to further propel the digital economy in Malaysia.
Systech signed a symbolic partnership agreement for the acquisition of Rofarez Solutions Sdn Bhd, a business, e-commerce and financial solutions developer specialising in online cloud technology and multi-tenanted software architecture, and a Memorandum of Understanding for collaboration on cyber security innovation with Steinbeis Malaysia Foundation, an initiative of Agensi Inovasi Malaysia.
Group chief executive officer Raymond Tan signed on behalf of Systech while Rofarez Solutions was represented by chief executive officer Reza Ismail and Steinbeis Malaysia Foundation by executive director Dr Abdul Reezal Abdul Latif.
Systech chairman Foo Lee Khean said these new initiatives are significant as it will position Systech to play a bigger role in the digital economy initiatives promoted by the Government.
“With Rofarez Solutions, we are positioning ourselves at the fundamental level of the ecosystem of a digital economy, which is the foundation for new value creation. Many of today's ground-breaking products and services are based on proprietary technological platforms, which Rofarez has that distinction of having developed,” he added
Systech is acquiring 270,000 ordinary shares in Rofarez and subscribing 479,900 new ordinary shares in Rofarez. Upon completion of the acquisition and subscription, Systech will own 49.99% of Rofarez’s enlarged share capital.
“Rofarez, a specialist in online cloud technology and multi-tenanted software architecture, uses proprietary technology platforms developed personally by Reza Ismail, to design and deploy business, e-commerce and financial solutions,” said Foo.
“We are excited with what Rofarez can do in aligning people, business and deliverables. Their current solutions already have a track record of processing high volume business transactions that number in the millions daily -- similar to the core solutions provided by our two subsidiaries, Syscatech Sdn Bhd and Mobysys Sdn Bhd and also the collaborative aspects between the companies,” he added.
Rofarez has developed solutions that range from complete end-to-end systems for multi-outlet and franchise operations to strategic custom-designed solutions that cover the entire spectrum of business operations including accounting, finance, billing, payment collection and reconciliation and inventory management.
The acquisition of Rofarez was initiated by Steinbeis, as part of its programme to nurture and assist innovative, Malaysian-owned small medium enterprises in seeking funds to expand and gain market access for its products and solutions.
Foo said the cyber security collaboration with Steinbeis Malaysia Foundation is also just as important and significant for Systech as it will nurture the brains of tomorrow to facilitate innovation in cyber security measures and solutions.
Systech subsidiary, SysArmy Sdn Bhd, will collaborate with Steinbeis Malaysia in using real-life cyber risks detected to develop case studies for use by academia in their cybersecurity curriculum.
“SysArmy, through our expertise and experience in providing comprehensive cyber security solutions and delivering advanced security services, plans to use its collection of identified threats to be case studies for academia to use in interactive teaching in application of cyber security situations,” Foo added.
He said SysArmy, has been a strong advocate of pre-emptive and preventive cyber security measures and solutions, the necessity of which the recent WannaCry ransomware cyber-attack highlighted and proved. Malaysian enterprises have largely been more focused on “post-event” cyber security mainly for damage control and for data and review logs to comply with regulators’ compliance requirement but pay less emphasis on pre-emptive and prevention which could blow up into cyber crisis.
With Steinbeis Malaysia’s help in its role as a catalyst to enhance companies’ innovation capacity and competitive edge, the groundwork will be laid for development of innovative cyber security solutions that focus on pre-emptive and preventive measures.
“Together, both Steinbeis Malaysia and SysArmy can bring the state of cyber security in Malaysia to the next level of a holistic and state-of-the-art approach in protecting enterprise networks and systems,” said Foo.
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