"We will continue to grow our services business to serve business enterprises, and will also be owning and operating digital business platforms. We feel this is complementary and adds strength and differentiation to our value proposition," he said. "We can help serve clients better because we bring the solutions, and will have the added experience and expertise of owning and operating digital business platforms."
"We have also strengthened our Board and Management with some recent appointments. This includes former Accenture Asia Pacific Managing Partner and renowned tech investor Dato' Larry Gan as our chairman. We have also appointed as our executive director Lum Piew, former managing director of Accenture's Malaysian communications, media and technology operations group," said Ong.
Gaining from GAIN
"Today, we are overwhelmed by the strong support and interest we have received for our listing. This gives us the best possible start as a newly listed entity - a firm indication of the faith and confidence our investors have placed in us which will definitely spur us on to grow our business and scale to greater heights post-listing", said Ong.
"With wide-spread support from the investing community, we are confident that Cloudaron is best positioned to establish ourselves as the regional Digital Provider of choice going forward" he added.
As mentioned, Cloudaron is also part of MDEC's GAIN initiative. MDEC's Ganesalingam further explained that GAIN helps companies expand through four main areas - market access, risk capital, tech refresh and visibility.
"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," he said. (See - This is how Malaysia's ICT industry will transform in the next three years: IDC)
From virtualisation software to digital business platforms
Mercury Securities Sdn Bhd was principal adviser and responsible for taking Cloudaron through the listing process. Its director (corporate finance) Winnie Lau Ming Choo (pic below) described Cloudaron's listing as "as a first in more ways than one."
"We are pleased to have played our part in Cloudaron's listing," she said. "At our end, it is our aim is to be a leading securities firm in Malaysia, providing flawless delivery and execution of financial solutions to meet or exceed our clients' expectations."
Cloudaron started its technology business serving higher educational institutions in Malaysia and Singapore with their CloudDesk software product.
The software uses a distributed-computing model to spread processing loads over many machines in the computer labs, to significantly reduce the server computing power required, as well as reducing implementation costs and infrastructure requirements. CloudDesk software is widely used across higher educational institutions, including major names such as Sunway University and Monash University.
In 2016, Cloudaron moved into the Infrastructure and solution transformation business by acquiring Pro-Datech Systems Pte Ltd; an established infrastructure and solution transformation provider with an extensive client base in Singapore serving the government, healthcare, education, financial and commercial enterprise sectors.
Moving forward, Cloudaron intends to build and operate 3rd party digital business platforms, among them an insurance marketplace and peer-to-peer lending platforms, and has taken a 10 percent stake in a Real Estate SaaS (software-as-a-service) company, to kick-start the development of these new digital business platforms.
"Cloudaron has always strived to remain ahead of the curve and we have never been afraid to embrace new technology and businesses. Our services business will continue to provide us steady growth, revenues and profits, and our new digital business platforms will allow us to scale faster and give us the larger growth trajectory," Ong said.
"Based on an AT Kearney report, the ASEAN Digital Economy currently generates US$150 billion annually with a CAGR of between 10-15 percent for the next few years," he added. "The digital space is the place to be for growing technology companies in ASEAN, and this is the space Cloudaron will be thriving in."