The entrepreneur who turned down US$63m

PETALING JAYA, July 21 — Ivan Teh, founder and managing director of AIM-listed fusionex founder International Plc, has quietly gone on building a big data company that has had an eye-popping 1,000 per cent cumulative growth rate since its launch in 2006.


The yearly CAGR (compounded annual growth rate) is 40 per cent. In 2012, revenues grew 27.93 per cent to £31.31 million (RM160.38 million) from £24.48 million in 2011, while net income improved 56.65 per cent from £8.13 million in 2011 to £12.74 million.

There are many things that stand out about Ivan, but one of them is this – his business had no angel investor, nor any venture funding. It was purely built on cash flow from satisfied customers and, in the first six months, on the sweat and toil of Ivan who put in 18-hour workdays to understand customer needs and build the software platform himself. He was a one-man show.

“It was an intense period,” he concedes, looking back. “I was speaking to my contacts and potential customers trying to understand their needs and to get a finger on the pulse as to why people would purchase my software. This was then followed by a lot of thought processes that went into trying to do something different.”

fusionex founderAnd what was this something different?

Nothing sexy, really. He just resolved to give customers a solution that was easy to use and effective to help them make sense of their data.

“People get confused. There are a lot of options out there to build your own big data solutions but in all honesty, most organisations don’t care, or don’t have the skill sets. This was the pain point I wanted to solve,” he says.

As anyone who has ever tried it knows, the hardest thing to do is to hide the complexity of very tough problems behind an easy-to-use front-end solution for customers.

This then translated into building the platform that Ivan worked on himself.

“From preparing the templates to coding the software to the documentation, I did it all myself,” he says, adding ‘pau ka-liao,’ colloquial Hokkien that roughly translates to ‘doing everything by one’s self.’

“It was an intense, exciting and, to be honest, painful time, but the great thing is that you woke up every morning highly motivated because you knew you were not doing anything monotonous,” he says.

Fast forward from those startups days in 2006 to Dec 18, 2012 and Fusionex listed on London’s Alternative Investment Market (AIM) exchange with a big data focus, one of the sexiest terms in tech today.

Indeed, during the pre-IPO (initial public offering) roadshow, 38 of the 50 institutional investors who approached came on board. “The response was overwhelming,” says Ivan.

In all, Fusionex had RM200 million (US$62.8 million) committed to it, with the IPO offer oversubscribed by 300 per cent.

Amazingly, Ivan only took RM60 million (US$18.9 million), which is what his company had set out to raise. “I was told it was quite unheard of. But to me, taking all that money comes with a sense of responsibility. You have to do something in return. We could have taken the money and spent it differently and on the wrong strategy. That does not help your credibility,” he says.

Instead, what he did earned Fusionex huge credibility and translated into the fact that there were no selling shareholders on its IPO. In fact, everyone was interested to buy more.

Ending Dec 31 2012, Fusionex’s share price stood at £3.965 (RM21.48), more than double its IPO price of £1.70 (RM9.20) on Dec 18 2011.

With big data being its key focus since 2011, Ivan expects Fusionex to build on the momentum it has, aided by the RM50 million (US$15.7 million) it has committed to invest in R&D (research and development) over the next three years to strengthen its big data and analytics core. — Digital News Asia

https://www.malaymail.com/s/710859/the-entrepreneur-who-turned-down-us63m

The entrepreneur who turned down US$63m

PETALING JAYA, July 21 — Ivan Teh, founder and managing director of AIM-listed Fusionex International Plc, has quietly gone on building a big data company that has had an eye-popping 1,000 per cent cumulative growth rate since its launch in 2006.

There are many things that stand out about Ivan, but one of them is this – his business had no angel investor, nor any venture funding. It was purely built on cash flow from satisfied customers and, in the first six months, on the sweat and toil of Ivan who put in 18-hour workdays to understand customer needs and build the software platform himself. He was a one-man show.

“It was an intense period,” he concedes, looking back. “I was speaking to my contacts and potential customers trying to understand their needs and to get a finger on the pulse as to why people would purchase my software. This was then followed by a lot of thought processes that went into trying to do something different.”

And what was this something different?

Nothing sexy, really. He just resolved to give customers a solution that was easy to use and effective to help them make sense of their data.

“People get confused. There are a lot of options out there to build your own big data solutions but in all honesty, most organisations don’t care, or don’t have the skill sets. This was the pain point I wanted to solve,” he says.

Ivan Teh

As anyone who has ever tried it knows, the hardest thing to do is to hide the complexity of very tough problems behind an easy-to-use front-end solution for customers.

This then translated into building the platform that Ivan worked on himself.

“From preparing the templates to coding the software to the documentation, I did it all myself,” he says, adding ‘pau ka-liao,’ colloquial Hokkien that roughly translates to ‘doing everything by one’s self.’

“It was an intense, exciting and, to be honest, painful time, but the great thing is that you woke up every morning highly motivated because you knew you were not doing anything monotonous,” he says.

Fast forward from those startups days in 2006 to Dec 18, 2012 and Fusionex listed on London’s Alternative Investment Market (AIM) exchange with a big data focus, one of the sexiest terms in tech today.

Indeed, during the pre-IPO (initial public offering) roadshow, 38 of the 50 institutional investors who approached came on board. “The response was overwhelming,” says Ivan.

In all, Fusionex had RM200 million (US$62.8 million) committed to it, with the IPO offer oversubscribed by 300 per cent.

Amazingly, Ivan only took RM60 million (US$18.9 million), which is what his company had set out to raise. “I was told it was quite unheard of. But to me, taking all that money comes with a sense of responsibility. You have to do something in return. We could have taken the money and spent it differently and on the wrong strategy. That does not help your credibility,” he says.

Instead, what he did earned Fusionex huge credibility and translated into the fact that there were no selling shareholders on its IPO. In fact, everyone was interested to buy more.

Ending Dec 31 2012, Fusionex’s share price stood at £3.965 (RM21.48), more than double its IPO price of £1.70 (RM9.20) on Dec 18 2011.

With big data being its key focus since 2011, Ivan expects Fusionex to build on the momentum it has, aided by the RM50 million (US$15.7 million) it has committed to invest in R&D (research and development) over the next three years to strengthen its big data and analytics core. — Digital News Asia https://m.facebook.com/FusionexInternational/posts/908037479326887

Alibaba Cloud partners with Malaysia’s Fusionex to provide cloud solutions in Southeast Asia

KUALA LUMPUR, Sept. 26 (Xinhua) — Alibaba Cloud, the cloud computing arm of Alibaba Group, has partnered with Malaysian data technology provider Fusionex to provide end-to-end cloud solutions in Southeast Asian countries.

fusionex ivan teh

Both parties announced the partnership Tuesday that under the partnership, Fusionex will deploy its big data solutions on Alibaba Cloud’s infrastructure, and will also become the later’s key go-to-market partner in the Association of Southeast Asian Nations (ASEAN) region.

The two companies will also join forces in driving innovation in Big Data Analytics, Machine Learning, Internet of Things and Articical Intelligence.

Alibaba Cloud’s chief executive officer Simon Hu said that Malaysia is a starting point for the partnership, and the group hopes to expand it to the entire ASEAN region.

Ivan Teh, who also sees tremendous opportunity in ASEAN digital market said Malaysia will be the hub for the regional digital transformation.

“We have not set a timeline for the partnership, but we are looking forward to a long term relationship with Alibaba Cloud,” he added. https://about.me/ivanteh

Globalisation initiative a major boost for ict firms

PETALING JAYA: Over the past year, the increased awareness of the Internet of Things (IoT), e-commerce and cloud computing has prompted many Malaysian businesses to adopt new technological solutions for their day-to-day operations.

Malaysia Digital Economy Corporation (MDEC) is leading the country’s push into the digital domain with its Global Acceleration and Innovation Network (GAIN) program which was launched last year.

The program aims to assist high-potential Malaysian technology companies to grow and expand their reach domestically as well as internationally.

The program focuses on four main pillars – market access, risk capital, tech refresh and visibility. It is aimed to boost the annual revenue of GAIN companies to exceed RM100mil.

Among others, MDEC is recognising Fusionex International, iTalent Management Sdn Bhd and PanPages Bhd

as Malaysia’s Tech “Global Icons”.

These companies have demonstrated strong revenue growth and innovative business models, including an aggressive push towards establishing a foothold in the Asean markets.

Fusionex International

Fusionex International is a global, multi-award winning technology market leader specialising in a slew of future market catalysts, namely big data analytics, the Internet of Things (IoT), artificial intelligence, and deep learning.

The data analytics firm’s unique selling point is its ability to enable businesses to turn massive data streams from a liability into an asset, at speed, at scale, and with value.

fusionex ivan teh

It is this big push towards the next big thing that has propelled Fusionex into becoming a prominent market innovator.

Its CEO Datuk Seri Ivan Teh said that the firm is poised to capitalise on major trends occurring in the technology space where the physical and digital domains are set for convergence.

“Companies are constantly looking at ways to connect, collect, store, analyse and monetise the data that is being captured. This is the reason why data analytics tools are becoming increasingly important,” he said.

The group’s suite of solutions revolves around a proprietary core called Intelligent Data Management Platform, which is designed from the ground up to be easily configurable and extendable to suit the customer’s needs.

It also offers proprietary software with the provision of maintenance, enhancement, and support, together with expertise in consulting and implementation for its clientele.

According to Fusionex Ivan Teh has long enjoyed a strong relationship with MDEC, adding that the establishment of the GAIN program has become a platform where the firm’s market access has increased and partnership network broadened, both locally and internationally.

“This relationship with MDEC has opened doors for Fusionex to reach out to potential clients in new and existing markets. We are proud to be a part of this program and aim to turn Malaysia into Asean’s big data hub,” he said.

Market research firm Gartner predicts that enterprise data will grow 650% over the next five years with analytics taking the centre stage as the volume of data generated by embedded systems, social media, and other digital platforms increases and vast pools of structured and unstructured data are analysed.

Even though there is still learning curve required in the Big Data industry, organisations are coming to the realisation that they have no choice but to invest and move away from ‘gut feel’ decision making, Teh points out.

Not one to rest on their laurels, Teh adds that there are big plans ahead for Fusionex as it aspires to solidify its position as the region’s top big data analytics player.

“An official launch of an enhanced version of our big data analytics solution, GIANT 2016, is imminent very soon, and we will continuously expand our growing partnership network in the coming year,” he enthuses.

iTalent Management Sdn Bhd

iTalent Management Sdn Bhd is a software vendor which specialises in providing fully integrated cloud based enterprise human resource solutions.

With a presence in Malaysia, Thailand, and Singapore, iTalent was initially in the payroll outsourcing management business, but soon ventured and evolved into a more integrated human resource (HR) cloud computing solutions provider.

Established in 2008 and headquartered in Kuala Lumpur, iTalent’s CEO and founder Victor Phang says that the company has grown by leaps and bounds over the past eight years as it continues to gain a foothold in the region.

“We are optimistic on the growth of the enterprise solutions industry. Today automation, scalability and utility pricing models are the answers for many corporations to reduce cost while increasing their productivity. We can reduce at least 30% of the HR operation costs, and at the same time these legacy systems are getting more and more costly to maintain,” he explains.

Its HR cloud computing system, dubbed iTalent@sky, uses a fully integrated system which covers the entire spectrum of recruitment, compensation, performance management, and exit strategies.

Another offering is called Performance+, which is a program designed to help managers determine specific key performance indicators (KPIs) for employees.

iTalent Management Sdn Bhd founder and CEO Victor Phang

According to Phang(pic), iTalent’s participation in this MDEC initiative had resulted in an immediate breakthrough. Whereas previously the firm took almost a year to penetrate the foreign market,

“This initiative has been extremely helpful and important for local firms like iTalent for accessing international contacts and eventually could help us to export our solutions globally” he says. Through their participation in the recent Indonesia and Silicon Valley immersions by MDEC, iTalent has been able to establish themselves in these new market presence.

In spite of the challenging market environment currently, Phang is confident of the growth opportunities at hand as more and more corporations pivot towards adopting a broad-based and modernised HR solutions.

“Despite the unfavorable sentiment right now, over the next three years I think enterprises will continue to invest in new technology that is able to provide real-time analytics which are crucial for speedy decision making to stay ahead of the competition,” he opines.

Phang says that there will be more to come from iTalent as the company explores new markets.

“We plan to allocate more investment to train the second level of management to strengthen the internal leadership. At the same time, we will focus on the ongoing market expansion to Thailand, Australia and the Philippine markets by the end of 2017 with a target of 150,000 subscribers for the iTalent Digital HR system,” he says.

iTalent was recognised at the 2015 Malaysian Asia Pacific ICT Awards in the Best of Applications and Infrastructure Tools (Merit) and won the BPO Project of the Year at the 2014 and 2015 Outsourcing Malaysia Excellence Awards.

https://www.nst.com.my/business/2018/02/332209/fusionex-wins-mab-data-management-contract