SINGAPORE, October 25, 2005 - Sesdaq-listed System Access Limited ("System Access" or "The Group"), one of the leading global providers of banking software solutions, announced today that the Group has entered into an agreement to acquire in full Comex Genesys Berhad ("Comex Genesys"), an established credit card and payment solutions provider.
The acquisition of Comex Genesys is in line with System Accessâ strategy of achieving growth through strategic alliances and acquisitions.
Incorporated in 1989, Comex Genesys is primarily involved in Card and payment solutions for the financial industry. Comex specializes in providing a complete suite of consumer and commercial card management and payment solutions to banks and financial institutions worldwide.
To date, Comex Genesys has sold their software solutions to some 100 financial institutions and card companies over 30 countries spanning across North Asia, South and South East Asia, the Middle East, Africa and Australia/New Zealand.
Comex Genesysâ flagship software product is "CardPro". The current Version 5 of CardPro product ("CardPro V5") is available on "open" systems platform adopting the latest Java technology and it is fully compliant with major payment associations such as VISA, MasterCard, Diners Club, American Express and JCB. It is also designed to comply with various local government compliances and standards such as YinLian in China, MEPS in Malaysia and Credit and Finance Information System ("CAFIS") in Japan. It not only provides customers with multi-cards and multi-party processing but also as a competitive platform that is aligned to support key business imperatives of card business.
The proposed acquisition will make Comex Genesys into a 100%-owned subsidiary of System Access and the subsidiary will be re-branded as "System Access Genesys." System Accessâ Universal Banking Solution, SYMBOLS, is now uniquely positioned as an international banking product with this card and payment solution offering. Both SYMBOLS and CardPro with similar partner networks are complementary to each other and will be able to achieve success in the emerging and developing economy market.
Commenting on the acquisition. Mr, Leslie Loh, Founder and Chief Executive Officer of System Access Said, "Comex Genesys will facilitate System Accessâ expansion into the card and payment solutions business, which is enjoying robust growth worldwide. Comex Genesys provides us with the domain knowledge and technology needed to penetrate this high growth markets. The acquisition will also enhance our distribution support network and customers portfolio substantially, especially in Asia."
Following the acquisition, we would have expanded our global distribution and support offices network from 7 offices currently to 10 offices world-wide. Our combined customer portfolio would now aggregate more then 150 banks in over 40 countries across Asia, Europe, Middle East, Africa, Australia and New Zealand. This will provide us enhanced scale to support our growth strategy.
System Access will continue to work closely with the network of Comex Genesys partners in supporting all its commitments related to the distribution and delivery of Comex Genesysâ product. Current partners of Comex Genesys include IBM, SUN, Oracle, Visa, Master Card, JCB, Diners and American Express."
Comex Genesysâ Executive Chairman Michael Yap said: "Comex Genesys aims to be the leading global provider of Card Management Solution to financial institutions world-wide. System Access will add enlarge resource pool, global distribution networks and financial resources to speed up the process."