Hitachie acquires Malaysian fintech firm eBwork

Source: Hitachi

Hitachi, Ltd. (TOKYO:6501) today announced the take-over offer for shares of eBworx Berhad (KLSE:EBWORX), a Malaysia-headquartered financial IT solutions company, which commenced on April 26, 2012 and all settlement for shares which were accepted by May 22, 2012 (98.23% of outstanding shares), has been completed and that eBworx is now consolidated as a subsidiary of Hitachi.

Since Hitachi has acquired more than 90% of the outstanding shares of eBworx, Hitachi will proceed to compulsorily acquire all the remaining shares of eBworx not owned by Hitachi, under the Malaysian Code of Take-Overs and Mergers 2010, which will result in Hitachi having 100% ownership of eBworx.

Objective of the Acquisition
eBworx has an extensive customer base most notably with major banks in Malaysia and Singapore, with widely used software products such as in Internet Banking and credit management systems and a powerful development base, including highly skilled human resources. Through this acquisition, Hitachi aims to expand its system solutions business by targeting Japanese and local financial institutions that are increasing their investments in global operations, especially in Southeast Asia and China.

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