Censof in tie-up with ABSS
IT contractor Censof Holdings Bhd is tying up with Asian Business Software Solutions Sdn Bhd (ABSS) to provide accounting software for small and medium-sized enterprises (SMEs) and leverage the introduction of the Goods and Services Tax (GST).
Censof deputy group managing director Tamil Selvanantham Durairaj said the partnership would start contributing positively to Censof’s current financial year ending March 31, 2015.
“It will provide an avenue and opportunity to tap into the growing SME market that must be GST compliant by April 2015,” he said at a press conference, announcing the partnership yesterday.
Censof group managing director Ameer Shaik Mydin said the expected value of the contribution to earnings would depend on the take-up for its services.
“There are 700,000 SMEs out there and they are required to be GST-compliant.”
The partnership was made via Censof’s unit, Century Software (M) Sdn Bhd (CSM), which will hold a 50.02% stake and ABSS 49.98%.
Under the partnership, ABSS grants the new joint venture entity the exclusive distribution rights to distribute and market MYOB Premier and MYOB Accounting software products within the domestic market.
The partnership will see CSM and ABSS investing RM300,000 each in a joint-venture company named Censoff ABSS Sdn Bhd. The investment in the new company would be sourced from internally generated funds of Censof.