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TMCNet:  Mywave outlines plans to unlock true value [New Straits Time (Malaysia)]

[December 15, 2013]

Mywave outlines plans to unlock true value [New Straits Time (Malaysia)]

(New Straits Time (Malaysia) Via Acquire Media NewsEdge) GEORGE TOWN: HUMAN capital management software developer Mywave Sdn Bhd is planning to offer an initial public offering (IPO) or itself as a target for acquisition in four years.

The Penang-based Multimedia Super Corridor company, which is an investment of Malaysia Venture Capital Management Bhd (Mavcap), is looking to build its brand over the next two years, expand its portfolio of products and engage in capacity building.

"The RM4.6 million which has been invested in our company by Mavcap will be used to unlock the true value of this company and take it to the level of global start-ups, such as Google, Instagram and Facebook," said Mywave director Yoon Choon Leong.

Mywave, which was established in 2006, is engaged in research, development and commercialisation of an inter-enterprise platform called MyWave Human Capital Management Suite.

The company counts multinationals and local firms involved in the travel, retail, construction, manufacturing and medical services sectors as its clients.

"As our system can cater to payroll systems overseas, we are working on commercialising our software for international consumption," Yoon said, adding that in the next 18 months, Mywave will set its sights on markets in Thailand, Australia, Singapore and China.

"Once our system goes viral two years from now, we will be offering our services via data, analytical, social and mobile platforms.

"Our endgame is to build a Malaysian company which can compete with the likes of Instagram, Facebook and Google, although several challenges lie ahead, such as getting quality programmers." Meanwhile, Mavcap chief executive officer Jamaludin Bujang said it is mindful of the growth curve charted by firms engaged in analytics.

"This is an area that will give us an insight into people and performance in human resources capital management.

"Mavcap, therefore, has a plan to build and reward companies such as Mywave," he said, adding that Penang offers the company a good spread of firms engaged in local innovations and serves as an interesting hub to invest in.

(c) 2013 ProQuest Information and Learning Company; All Rights Reserved.

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