Kuala Lumpur, 26 January 2018 – Dagang Net Technologies Sdn Bhd, a wholly-owned subsidiary company of Dagang NeXchange Berhad ("DNeX"), has acquired substantial interest in two leading consulting and accounting system services companies.

Dagang Net has acquired 51 per cent equity interest in Genaxis Group Sdn Bhd for RM10 million, and this acquisition gives Dagang Net a direct equity interest of 60 per cent in Innovation Associates Consulting Sdn Bhd ("IAC").

Genaxis is an experienced consulting firm that delivers training and consulting services in transformation initiatives, and has worked with such organisations and agencies as the Royal Malaysian Customs Department, UEM, CIMB Berhad, Malaysia Productivity Corporation, Lembaga Tabung Haji and Subang Jaya Municipal Council.

IAC, meanwhile, is a leading consulting firm with more than 300 experienced consultants that has completed more than 100 projects in the public and private sectors. The company is currently the contractor for the Government Financial and Management Accounting System ("1GFMAS") for a contract sum of RM228.8 million. 1GFMAS is an accrual accounting shared services implementation, which is expected to be fully implemented by May 2018.

"We are pleased to announce this corporate initiative, which is aimed to expand and strengthen our IT and e-Services business segment," said Datuk Samsul Husin, Executive Deputy Chairman of DNeX and also Executive Chairman of Dagang Net.

He said the extensive experience of Genaxis and IAC in strategic and key initiatives will certainly add value to Dagang Net's existing offerings in e-Services for Trade Facilitation.

"The consulting and accounting services know-how that we hope to gain through this acquisition will extend beyond Trade Facilitation to other verticals as well. We will continue to look for opportunities to provide leading edge e-Services that can help organisations improve efficiency and effectiveness of their operations, and ultimately boost output and bottom line," he added.

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