Hitachi eBworx

Hitachi eBworx is a Malaysian consulting and technology-solutions company focused on software for banks and other financial-services organizations. The company is headquartered in Petaling Jaya and is associated with Hitachi, Ltd. as part of the Hitachi Group. Its documented product scope covers credit management, collections and recovery, internet and mobile banking, cash management, transaction banking, and trade-finance processing. The business began on 2 May 1998 under the name Digital Nervous System. Its early work was broad software development, including website projects and a personal-computer ordering system for Gateway Asia Pacific. During its first year, the company moved toward reusable products for financial institutions and adopted the working identity e-Business@work. This shift established the business model that continues to define the brand: developing and implementing enterprise applications intended to automate banking workflows and improve customer and employee access to financial information. In 1999, Singapore-based CSE Infotech Limited acquired a majority interest in the company. The Malaysian operation was subsequently renamed eBworx Malaysia Sendirian Berhad. It received Multimedia Super Corridor status from the Malaysian government in 2002, converted into a public company in 2003, and changed its corporate name to eBworx Berhad. The company was listed on Malaysia's MESDAQ market, later known as the ACE Market, in November 2003. A research-and-development office opened in Chengdu, China, in 2005, extending the firm's development footprint beyond Malaysia. The company developed a portfolio of named digital banking applications. Its Digital Credit Management System automated aspects of credit searching, underwriting, approval, and agency management through web and mobile interfaces. Its Digital Collection and Recovery System organized information about delinquent borrowers so lenders could plan collection activities. Digital Retail Internet Banking addressed online banking access for retail customers, while Digital Mobile Banker extended banking functionality to mobile devices. Digital Transaction Banker supported corporate cash management, payments, transfers, liquidity management, and trade-finance initiation. TradeSpring provided a web-based back-end environment for trade processing and customer access to trade-account information, transactions, and statuses. Several of these products received industry recognition in collaboration with banking clients, including awards connected with CIMB Bank, PT Bank Danamon Indonesia, and OCBC. These recognitions helped position eBworx as a specialist provider of banking software rather than a general-purpose software house. In 2012, Hitachi, Ltd. made an offer to acquire eBworx at 90 sen per share. The offer was accepted, and the former listed company became a Hitachi subsidiary under the Hitachi eBworx name. It was placed within Hitachi's Financial Information Systems Division and the wider Information and Telecommunications Systems Company. The acquisition integrated eBworx's financial-services software expertise into Hitachi's enterprise-technology portfolio. Public reference material identifies the brand primarily through its banking applications and financial-sector consulting capabilities; detailed current ownership structure, leadership, revenue, and present-day operating footprint are not established in the supplied sources.

Hitachi eBworx traces its origin to Digital Nervous System, established in Malaysia on 2 May 1998 by Tan Suan Fong and three other founders. The company initially undertook varied software-development assignments. Among its early work was a personal-computer ordering system for Gateway Asia Pacific, alongside website-development and other project work. Within its first nine months, management began concentrating on software products for financial institutions, using the identity e-Business@work to express this new direction. In 1999, CSE Infotech Limited of Singapore acquired a majority stake. The Malaysian company was renamed eBworx Malaysia Sendirian Berhad, reflecting its increasingly specialized role in electronic business and banking technology. The company later received MSC status from the Malaysian government on 11 February 2002. This status formed part of Malaysia's national effort to encourage technology companies and software development. The business entered the public markets in 2003. It became a public company on 25 April and changed its name to eBworx Berhad in June. On 17 November 2003, its shares were listed on Bursa Malaysia Securities' MESDAQ market, which was later renamed the ACE Market. The listing marked a transition from a privately controlled software venture to a publicly traded financial-technology company. In 2005, eBworx established a research and development office in Chengdu, China. The company continued to develop software for banking operations, including credit origination and approval, collections, retail internet banking, mobile banking, corporate transaction banking, cash management, and trade finance. By 2011, reported principal shareholders included CSE-Infotech Ltd, OSK Capital Partners Sdn Bhd, and Tan Suan Fong. The company's products gained recognition through awards and client implementations. Digital Credit Management System received financial-application recognition at the MSC Malaysia APICTA Awards and the international APICTA Awards in 2009, and was associated with a Financial Insights Innovation Award with CIMB Bank in 2010. Digital Retail Internet Banking received a Financial Insights Innovation Award with PT Bank Danamon Indonesia in 2010. Digital Mobile Banker was recognized in connection with OCBC's mobile-banking work in 2009. Digital Transaction Banker received both Malaysian and international APICTA financial-application awards in 2011. A major ownership change occurred in 2012. Hitachi, Ltd. offered to acquire eBworx at 90 sen per share on 2 March. Following acceptance of the offer, eBworx became a subsidiary of Hitachi and adopted the Hitachi eBworx name. It was associated with Hitachi's Financial Information Systems Division within the broader Information and Telecommunications Systems Company. The transaction brought eBworx's banking-software capabilities into Hitachi's enterprise information-technology organization. Publicly available material supplied for this dossier does not provide a detailed account of later corporate developments, current executives, financial performance, or the company's present product-delivery arrangements.

• 2012

  Acquired by Hitachi

  [1]Hitachi eBworxen.wikipedia.org

  Hitachi offers 90 sen per share for eBworx. After the offer is accepted, the company becomes Hitachi eBworx and joins Hitachi's financial-information-systems organization.

• 2005

  Chengdu research and development office opens

  [1]Hitachi eBworxen.wikipedia.org

  eBworx expands its development footprint with an R&D office in Chengdu, China.

• 2003

  Becomes a public company

  [1]Hitachi eBworxen.wikipedia.org

  The company becomes public on 25 April and changes its corporate name to eBworx Berhad in June.

• 2003

  Bursa Malaysia listing

  [1]Hitachi eBworxen.wikipedia.org

  eBworx Berhad lists on the MESDAQ market of Bursa Malaysia Securities on 17 November.

• 2002

  MSC status granted

  [1]Hitachi eBworxen.wikipedia.org

  The Malaysian government grants the company Multimedia Super Corridor status on 11 February.

• 1999

  CSE Infotech acquires a majority stake

  [1]Hitachi eBworxen.wikipedia.org

  Singapore-based CSE Infotech Limited purchases a controlling interest, and the company is renamed eBworx Malaysia Sendirian Berhad.

• 1998

  Digital Nervous System is founded

  [1]Hitachi eBworxen.wikipedia.org

  Tan Suan Fong and three other founders establish Digital Nervous System in Malaysia on 2 May.

• 1998

  Shift toward financial-services software

  [1]Hitachi eBworxen.wikipedia.org

  After undertaking general software projects, the company begins focusing on products for financial institutions and uses the e-Business@work identity.

Banking technology and digital financial-services solutions for institutional customers

• Credit management

  Digital Credit Management System

  A web- and mobile-enabled application for automating parts of the credit process. The system can search and manage outsourced credit-related agencies and support underwriting and approval workflows. It was designed to give lenders a structured environment for handling credit information and decisions across personal-computer and tablet interfaces. The product received APICTA recognition in 2009 and was associated with a Financial Insights Innovation Award with CIMB Bank in 2010.

• Collections and recovery

  Digital Collection and Recovery System

  A web-based application for managing information about delinquent borrowers. It helps lenders organize recovery cases and assess information relevant to collection planning. The system's purpose is to support more consistent collection strategies by bringing borrower and delinquency data into an operational workflow for financial-services personnel.

• Retail digital banking

  Digital Retail Internet Banking

  An internet-banking application intended to provide banking customers with online access to financial services. The product formed part of eBworx's digital-channel portfolio and was associated with a Financial Insights Innovation Award in 2010 through work with PT Bank Danamon Indonesia.

• Transaction banking and cash management

  Digital Transaction Banker

  A transaction-banking application for corporate cash management and trade-finance initiation. It organizes information across corporate groups, supports domestic and international payments and transfers, and assists with liquidity management. The product received Best of Financial Applications recognition at the MSC Malaysia APICTA Awards and the international APICTA Awards in 2011.

• Trade finance

  TradeSpring

  A web-based back-end trade-processing application. TradeSpring gives bank customers access to trade accounts, transaction information, and status updates while supporting the institution's underlying trade-finance processing activities.

• Mobile banking

  Digital Mobile Banker

  A mobile-device banking solution that extends financial-services access beyond desktop internet channels. The product was associated with a 2009 Financial Insights Innovation Award through mobile-banking work with OCBC.

• 2012

  Hitachi acquisition of eBworxM&A

  Background

  Hitachi, Ltd. sought to acquire a Malaysian public company with established banking-software capabilities and a portfolio covering digital credit, collections, transaction banking, trade finance, and digital channels.

  Action taken

  Hitachi made an offer on 2 March 2012 at 90 sen per share. The offer was accepted, and eBworx became a Hitachi subsidiary under the Hitachi eBworx name.

  Aftermath

  The business was associated with Hitachi's Financial Information Systems Division and the wider Information and Telecommunications Systems Company. The supplied reference does not establish later transaction terms, integration milestones, or current operating results.

  Offer price per share. 90 sen per share offer (2012)

  Source

1. 1Hitachi eBworxen.wikipedia.org