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SYSTEM ACCESS ACQUIRES LEADING CARD AND PAYMENT SOLUTIONS SPECIALIST IN ASIA - COMEX GENESYS BERHAD October 25, 2005 – Sesdaq-listed System Access Limited ("System Access” or "The Group"), one of the leading global providers of banking software solutions, announced today that the Group has entered into an agreement to acquire in full Comex Genesys Berhad ("Comex Genesys"), an established credit card and payment solutions provider. The total consideration of RM13.8 million (S$6.2 million) for the acquisition, which will be paid in cash and shares, is arrived at after arms length negotiation with the vendors of Comex Genesys. The acquisition of Comex Genesys is in line with System Access’ strategy of achieving growth through strategic alliances and acquisitions. The proposed acquisition will make Comex Genesys into a 100%-owned subsidiary of System Access. The payment will be made to the Vendors of Comex Genesys who include Barings Asia Private Equity Investment XXIII Limited, Infocomm Investment Pte Ltd, Technology Fund II Pte Ltd, Visa International (Asia Pacific) Ltd and others. Commenting on the acquisition, Mr Leslie Loh, Founder and Chief Executive Officer of System Access said, “Comex Genesys will facilitate System Access’ expansion into the card and payment solutions business, which is enjoying robust growth worldwide. Comex Genesys provides us with the domain knowledge and technology needed to penetrate these high growth markets. The acquisition will also enhance our distribution support network and customers portfolio substantially, especially in Asia. Following the acquisition, we would have expanded our global distribution and support offices network from 7 offices currently to 10 offices world-wide. Our combined customer portfolio would now aggregate more than 150 banks in over 40 countries across Asia, Europe, Middle East, Africa, Australia and New Zealand. This will provide us enhanced scale to support our growth strategy. System Access will continue to work closely with the network of Comex Genesys’ partners in supporting all its commitments that are related to the distribution and delivery of Comex Genesys’ product. Current partners of Comex Genesys include IBM, SUN, Oracle, I-Flex, Visa, Master Card, JCB, Diners and American Express.” Comex Genesys’ Executive Chairman Mr Michael Yap said: “Comex Genesys aims to be the leading provider of Card Management Solutions to financial institutions world-wide. System Access will add enlarged resource pool, global distribution networks and financial resources to speed up the process.” Comex Genesys’ major customers include Shinsei Bank Ltd (Japan), Ambank Berhad (Malaysia) and Bank of Shanghai (China). Comex Genesys has total staff strength of about 130 headcount residing in its offices across Malaysia, Singapore, China and Japan. Source: System Access.
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