Category Archives: Fusionex

The entrepreneur who turned down US$63m

PETALING JAYA, July 21 — Ivan Teh, Fusionex founder and managing director of AIM-listed Fusionex International Plc, has quietly gone on building a big data company that has had an eye-popping 1,000 per cent cumulative growth rate since its launch in 2006.

There are many things that stand out about Ivan, but one of them is this – his business had no angel investor, nor any venture funding. It was purely built on cash flow from satisfied customers and, in the first six months, on the sweat and toil of Ivan who put in 18-hour workdays to understand customer needs and build the software platform himself. He was a one-man show.

“It was an intense period,” he concedes, looking back. “I was speaking to my contacts and potential customers trying to understand their needs and to get a finger on the pulse as to why people would purchase my software. This was then followed by a lot of thought processes that went into trying to do something different.”

And what was this something different?

fusionex founder

Nothing sexy, really. He just resolved to give customers a solution that was easy to use and effective to help them make sense of their data.

“People get confused. There are a lot of options out there to build your own big data solutions but in all honesty, most organisations don’t care, or don’t have the skill sets. This was the pain point I wanted to solve,” he says.

As anyone who has ever tried it knows, the hardest thing to do is to hide the complexity of very tough problems behind an easy-to-use front-end solution for customers.

This then translated into building the platform that Ivan worked on himself.

“From preparing the templates to coding the software to the documentation, I did it all myself,” he says, adding ‘pau ka-liao,’ colloquial Hokkien that roughly translates to ‘doing everything by one’s self.’

“It was an intense, exciting and, to be honest, painful time, but the great thing is that you woke up every morning highly motivated because you knew you were not doing anything monotonous,” he says.

Fast forward from those startups days in 2006 to Dec 18, 2012 and Fusionex listed on London’s Alternative Investment Market (AIM) exchange with a big data focus, one of the sexiest terms in tech today.

Indeed, during the pre-IPO (initial public offering) roadshow, 38 of the 50 institutional investors who approached came on board. “The response was overwhelming,” says Ivan.

In all, Fusionex had RM200 million (US$62.8 million) committed to it, with the IPO offer oversubscribed by 300 per cent.

Amazingly, Ivan only took RM60 million (US$18.9 million), which is what his company had set out to raise. “I was told it was quite unheard of. But to me, taking all that money comes with a sense of responsibility. You have to do something in return. We could have taken the money and spent it differently and on the wrong strategy. That does not help your credibility,” he says.

Instead, what he did earned Fusionex huge credibility and translated into the fact that there were no selling shareholders on its IPO. In fact, everyone was interested to buy more.

Ending Dec 31 2012, Fusionex’s share price stood at £3.965 (RM21.48), more than double its IPO price of £1.70 (RM9.20) on Dec 18 2011. https://www.malaymail.com/s/710859/the-entrepreneur-who-turned-down-us63m

Pikom inks MoU with Fusionex to achieve goal of training 20,000 data professionals

The National ICT Association of Malaysia (Pikom) has signed an MoU (memorandum of understanding) with big data analytics solution provider Fusionex for it to train local talents in the area of Big Data.

Fusionex Ivan Teh will equip ICT professional with the right skills in line with the Government’s goal of achieving 20,000 data professionals by 2020, the organisation announced at the Pikom Leadership Summit 2017.

“We found there is a talent mismatch today as many graduates are not aware of what the industry is looking for today,” said Pikom chairman Chin Chee Seong.

“We are also working very closely with the Education Ministry and universities to design courses to align them with the demands of the tech industry.”

“There is a real importance to align what the academia produces versus what the industry wants and that is an ongoing challenge and something we are really working hard to tackle now,” Teh said.

Among the skills that are in demand include data analytics and project management.

The industry body also inked an MoU with CyberSecurity Malaysia (CSM) to combat the recent rise of cyberthreats. It will give CSM access to security services and solutions from its members.

It also signed an MoUs with the Malaysian Association of Tour and Travel Agents (MATTA) to promote the adoption of digital platform in the travel industry.

Ivan Teh

Chin says that most SMEs (small and medium enterprises) in the travel industry have yet to embrace and reap the benefits of digitalisation.

Transport Minister Datuk Seri Liow Tiong Lai who officiated the event, said that with the partnership, travel and tour agents should take the opportunity to market their services online and this is a step in the right direction in embracing digital economy.

“These initiatives will certainly help in expanding opportunities for the SMEs in their respective sectors and we need to keep up and embrace change as there is a rapid convergence between the physical and digital world,” said Chin.

Read more at https://www.thestar.com.my/tech/tech-news/2017/11/23/pikom-inks-mou-with-fusionex-to-achieve-goal-of-training-20000-data-professionals/