UBS: leading Malaysian SME accounting software swallowed up by Sage
UBS, the country's no.1 local accounting software provider, has been swallowed up by British financial software giant Sage Plc via its wholly owned Singapore subsidiary, Sage Singapore Holdings Pte Ltd.Though clunky and sporting an aging DOS-derived interface, UBS accounting packages have over the course of the past 10 years, become quite a household name among Malaysian SMEs. Most local accounting students would have studied and learned how to use it thanks to the two founding members' clever idea of giving it away free to educational institutions.
Their overseas ventures, especially their foray into China, were not very successful and so faced with a future confined to just their home market, key family members have decided that the time is right to sell.
Interestingly, one of the founding partners, How Teck Sang, had earlier sold off his shares to yet another multinational accounting software provider, MYOB.
MYOB must have felt the RM0.98 per share was a little steep and that's probably why the other founder, Cheah Kean Soon must have decided to sell out to Sage instead (after all, the pound buys more ringgit than the aussie dollar!).
It's a bit of a shame to see a local brand being taken over. Sage may want to keep the name around for a while due to the equity, but eventually, I would imagine they might want to introduce their own Simply Accounting or Accpac products into this market.
Technorati tag: SME, Malaysia, UBS Software,accounting software, SAGE
posted by hew @ 11:21 am
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