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Digiland buys 65% stake in software maker iBase
MAINBOARD-LISTED Digiland International said on Wednesday that its wholly-owned subsidiary, Digiland, has acquired 65 per cent (26,000 ordinary shares) of Singapore software maker iBase Technology International.
The acquisition sum is S$26,000, which will be funded through Digiland's internal resources. Following this, iBase will become a subsidiary of Digiland.
Digiland and iBase will also form a joint venture (JV) to develop and market "real-time, multi-user enterprise solutions to support global e-Government initiatives".
Its suite of solutions - all proprietary and marketed under UBERIQ - seeks to improve information accessibility, workflow efficiency and process quality control in three areas: accounting and claims management; human resource management; and real estate and facility management.
From July, the JV will embark on a regional campaign across emerging economies and developing E-Government Development Index nations in Asia, Europe and Africa to showcase its UBERIQ suite of solutions.
The JV has since received interest from Indonesia, Hong Kong and countries in Africa in its services, Digiland said in a statement on Wednesday.
Digiland shares were trading at about S$0.002 as at 10am. The IT company announced plans a year ago to transform itself into an oil and gas player. In May, its wholly owned subsidiary International Energy Group entered into a JV with a Maltese government agency to develop the Republic of Malta into a Europe-Asia energy trading hub.