Navis exits Malaysian business solutions player
Navis Capital Partners has sold its controlling stake in Malaysian IT firm Strateq to a local subsidiary of Singapore telecommunications company StarHub.
The Singaporean company announced the development in a filing. Navis said a StarHub subsidiary has agreed to acquire its interest in Strateq for MYR137 million ($32.5 million). Navis stands to earn a further MYR30 million in performance-related fees as well. The private equity firm says it has invested a total of MYR61.5 million in the company since acquiring a controlling stake in 2013.
Founded in 1988, Strateq is one Malaysia's leading IT services companies. It provides IT solutions for petrol stations and hospitals, as well as data center and business continuity services, IT infrastructure, third-party software solutions and maintenance services.
Navis said it has helped the management team roll out its healthcare system solutions into the US and invest in new service offerings in cloud solutions and data analytics. Beyond Malaysia, Strateq has offices in Singapore, Thailand, Hong Kong, China, and the US.
StarHub, which primarily offers telecom and broadband services in Singapore, agreed to acquire an 88% stake in Strateq for MYR249.7 million earlier in the year, according to a March release. The plan is to leverage Strateq’s network to promote Ensign InfoSecurity, a cybersecurity solution for enterprise and government customers.
Navis previoulsly acquired a minority stake in Strateq by buying out the equity rights of Kencana Capital, a Malaysian innvestment firm.
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