Unaffected by Global Recession Threat, DBS Vickers Acquires 5.9 Percent Shares of PT Indosterling Technomedia

JAKARTADAILY.ID - DBS Vickers Securities (Pte) LTD has acquired 74.1 million shares of PT Indosterling Technomedia Tbk (TECH), the digital technology arm of IndoSterling Group.

In a statement on November 30, 2022, TECH said at the end of November, the Singapore brokerage company has acquired equivalent to 5.9 percent ownership in the Jakarta-headquartered company that owns and operates a diversified portfolio of various information technology (IT) and digital companies.

TECH is majority owned by PT Indosterling Sarana Investa, led by Sean William Henley. 

"TECH is arguably not a typical startup company. We are still growing amidst the general weakness observed in other technology companies," said William Henley, the chairman of PT Indosterling Technomedia in a public expose in Jakarta on November 30, 2022.

William, the Chairman of TECH, affirmed that DBS’ investment indicated a high level of confidence in the future of TECH despite the threat of global recession and a wave of layoffs in sight.

Several technology companies have failed in the last 6 Months.

He admited TECH’s main strength lies in TECH Products which focus on Business to Business (B2B) as the backbone.

"Most startups are highly dependent on investor funds in order to survive, while TECH B2B products were successfully absorbed by the market," William said.

Billy Andrian, CEO of TECH, is optimistic about conditions in the future with the company's assets and equity increasing compared to last year.

"We believe 2022 will be closed with a positive performance and even better results next year."

He mentioned the post-Covid-19 national economic recovery process has affected various sectors, especially the technology sector.

In the public expose, the explanation was done for subsidiaries under TECH which consists of Edufecta (PT Technomedia Interkom Cemerlang) an integrated campus management system, and KAWN (PT Technomedia Sarana Semesta) Food & Beverages Point of Sales System.  

Yoas, Director of Technomedia Multi Sejahtera (KAWN), stated KAWN has successfully integrated the BCA EDC system with QR Code System and is in the process to integrate with Accurate, one of the largest accounting system providers in Indonesia”

"The collaboration with BCA will add KAWN value to users, in line with the massive adoption of QR payment. Besides, KAWN has collaborated with Accurate to develop integrated accounting system," he said.