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Wednesday, 24 June 2015

Can one person startup become company that have over RM100M turnover

Digital News Asia stated  in 2014 that Ivan Teh of London AIM-listed Fusionex International Plc has 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 him who put in 18-hour work-days to understand customer needs and build the software platform himself. He was a one man show.

Ivan Teh, founder and managing director of AIM-listed Fusionex International Plc. — Picture courtesy of Digital News Asia Picture from Digital News Asia

Usually, mentor and people advocated that startup must have funding, or at least have a team........ A one man show................ can become "The entrepreneur who turned down RM200M" by Digital News Asia. His story really inspiring for startup entrepreneur.

Fusionex International Plc initially focus on Business Intelligence and later Big data.

During Pre-IPO roadshow of big-data focus company in 2012. Fusionex had RM200M committed to it, with the IPO offer oversubscribed by 300%

Amazingly, Ivan only took RM60 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 spend it differently and on the wrong strategy. That does not help your credibility." he says.

What he did earned Fusionex hug credibity and translated into the fact that there were no selling shareholders on its IPO. In fact, everyone was interested to buy more.

MDeC announced in 2015 that only 2% of MSC status company achieved over RM100M sales. Fusionex become one of the 2% company that have RM100M sales.

But is Fusionex or Ivan really a one person startup without funding?

Ivan, when interview by The Edge in 2015 said 5 of his badminton mate want to joint his startup when he told them his plan to venture out as entrepreneur focus on Business Intelligence. But Ivan told them to wait as he yet to get his first customer. Thus, it is not really a one person startup. However, it is not sure why he told Digital News Asia that he is a lone ranger startup for the first six months. Or, which version of story is true.

 Fusionex IPO admission document disclose that Ivan's wife Quek Yin Ling own 1,225,000 shares or 3.5% and 2.8% of pre and post IPO respectively.

It is very rare people with such surname spell Quek. This make people think of Hong Leong or Guoco Group Quek Len Chan. Usually, people spell Kok. Richest man in Malaysia Robert Kuok spell Kuok.  Even cousin brother of Quek Leng Chan in Singapore, hotel tycoon Kwek Leng Beng spell  Kwek by government officer issue birth certificate.  Is Quek Yin Ling daughter of Quek Leng Chan is anybody guess.

Fusionex IPO admission document further stated that:

At 30 September 2012 RM1.2 million was owed to Quek Yin Ting, a substantial shareholder of the Fusionex Group.

On 28 September 2009 QuekYin Ting (a substantial shareholder of Fusionex Corp Sdn Bhd at that time) and Hong Siew King (a shareholder of Fusionex Corp Sdn Bhd at that time and a director of Fusionex Corp Sdn Bhd at that time) were granted a RM3.5 million Flexi Business Financing-i loan from CIMB Islamic Bank Berhad (“CIMB”) for the purposes of part financing the purchase of Fusionex Corp Sdn Bhd’s new office premises situated at Unit No. L19-01, 02, 05 & 06, PJ Exchange, Petaling Jaya, Selangor, Malaysia. The monthly repayments under the CIMB Loan have always been paid by Fusionex Corp Sdn Bhd to CIMB directly. The amount outstanding on the loan was RM3.1 million, RM3.2 million and RM3.4 million as at 30 September 2010, 2011 and 2012 respectively.

Fusionex have another shareholder and management team with surname of Quek..... Ivan Teh's brother in law? However, that person name not appear to be son of Quek Leng Chan.

Whether Ivan Teh's wife have any relation with Quek Leng Chan or not? It is undeniable that Ivan have a deep pocket wife that can lend RM1.2 million to his company and have the ability to get financing to acquire premises of his company office..........perhaps a distance relative to Hong Leong's Quek?

















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