Tag Archives: Softorb Technology Indonesia

Cashlez Officially IPO, Creating Opportunities for Other Acquisitions

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The payment gateway and mPOS startup, Cashlez, officially going IPO at the Indonesia Stock Exchange yesterday (4/5) using “CASH” as the stock code. Cashlez is listed on the acceleration board, as well as being the 27th company to be trading on the stock exchange this year.

The company releases 250 million new shares at Rp 350 per share. This capital amount covers around 17.5 percent of the agreed capital and is placed in Cashlez. Simultaneously, the company issued Series I Warrants at a ratio of 1: 1.

Cashlez’ President Director, Tee Teddy Setiawan said the company successfully obtained funding worth of Rp87.5 billion on this occasion. As planned, 61.31% of the funds were used for the acquisition of PT Softorb Technology Indonesia (STI), with the remaining 38.69% for working capital.

“Through this IPO, we can continue to innovate in developing business and one of them is the acquisition of STI which we consider is very strategic for our business growth,” he said in an official statement.

As quoted from his interview with IDX Channel, Teddy mentioned, besides the acquisition of STI, he also offers opportunities to take other corporate actions. “We are still looking for opportunities for the acquisition of similar companies to support inorganic growth.”

He continued, the due diligence process for the STI acquisition had begun since last year. The two sides started open discussions for future business synergies, given the huge potential of the payment system industry in Indonesia.

Entering the second half of last year, the company starts taking an option to IPO on the stock exchange, moreover, the company also participated in IDX Incubator. “We are encouraged to take the IPO initiative, especially with the current new board [acceleration board], we finally decided to take on the exchange.”

Fundamentally, STI has a strong and stable business base, compared to Cashlez as a startup. STI focuses on the front end, while Cashlez focuses on the back end. They need a front-end that can create innovation, for example by combining sensors with non-cash payment instruments such as cards.

“We are starting to enter the [payment] segment of transportation, prepaid cards, parking, and theme parks,” he continued.

To date, Cashlez is said to cover more than 7,300 merchants consisting of small, medium, to enterprises. However, 88% of them are dominated by SMEs.

Adjustment to the target

Even though the funds will be used in accordance with the original plan, the nominal funds targeted by Cashlez has adjusted. Previously, the company was targeting Rp90 billion to Rp100 billion by releasing 300 million shares of regular stock. The offer price is at Rp298-Rp358 per share. The date of the listing on the IDX was planned for April 20, 2020.

Teddy revealed that the adjustment occurred because of structural changes. Earlier this year, they began with unfavorable issue from Jiwasraya, then the Covid-19 pandemic emerged in March. Finally, it must’ve had an impact on several prospective investors and their commitment to enter, eventually changing their minds.

“However, since everything is back to normal, this is good timing to start fresh.”

In addition, regarding the company’s target this year, Teddy said he has yet made a revision. However, he currently opens for the possibility that a correction would occur in the second quarter of this year. the Cashlez business as a whole is targeted to increase by 2.5 to 3 times from last year.

“In March 2020 we still have our positive performance. The Covid-19 has affected on our business, related to PSBB, it is practically all business down almost 80%. We have to be more creative in catering to online transactions. ”

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Original article is in Indonesian, translated by Kristin Siagian

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Cashlez IPO

Cashlez Resmi IPO, Buka Peluang Akuisisi Perusahaan Lain

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Startup payment gateway dan mPOS Cashlez resmi melantai di Bursa Efek Indonesia, kemarin (4/5) dengan kode saham “CASH”. Cashlez tercatat di papan akselerasi, sekaligus menjadi perusahaan ke-27 yang melantai di bursa pada tahun ini.

Perusahaan melepas 250 juta saham baru dengan harga Rp350 per lembar. Jumlah modal ini meliputi sekitar 17,5 persen dari modal disetor dan ditempatkan pada Cashlez. Secara bersamaan, perusahaan menerbitkan Waran Seri I dengan rasio 1:1.

Presiden Direktur Cashlez Tee Teddy Setiawan mengatakan, dana yang berhasil diraup perusahaan dari hajatan ini adalah Rp87,5 miliar. Sesuai rencana, sebanyak 61,31% dari dana tersebut digunakan untuk akuisisi PT Softorb Technology Indonesia (STI), sisanya 38,69% untuk modal kerja.

“Melalui IPO ini, kami dapat terus berinovasi dalam mengembangkan bisnis dan salah satunya adalah akuisisi STI yang menurut kami sangat strategis untuk pertumbuhan bisnis kami,” ucapnya dalam keterangan resmi.

Mengutip dari wawancaranya bersama IDX Channel, Teddy mengungkapkan selain akuisisi STI, ia juga membuka kemungkinan untuk melakukan aksi korporasi lainnya. “Kita masih cari opportunity untuk akuisisi perusahaan sejenis untuk menunjang growth anorganik.”

Dia melanjutkan, proses due diligence untuk akuisisi STI sudah dimulai sejak tahun lalu. Kedua belah pihak mulai membuka perbincangan untuk sinergi bisnis ke depannya, mengingat potensi industri sistem pembayaran yang masih sangat besar di Indonesia.

Memasuki paruh kedua tahun lalu, perusahaan mulai buka opsi untuk melantai di bursa, terlebih perusahaan sendiri masuk sebagai peserta di IDX Incubator. “Kami di-encourage untuk berani melantai di bursa, apalagi sekarang ada papan baru [papan akselerasi], akhirnya kita putuskan untuk masuk ke bursa.”

Secara fundamental, STI punya basis bisnis yang sudah kuat dan stabil, ketimbang Cashlez yang masuk dalam kategori startup. STI fokus pada front-end, sementara Cashlez fokus di back-end. Mereka butuh front-end yang bisa menciptakan inovasi, misalnya menggabungkan sensor-sensor alat pembayaran non-tunai seperti kartu.

“Sekarang kami mulai masuk [pembayaran] segmen transportasi, prepaid card, parking, dan theme park,” sambungnya.

Diklaim saat ini Cashlez telah menjaring lebih dari 7.300 merchant yang terdiri atas usaha kecil, menengah, hingga enterprise. Namun, 88% di antaranya didominasi oleh UKM.

Target meleset dari rencana

Meski penggunaan dana sesuai dengan rencana awal, sebenarnya target nominal dana yang diincar Cashlez meleset. Awalnya perusahaan mengincar dana antara Rp90 miliar sampai Rp100 miliar dengan melepas 300 juta lembar saham biasa. Harga penawaran ada di rentang Rp298-Rp358 per lembar. Pun tanggal pencatatan saham di BEI tadinya direncanakan tanggal 20 April 2020.

Teddy mengungkapkan bergesernya tanggal pencatatan ini terjadi karena dipengaruhi perubahan struktur. Awal tahun ini diawali isu yang kurang baik dari Jiwasraya, kemudian pada Maret muncul pandemi Covid-19. Akhirnya berdampak pada beberapa calon investor yang awalnya sudah menyatakan komitmennya untuk masuk, akhirnya berubah pikiran.

“Tapi sekarang semua sudah back to normal, ini timing yang baik untuk mulai lagi.”

Di samping itu, mengenai target perusahaan sepanjang tahun ini, Teddy mengaku belum melakukan revisi. Akan tetapi, ia membuka kemungkinan bahwa pada kuartal kedua tahun ini akan terjadi koreksi. Ditargetkan bisnis Cashlez secara keseluruhan dapat naik antara 2,5 hingga 3 kali lipat dari tahun lalu.

“Di Maret 2020 kinerja kita masih positif. Efek Covid-19 terhadap bisnis kita, berkaitan dengan PSBB, praktis bisnis hampir semua turun 80%. Kita harus lebih kreatif meng-cater transaksi ke online.”

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