KUALA LUMPUR (May 6): Information technology company TechnoDex Bhd has teamed up with Sweden-based Nordic Apiary Holding AB to jointly set up a Malaysia-Nordic-South East Asian value-added distributor (VAD) in Malaysia.
It said the proposed joint venture (JV) is in line with its strategic plan to collaborate with prospective partners to venture into innovation technologies and broaden its services in Southeast Asia.
In a bourse filing on Friday (May 6), ACE Market-listed TechnoDex said it has entered into a JV agreement with Nordic Apiary for the purpose. Nordic Apiary specialises in scaling business-to-business (B2B) sales of enterprise technology in digital and green innovation from Northern Europe to global enterprise customers in growth markets, so as to drive business growth and company valuation.
Under the JV, TechnoDex will market and resell software services in Malaysia, while Nordic Apiary will market the JV services and contract suitable European services and technology companies in the Nordics.
TechnoDex said it will fund its investment in the JV company through internal funds.
The proposed JV is expected to be completed by third quarter of this year, where the JV company will become a subsidiary of TechnoDex.
TechnoDex shares closed unchanged at 10 sen on Friday, bringing it a market capitalisation of RM84.38 million.