Ingenuity Solutions Bhd has been appointed project manager for information technology (IT) migration and due diligence exercise for a major oil retailer in the country.
According to sources close to the company, the first phase of the due diligence is close to completion and a formal agreement, detailing work specifications, is expected to be signed within two weeks.
The contract would be significant for the mid-sized company, which was listed on the Mesdaq market in February. IT systems of larger retail operators in the oil and gas industry are typically worth over RM10mil.
Ingenuity would be responsible for providing a seamless IT migration path for the oil major over a 12-month period. The new IT system would be used to manage the client's entire network of petrol stations nationwide, keep the network operations intact, non-compromised and secure. The system would also have to interface with other systems at the international level, the sources said.
If executed well, the project would greatly boost Ingenuity's standing as a credible enterprise solutions provider of international standard and serve as a showcase for wooing future contracts. As a home-grown company with its own proprietary source codes, Ingenuity has an added advantage of being able to provide much cheaper customised enterprise solutions compared with those offered by the big boys.
The company has a good record in implementing systems dealing with high-value transactions, such as for the travel, education and motor vehicle industries.
Ingenuity recently announced it had completed the implementation of its college management software (CMS) project for TPM Academy, a private college offering undergraduate programmes, two weeks ahead of schedule.
It was also recently awarded a project to implement the CMS for a leading English language training provider, Cambridge English For Life Sdn Bhd. This project, to be completed in four months, includes software implementation, training and technical support for 20 centres. It is expected to contribute positively to Ingenuity's financial results. On top of that, there is a recurring annual revenue stream from the CMS usage.
Ingenuity is now eyeing opportunities in overseas institutions, particularly colleges and universities in China.
Its strategic partnership with California-based Thales-Raytheon Systems Co LLC to jointly develop defence-related integrated IT systems in Malaysia is also expected to bear fruit soon. There should be some major announcements in the next few months, a source said.
Ingenuity recorded RM9.93mil revenue in its financial year ended March 31, 2004, up 78% on RM5.58mil in the previous year. Its pre-tax profit increased a whopping 159% to RM4.4mil.
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