Cloudaron First to List on Bursa Malaysia’s New LEAP Market

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Counting down the seconds to a historic listing… from left to right are Malaysia Digital Economy Corporation (MDEC vice president (enterprise development) Gopi Ganesalingam, Cloudaron’s chairman Dato’ Larry Gan with managing director and CEO Ong Chang Jeh, director Joeliardi Sunendar and executive director Lum Piew.

Group also eyeing M&A activities to complement organic growth

Cloudaron Group Berhad (Cloudaron) today became the first company to be listed on Bursa Malaysia’s new Leading Entrepreneur Accelerator Platform (LEAP) Market.


“Today is a momentous occasion for Malaysia’s capital market. With the inaugural listing of Cloudaron, we are opening a new chapter of innovation and development in Malaysia,” said Bursa Malaysia Chief Executive Officer Datuk Seri Tajuddin Atan (pic).

“The LEAP Market is the first listing platform of its kind in ASEAN designed for small and medium-sized companies (SMEs) and sophisticated investors. Hence, the listing today is also the first such listing in the region,” he added.

The LEAP Market complements the existing fundraising ecosystem by offering an alternative platform for SMEs to raise capital in an efficient, fast and transparent marketplace for their business  growth. It is an alternative platform for SMEs, giving them the visibility of being a listed entity and assisting these companies in their transformation to better governance and operational standards.

Cloudaron, which specialises in providing technology solutions for cloud, workspace transformation and services for business enterprises, had issued 50 million shares or equivalent to 6.4% of its enlarged share capital, to selected investors at an issue price of 11 sen per share in conjunction with the listing.

Cloudaron is helmed by Managing Director and Chief Executive Officer Ong Chang Jeh. The company currently generates its revenue mainly in Singapore and Malaysia, and intends to go regional with expansion to Indonesia and Philippines. Cloudaron plans to pay an annual dividend of up to 20% of its future net profits. Cloudaron’s orderbook currently is above RM18 million.

Its key clients include RHB Bank, the Monetary Authority of Singapore (MAS) and the Bank of Singapore.

“For a young, growing technology company, the decision to go public is indeed an exciting development for us at Cloudaron. It is the opening of a new chapter that starts us on our next growth trajectory,” said Ong adding that, besides organic growth, Cloudaron will be exploring acquisitions to further accelerate growth.

“We will continue to grow our services business to serve business enterprises, and will also be owning and operating digital business platforms. We feel this is complementary and adds strength and differentiation to our value proposition”, said Ong, adding that “we can help serve clients better because we bring the solutions, and will have the added experience and expertise of owning and operating digital business platforms.”

“We have also strengthened our Board and Management with some recent appointments. This includes former Accenture Asia Pacific Managing Partner and renowned tech investor Dato’ Larry Gan as our Chairman. We have also appointed as our Executive Director Lum Piew, former Managing Director of Accenture’s Malaysian Communications, Media and Technology operations group,” said Ong.

“Today, we are overwhelmed by the strong support and interest we have received for our listing. This gives us the best possible start as a newly listed entity – a firm indication of the faith and confidence our investors have placed in us which will definitely spur us on to grow our business and scale to greater heights post-listing”, said Ong.

“With wide-spread support from the investing community, we are confident that Cloudaron is best positioned to establish ourselves as the regional Digital Provider of choice going forward” he added.

Cloudaron is also part of Malaysia Digital Economy Corporation (MDEC)’s initiative known as the Global Acceleration and Innovation Network (GAIN) programme. GAIN was developed to assist companies go global.

According to MDEC Vice President (Enterprise Development) Gopi Ganesalingam, the GAIN programme was designed to help companies expand through four main areas – market access, risk capital, tech refresh and visibility.


“Southeast Asia is the fourth largest Internet market in the world. What we’ve been seeing is a rising opportunity from increasingly borderless trade. Today, with the right assistance, we can help businesses tap into a regional market of more than 260 million internet users,” said Gopi. Cloudaron-03

From Virtualization Software to Digital Business Platforms

Cloudaron started its technology business serving higher educational institutions in Malaysia and Singapore with their CloudDesk software product. The software uses a distributed-computing model to spread processing loads over many machines in the computer labs, to significantly reduce the server computing power required, as well as reducing implementation costs and infrastructure requirements. CloudDesk software is widely used across higher educational institutions, including major names such as Sunway University and Monash University.



In 2016, Cloudaron moved into the Infrastructure and solution transformation business by acquiring Pro-Datech Systems Pte Ltd; an established infrastructure and solution transformation provider with an extensive client base in Singapore serving the government, healthcare, education, financial and commercial enterprise sectors.

Moving forward, Cloudaron intends to build and operate 3rd party digital business platforms, among them an insurance marketplace and peer-to-peer lending platforms, and has taken a 10% stake in a Real Estate SaaS (software-as-a-service) company, to kick-start the development of these new digital business platforms.

“Cloudaron has always strived to remain ahead of the curve and we have never been afraid to embrace new technology and businesses.  Our services business will continue to provide us steady growth, revenues and profits, and our new digital business platforms will allow us to scale faster and give us the larger growth trajectory,” Ong said.

“Based on an AT Kearney report, the ASEAN Digital Economy currently generates US$150 billion annually with a CAGR of between 10-15% for the next few years. The digital space is the place to be for growing technology companies in ASEAN, and this is the space Cloudaron will be thriving in,” added Ong.