HONG KONG, April 3, 2019 /PRNewswire/ -- GEM Board-listed Future Data Group Limited ("Future Data" or the "Group", stock code: 8229), a technology services company specializing in system integration and cyber security, today announced that it has entered into a share purchase and subscription agreement with Maximus Venture Holdings Limited to acquire 24,000 sale shares and subscribe 24,000 new shares of Maximus Group Consulting Limited ("Maximus Group") for a maximum cash consideration of HK$12 million. Upon the completion of the transaction, Future Data will hold 64.86% of the entire issued share capital of Maximus Group.
This deal accelerates the Group's strategy in Hong Kong and Macau's cyber security market by vertical integration. Through the acquisition of Maximus Group, Future Data will have access to a customer base of 150 corporate customers and government agencies in Hong Kong and Macau originated in Maximus Consulting (Hong Kong) Limited ("MXC"), the wholly-owned subsidiary of Maximus Group, and it positions Future Data as a leader in the second-tier service provider category within the cyber security market, behind the Big Four.
The Group has been working with MXC for the past two years as its partner in the cyber security market. MXC has been providing sales and marketing services while the Group has been delivering the technology services and managing the projects. With this acquisition, Future Data now has full access to the US$440 million (HK$3.4 billion) Hong Kong and Macau cyber security market, which is projected to grow at a CAGR of 17% by 2020 (source: Frost & Sullivan).
Mr. Giang Phung, Vice Chairman of Future Data, said, "Demand from customers is causing explosive growth in the cyber security market and provides high margins for our business, which will translate into tremendous growth in our Group's profitability in the years to come. Combining Korea's strength in revenue growth in network infrastructure and Hong Kong's high margin cyber security business, we have a new business platform to deliver better returns to our shareholders."
Mr. Roger Chung, Director of MXC, said, "Our customers are asking for end-to-end integration between our teams who conduct sales and plan for the scope of work, which is MXC; and teams doing project delivery and management which are from Future Data, to ensure seamless project execution and protect customer data privacy. This vertical integration completely removes those barriers and allows us to scale the business to help it achieve better results."
"Having worked together with MXC on numerous projects over the past two years, our teams have built up the necessary trust and confidence that will make this vertical integration successful," Mr. Phung added.
About Future Data Group Limited
Listed on the GEM Board of the Stock Exchange of Hong Kong Limited in 2016, Future Data is a new breed of company within the technology services industry. Founded in Korea in 1997, Future Data provides a wide range of network infrastructure and security services to corporate customers. The Group's distinct competitive advantages include the partnerships and alliances it has forged with a diverse base of leading technology suppliers and the ability to interweave its software development capabilities with a number of these suppliers.
More information on Future Data can be found at http://www.futuredatagroup.com.
About Maximus Group Consulting Limited
An investment company incorporated in British Virgin Islands in 2016 which holds the entire share capital of Maximus Consulting (Hong Kong) Limited.
About Maximus Consulting (Hong Kong) Limited ("MXC")
Established in 2003, MXC is a Hong Kong-based company that provides professional one-stop information on security services and solutions, specializing in cyber security and anti-hacking services. MXC is trusted by over 150 businesses, performs over 100 security assessments annually, and monitors more than 300 cyber security devices through our SOCs. Positioned as a human-based artificial intelligence in the cyber security space, MXC has helped numerous major corporations in the finance, insurance, airline, logistics, and telecom industries to deter cyberattacks and prevent cybercrimes.
More information on MXC can be found at http://www.maximusholding.com
