KUALA LUMPUR (March 22): Cloudpoint Technology Bhd, an information technology solutions provider, said it has signed an underwriting agreement with M&A Securities Sdn Bhd in preparation for its listing on Bursa Malaysia's ACE Market.

The initial public offering (IPO) prospectus is being finalised and will be launched in the coming weeks, the group said in a statement on Wednesday (March 22).

Cloudpoint did not disclose the size of the IPO, but said it will use the proceeds to boost its operations in the high-demand areas of cybersecurity, networking, cloud and software solutions.

Founded in 2003, Cloudpoint and its subsidiary’s clients are mostly large enterprises, particularly in the financial services, insurance, and telecommunications industries, as well as other technology service providers.

"Over the past few years, Cloudpoint has witnessed strong demand from the financial services sector as banks accelerate their digital transformation initiatives," said the group's executive director and  chief executive officer Choong Wai Hoong.

"As businesses are going digital, cybersecurity concerns have become a top priority for our customers and a key revenue driver for us. In addition to building high-performance networking solutions, we have also built cyber defences for several major banks in Malaysia," added Choong.

M&A Securities is the principal adviser, sponsor, underwriter and placement agent for Cloudpoint’s IPO.