KUALA LUMPUR (July 31): Censof Holdings Bhd (KL:CENSOF), through its wholly owned unit Century Software (M) Sdn Bhd, has teamed up with Netherlands-based Storecove to strengthen its position in the e-invoicing market.

In a statement to Bursa Malaysia, Censof said it selected Storecove for its e-invoice rollout due to Storecove’s adaptive solution, as well as its proven expertise and experience.

Censof, which specialises in financial management software solutions, said it had been seeking an e-invoice service provider to white-label and offer e-invoicing solutions (CSInvoicer) to its clients without investing in the development of new Peppol-ready middleware.

“I am confident this partnership will ensure our software fully complies with IRB (Inland Revenue Board) regulations. Together with Century Software, we will streamline invoicing for the public sector,” said Censof group managing director Ameer Shaik Mydin.

“Storecove’s advanced API (application programming interface) integrates seamlessly with Century Software’s platforms to enable automated e-invoicing for incoming and outgoing transactions,” he added.

The announcement of the implementation of mandatory e-invoicing by the IRB has sparked interest in Censof, with its share price gaining over 39% since the start of this year. At Wednesday’s noon break, the counter slipped 1.54% to 32 sen, giving it a market capitalisation of RM174.21 million.

The first phase of e-invoicing will start on Thursday (Aug 1) for companies with annual revenues exceeding RM100 million.