BANDAR SERI BEGAWAN – Khazanah Satu, a subsidiary of Brunei’s finance ministry, will buy out Accenture’s shares in local IT company BAG Networks, it was announced on Tuesday.
BAG’s management said that Accenture’s departure will have no material impact on its business performance, contractual obligations and services.
The IT company was formed in 2001 as a 50-50 joint venture between the Khazanah Satu and Accenture, but Tuesday’s announcement means that the government-linked company will become the sole shareholder in BAG.
After 17 years of collaboration, Accenture has opted to exit the joint venture, as it undergoes a global business restructuring.
The value of the buyout was not disclosed.
In a statement, BAG Networks CEO Haslina Hj Mohd Taib said:
BAG’s management said it has briefed staff on the transition and is optimistic the move will create more opportunities.
The company, which is based at the Anggerek Desa Technology Park, employs approximately 120 people, according to its website.
BAG Networks has spearheaded several key e-government and private sector projects such as the Treasure Accounting Financial Information System (TAFIS); the Government Employee Management System (GEMS); the Tourism Masterplan, the System for Tax Administration and Revenue Services (STARS) and the Registry of Companies and Business Names (ROCBN).