Cadmus Extends Winning Presence
Cadmus Extends Winning Presence To Singapore And India
Auckland, 7 December 2005
Cadmus Technology, New Zealand's leading exporter of payment solutions was named as the Deloitte / Management Magazine Emerging Enterprise of the Year in the prestigious annual Fast 200 Awards.
The Deloitte/Management Magazine Fast 200 Awards gala ceremony saw several companies vying for the Emerging Enterprise of the Year award which recognizes the business that has demonstrated outstanding achievements in export led growth, new product developments and for being a technology leader.
Keith Phillips, Chairman for Cadmus Technology says that the Emerging Enterprise Award caps off what has been a watershed year for the company in terms of expansion and growth in several key markets. These include several major deals with banks and retailers in Australia, Nigeria, India and Asia.
Accordingly, to manage this growth Cadmus will open two regional offices in Singapore and India in 2006.
"To support the growth of Cadmus in Asia and provide closer support to our existing and new clients, we will create two new offices in Singapore and India. Both markets represent significant ongoing revenue streams for Cadmus now and well into the future," says Phillips.
Singapore is a gateway to the South-East Asian region where Cadmus continues to experience significant growth within new and existing clients. Cadmus has had success in the Singapore market, where, inconjucntion with ST Electronics Info-Comm (STEE previously CET Technologies) the company supplied the new Cadmus CP03SCR to one of the largest taxi operators, Citycabs Pte Ltd. Further to that Cadmus has also announced an agreement to supply NETS with new outdoor payment terminals which are a secure EMV pin pad product with a specific ruggedised facia plate.
NETS, which pioneered the concept of convenient cashless payments in Singapore, is owned by three major banks and manages the debit network in Singapore. NETS also operates in a number of other markets including China, Hong Kong and South-east Asia at more than 12,500 merchants and across 30,000 points of access from retail outlets, vending machines to car parks.
STEE (www.stee.stengg.com/infocomm/index.htm) is a shareholder in Cadmus and the companies have agreed to work together to develop their respective markets. STEE provides a range of mobile business solutions, track & trace solutions, electronics and info security products throughout the region.
Likewise, in India, Cadmus has announced a pilot rollout of 1,000 terminals with one of the country's largest banks, ICICI. India is set to experience tremendous growth as its banks and retailers begin to embrace EFTPOS and electronic payment solutions as part of daily commerce. Accordingly, Cadmus is looking at increasing its presence and reach in India, initially through a new office near the commercial and financial hub of Mumbai.
In both Singapore and India Cadmus will continue to look for suitable partners who can assist the company in increasing its reach and market penetration as well as offer local services, support and technical assistance.
Keith Philips, Chairman for Cadmus Technology says that opening offices in Singapore and India is a logical progression as the company experiences ongoing strong demand for its services from throughout Asia, India and the immediate surrounding regions.
"Cadmus has credibility and a proven track record in Singapore and India through our involvement with strategic partners like ST Electronics (Info-Comm Systems) as well as via our ongoing relationship with Tier A clients such as ICICI Bank, CityCabs and NETS. Opening regional offices to better service our clients in Singapore and India was always a case of 'when' not 'if'," says Philips.
Philips also says the regional hub provided by both Singapore and India provides additional benefits by allowing Cadmus to be more responsive to opportunities within the broader Asian market as they arise, as well as driving additional revenue streams.
"Ultimately, Cadmus needs an Asian footprint if we want to take full advantage of the growth in the payment solutions sector whether this is EMV compliant payments terminals, vending machines payment products, state of the art wireless pinpad terminals, or the range of host-based systems and services."
"The advanced turn-key payment solutions we have are exactly what markets like Singapore and India want. Cadmus needs to have a local presence on the ground in both these key Asian markets if we are to fully capitalize on all the opportunities arising from the competitive advantage we have over everyone else."