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IBM, BI Walden team up to boost M'sia software e-biz

IBM Malaysia and BI Walden Management Sdn Bhd on Monday entered into a strategic alliance to make it easier for local software developers to get funding.

KUALA LUMPUR--IBM Malaysia and BI Walden Management Sdn Bhd on Monday entered into a strategic alliance to make it easier for local software developers to get funding.

The computer giant's chief executive officer Voon Seng Chuan said this tie-up was part of the larger goal to grow indigenous e-businesses.

This signing is in line with IBM's announcement of working with more venture capitalists to help local software developers during the launch of its e-incubator program last March.

IBM had also launched the e-ISV for Linux program, as an extension of the e-incubator program last month to expand Malaysian e-business initiatives with specific focus on the open source Linux operating system.

"With this tie-up, eligible local e-businesses in IBM's e-ISV for Linux program now have the opportunity to source for funding through BI Walden while leveraging on IBM's software and hardware technology," Voon said.

Venture capital BI Walden executive director Chok Kwee Bee, meanwhile, said the company usually invest in start-ups, offering them a wide range of industry expertise and advice.

"This partnership will not only benefit both IBM and BI Walden but will bring value proposition to the e-business initiatives in Malaysia as a whole," she added.

BI Walden was established in Malaysia in 1990 as a joint venture between Bank Industri & Teknologi Malaysia Berhad and Walden International. Walden international is a leading global venture capital firm.

The firm's international venture capital funds comprise more than US$2 billion in committed capital.