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Systems Limited Lists and Commences Trading on KSE

Karachi, Pakistan – February 3, 2015 – Systems Limited, the region’s premier software house and the leading provider of next-generation IT and technology-led BPO services, today listed its shares on the Karachi Stock Exchange following the gong-striking ceremony led by Mr. Asif Peer, CEO and Managing Director of Systems Limited. This marked the commencement of the trading session.

Systems Limited is now trading under the ticker symbol ‘SYS’.



The ceremony was attended by Mr. Asif Peer, CEO and MD; Mr. Sajid Hamid, SVP, and Ms. Naureen Anwar, VP – Systems Limited. Also present were the officials from KSE including Mr. Nadeem Naqvi, MD; Mr. Haroon Askari, DMD; Mr. Muhammad Ghufran, DGM Company Affairs; and from AKD Securities Limited including Mr. Farid Alam, CEO; Mr. Khurram Shahid, SVP Investment Banking among others.



Speaking at the occasion, Mr. Peer said, “Today marks the beginning of a new era for Systems Limited. Since December 2014 when the company launched its IPO, the response from investors to the offering has been immense”. He continued, “We are fully committed to contributing towards the development of the IT industry in Pakistan and looking ahead, we aspire to position ourselves as a global technology brand that stands at par in delivering sustainable value. As we continue to grow, we look forward to creating value for our shareholders”.

Systems Limited’s book building portion was oversubscribed by 3 times at the upper price band, and the general public portion had also been an equally remarkable success being subscribed by 3.17 times.

Mr. Peer concluded his remarks by saying, “We wish to thank all the investors for showing confidence in the company.”


Tuxedo Money Solutions selects global processor i2c to power expansion

- Agreement targets $1.1 trillion global emerging payments market -

[LONDON –27 January 2015] Tuxedo Money Solutions, the UK-based international payments technology firm, and i2c Inc., a Silicon Valley based global payments processor, have signed a processing agreement that will allow both organizations to maximize opportunities in the global prepaid and emerging payments sectors. Tuxedo’s award winning eccount® payments platform supported by i2c’s industry leading global processing platform will enable both companies to take advantage of the global payments market, estimated to reach $1.1 trillion by 2022.

Tuxedo and i2c are targeting the emerging financial services sector as an area that traditional banks have failed to provide consumers with effective services. The companies will leverage their financial services expertise and payment technologies to provide this unique market with viable alternatives. Tuxedo’s initial focus is the Q2 launch of a suite of combined ID, loyalty and travel money cards for consumer use which will be processed by i2c.  A number of other exciting projects are planned for the remainder of the year.

Tuxedo was founded in the UK in 2006 and launched its first prepaid product in 2007. Having attained a leadership position in the UK, providing white labelled and bespoke payment solutions to millions of consumers and over 400 businesses, Tuxedo is expanding internationally. This aggressive expansion has seen it launch payment programs in Europe and Australia during the last 12 months with programs due to go live in the Middle East in Q2 2015. The impending launch in the USA, the world’s largest payments market, is a key milestone in the company’s history.

Based in Silicon Valley, i2c provides the infrastructure for financial institutions, corporations, brands and governments around the world required to launch and profitably manage prepaid and next-generation commerce products. i2c’s global, cloud-based platform supports virtually any prepaid, debit or credit program in plastic, virtual or mobile form. Clients on six continents use the i2c platform to build profitable, differentiated payment products and services that meet specific customer needs.
John Sharman, chief executive of Tuxedo Money Solutions said, “At Tuxedo we have developed an exceptionally robust and flexible payment platform, capable of operating a wide range of domestic and cross-border payments. By partnering with i2c we will be able to build on our acknowledged international payments expertise to deliver a global payments platform focused on the US.”

Stephan Koukis, senior vice president, Business Advisory Group at i2c, comments, “Our global processing platform is the perfect partner for Tuxedo’s payments technology and strengthens their market proposition. We are delighted to support their efforts to expand by providing flexible processing services on a global scale.”

Media enquiries:
Bethan Halls
The Communication Group plc
+44 20 7630 1411

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Marc Winitz
i2c, Inc.
+1 (650) 480-5283
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PSEB holds successful seminar with IT industry in Lahore

MD PSEB with participants of the IT seminar

Lahore, January 19, 2015. Pakistan Software Export Board (PSEB), an industry promotion body under Ministry of IT, conducted its second successful seminar with a large number of C-level executives from the IT industry at Avari Hotel, Lahore last week. The event started with a welcome address by PSEB’s Director Marketing, Mr. Sulman Hassan. Then PSEB’s new Managing Director, Mr. Asim Shahryar Husain, gave a comprehensive presentation on PSEB’s contribution to the IT industry over the last decade as well as PSEB’s plans for the future. He mentioned that PSEB has supported the IT industry through different programs including company registration, Software Technology Parks (STPs), ISO and CMMI certifications, international marketing through events and delegations, IT internships, IT trainings, visa facilitation, and many other programs. Over the last decade, PSEB has spent more than Rs. 450 million on these industry support programs. He emphasized that IT exporters should use state bank’s assigned codes for IT exports when reporting foreign remittances received. Otherwise, those remittances will not be recorded under IT exports. He also mentioned that PSEB is planning new programs for the IT industry in future including a new technology park on PSEB’s land in Islamabad, a new documentary on the IT industry, a new industry portal, CMMi trainings for certification, participation in IT exhibitions and delegations, IT internships, and IT training courses. He hoped that these new initiatives and better exports reporting will increase IT exports substantially in 2015. He further stated that industry’s goal should be to become the second largest IT exporter in South Asia based on remittances before the end of this year. This was followed by an interactive discussion with CEOs of different IT companies which was moderated by Director Domestic, Mr. Ali Hasani. IT industry representatives suggested that while there was a definite need to explore new emerging markets, emphasis should remain on further developing existing markets abroad. It was also requested that PSEB should help in building a positive image of Pakistan’s IT industry abroad through marketing activities such as documentary, portal, events and delegations. PSEB should also provide a one-window operation to facilitate foreign investors and local companies. IT companies mentioned shortage of exportable IT resources and that IT industry needs more quality graduates from universities with a strong foundation in programming concepts and methodologies. Hands-on training in different IT tools can be provided by companies themselves. Availability of subsidized office space and streamlining availability of voice over IP (VoIP) for software companies would also be helpful. Some CEOs also mentioned that the sales tax of 19.5% on IT services which has been imposed by provinces of Punjab, Sindh, and KPK since 2013 has stunted the growth of the IT industry because these taxes eat up the margins of most IT companies. Hence, these three provinces should abolish this new tax in 2015’s budget. MD PSEB assured the industry that PSEB would share their feedback with Ministry of IT and FBR. The industry appreciated the MD’s plan and assured their full support to PSEB for increasing Pakistan’s IT exports to $5 billion in a couple of years. PSEB will conduct a similar industry seminar in Islamabad in February.

i2c and Corporate Prepaid Solutions Partner to Bring the Benefits of Prepaid to Australian Companies

Launch of the uChoose corporate prepaid card allows companies to reward their clients, employees and partners with a fully branded gift card accepted worldwide

REDWOOD CITY, Calif. – Jan. 6, 2015 – i2c, Inc., a global provider of card processing and emerging financial services solutions, and Corporate Prepaid Solutions (CPS), a global prepaid program manager, have launched the uChoose corporate rewards gift card in Australia. The uChoose program is the first collaboration between i2c and CPS, who are planning additional corporate prepaid programs in various global markets.

The uChoose card, powered by i2c's global processing platform, is a turnkey solution for companies who wish to offer a Visa-branded gift card. Companies can choose from a variety of card designs or customize the card to align with their brands. The card can be used anywhere Visa is accepted, offering recipients the freedom to spend their gifts at millions of merchant locations worldwide. “uChoose offers companies across Australia the ability to choose prepaid gift cards that fit their brands and budgets. As our processor, i2c played an important role in enabling us to build a solution that offers simplified program setups and card ordering, quick turnaround times and reliable global acceptance,” says Kristy Allen, general manager, Operations at CPS. “i2c will continue to be a strategic partner to CPS as we execute on our global prepaid strategy.”

“CPS has customized the uChoose program to deliver maximum value to both corporate clients and end consumers. We are excited to partner with them to take this winning model to new markets,” says Steve Diamond, vice president, Business Advisory Group at i2c.


Melissa Telli

Director, Marketing & Communications

Telephone: +1 650-480-5247

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