On July 30, 2018, ‘Itools’ JSC met with brokers and experts of securities companies and introduced its operational report of the first half of 2018.

The number of customers of ‘Itools’ JSC was 4,300 in 2016 and 4,900 in 2017. Currently, the company supplies more than 30 types of products to foreign and domestic markets and has about 6,000 customers. As a result, sales income of the company reached MNT 404.9 million, total profits reached MNT 332.3 million, while net profit reached MNT 62.4 million.

In 2017, ‘Itools’ JSC launched an IPO and raised MNT 1.3 billion to built modular data center in Darkhan. This decision was based on the rule of Bank of Mongolia approved on 29th of June, 2017, “Banking Informational Technology Criteria”, stated that data centers must be located at least 200 km from the main data center. The provisions of this regulation would be in force in 2018, but by the order of March 1, 2018 of the Governor of the Bank of Mongolia changed the provisions of this regulation to be in force in 2021. As a result, the company has no neet to hurry the process of Data Center construction, instead, the company is implementing a new “Financial Data Center” project to recover their profits.

The “Financial Data Center” project is scheduled to commence in September and the construction progress of the project is 70 percent. Within the framework of this project, “Itools” JSC is to place financial data of the state-owned financial institutions such as the Bank of Mongolia, ‘Mongol Post’ JSC,  ‘Telecom Mongolia’ JSC using fiber cables around the Sukhbaatar square. From June this year, the project is being jointly implemented with IBM, the world’s leading IT company.

Currently, the company is working on projects such as UBEX trading platform that based on blockchain technology, Zeel.mn, Trade.mn, claudmining. The company also signed a Memorandum of Understanding with the National Data Center and started  introducing the “State Information System” to its operations.

 Source: TDB Capital SC