KUALA LUMPUR: Ramssol Group Bhd is buying a 51 per cent stake in a Thailand-based generative artificial intelligence (AI)-powered consulting software company for RM6.93 million.
Ramssol said the stake in Geekstart Company Ltd is being bought from the latter's co-founders Tanasak Tantitarntong, Kitipat Veerachien and Rujirat Chuangsungnern.
The vendors will continue to hold the remaining 49 per cent stake in Geekstart upon completion of the deal, Ramssol said in a filing with Bursa Malaysia today.
The acquisition will be financed through the issuance of 13.07 million shares in Ramssol, representing a 4.10 per cent stake, at 53 sen each.
The deal includes a guarantee by Geekstart that it will achieve an audited net profit of not less than RM4.70 million for the year ending Dec 31, 2024 (FY2024) and RM7.05 million for FY2025.
Geekstart specialises in digital technology, focusing on software development for web, mobile and internet of things (IoT) applications.
Its expertise lies in custom software solutions for businesses, including development, implementation, integration and maintenance.
Geekstart was recently powered by Nvidia CUDA and OpenAI, and has a historical partnership with Microsoft and Google technology.
Ramssol managing director and chief executive officer Datuk Seri Cllement Tan Chee Seng said the acquisition allows it to introduce recognised AI solutions to its existing Southeast Asian client base.