KUALA LUMPUR: Datasonic Bhd is purchasing a 51 per cent stake in artificial intelligence (AI) company Innov8tif Holdings from Revenue Group Bhd for RM40 million cash.
In a filing with Bursa Malaysia Securities, Datasonic explained that this acquisition is a strategic decision to gain access to Innov8tif Group's established digital ID assurance and digital onboarding services, which will complement and strengthen Datasonic's current business as an ICT solutions provider.
Datasonic said the acquisition comes with a guaranteed is expected to yield a profit guarantee of RM2.5 million for financial year 2025 and RM3 million for financial year 2026.
"Datasonic would be positioned to provide services across the identity assurance lifecycle from manufacturing to final authentication involving technologies such as chip, finger print, facial and iris identity assurance, in physical to digital formats encapsulating 'A Total Complete Solution'."
"As such, the acquisition would allow the company to immediately acquire a comprehensive addition of Al-based tools in its production and enhance its technology," it said.
Datasonic said it may leverage on Innov8tif Group's digital ID solutions instead of developing in-house solutions to create a holistic business to business to consumer (B2B2C) environment with the enhanced biometric security features through electronic know your customer (e-KYC) and electronic know your business (e-KYB) technologies from Innov8tif.
"The Board is of the view that this will create synergistic benefits between the businesses of the company and Innov8tif Group whereby the company can benefit from Innov8tif Group's strong clientele base," it added.
Datasonic's share price closed unchanged at 38.5 sen a share yesterday, giving it a market capitalisation of RM1.1 billion.