Revenue Group Berhad which is also known as Revenue Harvest Sdn Bhd has inked a share sale agreement with the vendor Tan Sze Hoo to acquire 6,000 shares representing 40% of the equity interest stake in Artificial Intelligence (AI) company Wannatalk Malaysia Sdn Bhd (WMSB) for RM5 million in a move to enhance its electronic payment (e-payment) solutions and technologies for banks, institutions, merchant and card issuers.
Based on the statement on 10th August 2020, Revenue Group Berhad said the WMSB principally engaged in the provision and development of facial recognition-centered products and services, AI-powered smart content repository, AI-powered chatbot and messaging platform. WMSB has a diverse customers base ranging from financial institutions such as banks, insurance companies to public listed companies in the manufacturing sector, property management sector and ICT sector.
According to the Managing Director and the Group Chief Executive Eddie Ng Chee Siong, as more companies shift towards greater use of biometrics as security features to register and on-board users to expand into the provision of financial services, this acquisition provides a niche for the firm to further enhance the payment security features.
The acquisition will allow Revenue Group to leverage on WMSB’s existing products and services to further expand its clientele and business, providing a more robust Business to Business to Consumer solutions. Under the agreement, the vendor will provide Revenue Group with a profit guarantee of RM300,000 and RM500,000 for the financial year ending FY2020 and FY2021 respectively.
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