PETALING JAYA: Cashless payment solutions provider Revenue Group Bhd is acquiring a 40% stake in artificial intelligence (AI) company Wannatalk Malaysia Sdn Bhd for RM5 million cash, which will give it an opportunity to enhance its electronic payment (e-payment) solutions and technologies for banks, financial institutions, merchants and card issuers.
Wannatalk is principally engaged in the provision and development of facial recognition-centered products and services (Facecard), AI-powered smart content repository (Firebox), AI-powered big data mining and fraud detection software (Grayfox) and AI-powered chatbot and messaging platform (Wannatalk chatbot).
To formalise the deal, Revenue’s wholly owned subsidiary, Revenue Harvest Sdn Bhd, today entered into a share sale agreement with the vendor, Tan Sze Hoo.
Revenue managing director and group CEO Eddie Ng Chee Siong said the acquisition will provide a niche for Revenue.
“The acquisition will help Revenue to further develop value-added product offering to our customers. Besides that, the acquisition will enable Revenue to leverage on Wannatalk’s existing products and services to further expand its clientele and business, providing a more robust business to business to consumer (B2B2C) solution,” he added.
Under the agreement, the vendor will provide Revenue with a profit guarantee of RM300,000 and RM500,000 for the financial years ending Dec 31 2020 and 2021, respectively.
The acquisition is expected to be completed in October.
source https://www.thesundaily.my/business/revenue-group-acquires-40-of-ai-firm-to-enhance-its-e-payment-solutions-technologies-CY3405598
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