KUALA LUMPUR (Jan 7): TIME dotCom Bhd has acquired a 60% stake in Malaysia’s leading private cloud computing provider AVM Cloud Sdn Bhd for RM58.7 million.

TIME said the acquisition marks the group’s efforts in accelerating the growth of cloud computing as the newest pillar of its business, alongside fixed line services, global network connectivity and data centres.

“With the inclusion of AVM in the TIME family, the group now possesses a full spectrum of product offerings that can meet the needs of its enterprise customers across the region.

“With almost two decades of experience, AVM is a home-grown brand that was founded by five Malaysian entrepreneurs and has grown from strength to strength, to count themselves as one of the leading VMware service providers in Southeast and North Asia,” TIME said in a statement today.

The group said AVM’s extensive product suite ranges from private cloud offerings to system integration services via its subsidiary Integrated Global Solutions Sdn Bhd (IGS). 

In a filing with Bursa Malaysia, TIME said AVM has acquired the remaining 40% equity interest in IGS for RM5.1 million, to make IGS its wholly-owned subsidiary.

“TIME is excited to grow cloud computing as the next pillar of our business. We believe we’ve found the right partners in AVM, considering their comprehensive product suite and customer base,” said TIME commander-in-chief Afzal Abdul Rahim in the group’s statement. 

AVM chief executive officer David Chan said the deal has given AVM the opportunity to scale and grow and extend its products and services to the group’s customer base. 

“We also hope to capitalise on TIME’s regional footprint to grow a regional cloud business,” said Chan. 

TIME’s share price finished 0.15% or two sen higher at RM13.32 today, valuing the group at RM8.05 billion. The counter saw 246,900 shares traded.