KUALA LUMPUR (June 25): Ramssol Group Bhd (KL:RAMSSOL)  has proposed to acquire a 51% stake in a Thailand-based generative artificial intelligence (AI)-powered consulting software company for RM6.93 million.

The homegrown human capital management solutions and technology provider said it is acquiring the stake in Geekstart Company Ltd from the company's co-founders, Tanasak Tantitarntong, Kitipat Veerachien and Rujirat Chuangsungnern.

The vendors will continue to hold the remaining 49% equity interest in Geekstart upon completion of the deal, said Ramssol in a filing with Bursa Malaysia on Tuesday.

The group said the 51% stake acquisition will be financed through the issuance of 13.07 million shares in Ramssol, representing a 4.10% stake, at 53 sen per share. 

The deal includes a profit guarantee by Geekstart that the company will achieve an audited profit after tax of not less than RM4.70 million for the financial year ending Dec 31, 2024 (FY2024) and RM7.05 million for FY2025.

According to Ramssol, 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, OpenAI, and has a historical partnership with Microsoft and Google technology.

“This acquisition marks a significant milestone in Ramssol’s expansion strategy, enhancing its digital capabilities across Southeast Asia and reinforcing its position as a key player in the region’s evolving digital experience landscape,” said Ramssol.

Its managing director and chief executive officer Datuk Seri Cllement Tan Chee Seng said acquiring Geekstart allows the group to introduce recognised AI solutions to its existing Southeast Asian client base.