KUALA LUMPUR (Dec 8): SMRT Holdings Bhd (KL:SMRT) said on Monday it is acquiring 1.69 million shares, representing a 37.5% stake in Singapore-based Novus Technologies Pte Ltd (NTPL) for S$7.09 million(RM22.48 million).

In a bourse filing, the Industrial Internet of Things (IIoT) solutions provider said it had entered into a conditional sale and purchase agreement with Asia Fintech Ventures Group Pte Ltd, the sole shareholder of NTPL, for the transaction.

NTPL is principally involved in providing digital infrastructure and payments technology solutions, specialising in the deployment, rental and management of self-service and retail transaction infrastructure and adjacent digital financial technologies, including agent banking and point-of-sale (POS) systems.

SMRT said the acquisition is a key part of its strategy to expand its IT and digital solutions portfolio and strengthen long-term financial performance. The deal will give the enlarged group immediate access to NTPL’s digital platforms, technology stack and regional customer base, it noted.

NTPL’s presence in Sri Lanka and the Philippines will also provide SMRT with immediate entry into new markets, SMRT said, while its footprint in Malaysia and regional partnerships are expected to help NTPL scale its solutions.

SMRT anticipates “meaningful, mutual synergies” from the acquisition, including complementary customer access, combined product and go-to-market capabilities, as well as joint research and development.

The transaction is expected to strengthen its recurring revenue base and support regional expansion plans. NTPL’s proprietary fleet-monitoring and POS technologies — designed for low-connectivity and last-mile environments — complement SMRT’s focus on resilient, managed Internet of Things services.

The acquisition will be funded via SMRT's internal funds and is expected to be completed by the fourth quarter of 2025.

Shares in SMRT settled one sen or 1.7% lower at 59 sen, valuing the group at RM270 million.