KUALA LUMPUR (Dec 22): Artificial intelligence (AI)-powered integrated digital infrastructure solutions provider ITMAX System Bhd (KL:ITMAX) is acquiring a 70% equity stake in Tapway Sdn Bhd for RM5.6 million as part of its strategy to expand beyond government-led projects into commercial and private-sector applications.
In a filing with Bursa Malaysia on Monday, ITMAX said Tapway is an AI technology company specialising in commercial vision AI solutions through its proprietary platform. The acquisition will be funded entirely via ITMAX’s internal funds.
ITMAX managing director and chief executive officer William Tan Wei Lun said the deal complements the group’s existing AI-powered digital infrastructure offerings.
"While ITMAX has traditionally focused on large-scale, subscription-based digital infrastructure deployments for cities and public agencies, Tapway provides us with immediate access to proven commercial use cases across shopping malls, plantations, highways, and manufacturing facilities," he said.
By combining Tapway’s software capabilities with ITMAX’s strengths in infrastructure deployment, connectivity, operations and long-term service delivery, the group aims to scale Tapway into a full-service, end-to-end AI solutions provider.
Tan added that the acquisition marks a strategic milestone for ITMAX, strengthening its local AI talent base and accelerating its expansion into the private and commercial sectors.
The transaction is also expected to enhance ITMAX’s recurring revenue streams and deepen its technological capabilities through the addition of an experienced local vision AI team, he said.
Tapway’s status as an NVIDIA Metropolis Partner further strengthens ITMAX’s AI ecosystem and positions the group to deliver enterprise-grade, globally aligned vision AI solutions, it added.
At the midday break on Monday, ITMAX shares rose one sen or 0.21% to RM4.86, after touching a fresh intraday high of RM4.93. At its last traded price, the group’s market capitalisation stood at RM5.02 billion. The stock has gained more than 32% year to date.