KUALA LUMPUR (Nov 3) : Kronologi Asia Bhd said the acquisition of Quantum Storage (Hong Kong) Ltd will enlarge its footprint and customer base, enabling the group to invest in developing skills for higher value-added solutions.
 
“With this development, we could leverage on the collective experience of the enlarged team for best practices for vertical solutions and provide additional analytics, which include artificial intelligence (AI),” said Kronologi acting chief executive officer Philip Teo.  
 
Speaking at a media briefing today, Teo said the growth of data storage solutions in the region is encouraging, with growth in digital surveillance and smart cities taking momentum.
 
Kronologi has proposed the acquisition of Quantum Storage for RM45 million, with about RM5 million to be settled in cash and the remaining via the issuance of Kronologi shares.
 
With the group already seeing an impressive growth in both its topline and bottomline at 88.2% and 88.5% to RM101.6 million and RM8.6 million respectively during the nine months ended Sept 30, 2017, Teo said Kronologi is on track according to the management’s direction.
 
Teo said upon completion of the acquisition of Quantum Storage, Kronologi would see even more diversified earnings, from a geographical point of view.
 
Currently, the group’s revenue is concentrated in Singapore (60.5%), followed by other parts of South East Asia at 13.7%.