KUALA LUMPUR (March 25): Cuscapi Bhd is acquiring a Singapore-based technology company Amplify Me Pte Ltd that will enable it to migrate its existing customers from an aging client or server platform to cloud-based technology platform in a relatively short timeframe.

Amplify Me is engaged in the business of developing e-commerce applications, technology applications and web portals online platform.

"This proposed business transfer will allow the group to own a technology solution platform, upon which future product roadmap as well as business opportunities can be built and realised and therefore, propel the group to be an innovative technology provider and a leader in the key markets," Cuscapi said in a filing with Bursa Malaysia today.

Cuscapi's wholly-owned subsidiary Cuscapi Interactive Solutions Sdn Bhd today entered into a business transfer agreement with Amplify Me and sole shareholder Shaun Lee Hong Wei for the proposed acquisition for S$2.5 million (RM7.6 million).

Cuscapi said it will fund the proposed business transfer via proceeds from a previous placement exercise and working capital. 

Barring any unforeseen circumstances, the proposed transaction is expected to be completed by 20 days.

Shares of Cuscapi fell 0.5 sen or 2.38% to close at 20.5 sen today, with 5.56 million shares traded and valuing it at RM176.15 million.