KUALA LUMPUR (Aug 11): Cashless payment solutions provider Revenue Group Bhd is acquiring artificial intelligence (AI) company Wannatalk Malaysia Sdn Bhd in a move to enhance its electronic payment (e-payment) solutions and technologies for banks, financial institutions, merchants and card issuers.
In a statement Aug 10, Revenue Group said Wannatalk is principally engaged in the provision and development of facial recognition-centred products and services, AI-powered smart content repository, AI-powered big data mining and fraud detection software and AI-powered chatbot and messaging platform.
It said Wannatalk has a diverse customer base ranging from financial institutions such as banks and insurance companies to public listed companies in the manufacturing sector, property management sector and ICT sector.
The firm said its unit Revenue Harvest Sdn Bhd had inked a share sale agreement with the vendor Tan Sze Hoo to acquire 6,000 shares representing 40.0% equity interest stake in Wannatalk for RM5 million cash.
Revenue Group managing director and group chief executive Eddie Ng Chee Siong said as more companies shift towards greater use of biometrics as a security feature to register and on-board users to expand into the provision of financial services, this acquisition will provide a niche for the firm and further enhance the payment security feature.
“The acquisition will enable Revenue Group to leverage on Wannatalk’s existing products and services to further expand its clientele and business, providing a more robust Business to Business to Consumer solution,” he said.
He said under the agreement, the vendor will provide Revenue Group with a profit guarantee of RM300,000 and RM500,000 for the financial year ending Dec 31, 2020 (FY20) and FY21 respectively.
Ng said the acquisition is expected to be completed in October 2020.
At the midday break today, Revenue Group was unchanged at RM1.29, valuing it at RM509.31 million.