KUALA LUMPUR: Incite Foodtech Sdn Bhd, a food tech venture, is acquiring Eatcosys Sdn Bhd, a homegrown retail technology solutions provider recently recognised by KPMG and HSBC as one of the 'emerging Malaysian unicorns'.
"The acquisition will enable us to advance our ambition of building a comprehensive, unified retail tech ecosystem in the ASEAN region, which comprises consumer tech, retail marketing solutions, retail tech solutions and fintech services," Incite Foodtech chief executive officer Karen S Puah said in a statement today.
The move witnesses both parties combining expertise and capabilities and diversifying their offerings to create a unified retail ecosystem that benefits both the business-to-business (B2B) and business-to-consumer (B2C) segments.
This development also will be a fitting response to the latest government demand for industry players to develop more innovative products and market development strategies by leveraging the digital economy to revolutionise the retail industry.
The live transactional data from the consumer sector, retail marketing solutions and retail tech solutions are harvested as guiding benchmarks for fintech services.
All offerings related to finance are licenced by the Ministry of Local Government Development Malaysia and Bank Negara Malaysia and regulated by the Securities Commission.
Eatcosys co-founder and chairman Tham Lih Chung said both parties aim to revolutionise the retail tech market in Malaysia, embedded with fintech.
"It couldn't have come at a better time for us to join forces and build a comprehensive ecosystem, with an initial public offering (IPO) as the ultimate goal," he said.
Tham added that the company aims to hit RM100 million in revenue within 12 months and is looking at expanding its business operations in ASEAN.
