Cuscapi Bhd, Point-of–Sale systems company focussing on business management solutions in Malaysia, announced the acquisition of Singapore-based Amplify Me Pte Ltd through its wholly-owned subsidiary Cuscapi Interactive Solutions Sdn Bhd. Beside Amplify Me, the business transfer agreement is also done with sole shareholder Shaun Lee Hong Wei for the proposed acquisition for RM7.6 million (US$1.9 million).
In Cuscapi’s official statement, the company said: “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,” as quoted by The Edge Markets.
Cuscapi further noted that it will finance the proposed business transfer using the company’s previous placement exercise and working capital. The transaction is expected to be completed within 20 days.
Cuscapi was listed on the ACE Market in 2004 as a public company. It offers business management solution, information technology security solutions, consulting services, and contact centre outsourcing services for businesses, including retail, hospitality, automotive, telecommunications, financial, and public services.
Amplify Me’s business is centered in developing e-commerce applications, technology applications, and web portals online platform.