Malaysian food tech venture, Incite Foodtech Sdn Bhd, has gone through with their acquisition of Eatcosys Sdn Bhd, a homegrown retail technology solutions provider recently recognised by KPMG and HSBC as one of the ‘emerging Malaysian unicorns’.
Speaking on the acquisition, Incite Foodtech’s chief executive officer, Karen S Puah, said that this decision will enable the startup to advance its ambition of building a comprehensive, unified retail tech ecosystem in ASEAN region, which comprises of consumer tech, retail marketing solutions, retail tech solutions and fintech services.
Headquartered in Kuala Lumpur, Incite Foodtech utilizes its “plug-in and scale” business model to create and acquire quick-serving-beverage-and-food (QSBF) brands that satisfy customer needs and sentiment by leveraging on big data.
The move sees 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.
It also offers redemption programmes, licensed-character promotions, merchant partnerships, and user activation; retail tech solutions, which focuses on point-of-sales, customer relationship management, data analytics, and payment gateway with fintech services comprising digital lending, equity crowdfunding and venture capital.
“Both parties aim to revolutionise the retail tech market in Malaysia, embedded with fintech,“ comments Tham Lih Chung, co-founder and chairman of Eatcosys. “It couldn’t have come at a better time for us to join forces and build a comprehensive ecosystem, with an IPO as the ultimate goal”
The live transactional data from the consumer sector, retail marketing solutions and retail tech solutions is 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 Malaysia.
Tham, who will be listed as the group CEO, added that they aim to hit RM100 million in revenue within 12 months and are looking to expand their business operations in throughout the ASEAN region.