REVENUE Group Bhd, a cashless payment solutions provider, plans to diversify its income streams by acquiring a 51% stake in Innov8tif Holdings Sdn Bhd for RM36 million.

Innov8tif Holdings Sdn Bhd owns Innov8tif Solutions Group and Xendity Sdn Bhd, together referred to as Innov8tif Group, which is a digital ID solutions provider specialising in ID verification technology to support e-Know Your Customer (e-KYC), e-Know Your Business (e-KYB), anti-fraud processes, customer onboarding process automation, and mobile biometric authentication.

With more than 70% market share in Malaysia, Innov8tif Group is currently the largest digital ID assurance solutions service provider.

According to Revenue Group’s ED Teh Chee Hoe the acquisition of Innov8tif Group is a strategic move to expand the company’s offerings beyond e-payment solutions and enter the digital ID solutions industry, taking advantage of the wider customer base of Innov8tif in the region.

The group aims to position itself as a front runner in the digital economy race and expand its dominance across Southeast Asia (SEA) by strategically acquiring potential businesses and partners in the digital payment and digital banking industries in the future.

The acquisition will enable Revenue Group to capture a larger share of the rapidly growing digital ID and payment solutions market.

Both companies will leverage each other’s strengths to offer integrated digital solutions and cashless payment gateway services to improve the overall experience for users in Southeast Asia.

Revenue Group shares gained 2 sen or 6.56% to close at 32.5 sen today, giving it a market capitalisation of RM164 million.

Source: The Malaysian Reserve