Ramssol pays $3.54Mn for INNIO stakes to build full HR value chain
KUALA LUMPUR, MALAYSIA — Ramssol Group is acquiring controlling stakes in two Malaysian manpower and recruitment companies for RM14.4 million ($3.54 million), extending the ACE Market-listed HR software firm into workforce placement, outsourcing, and AI analytics.
According to a report from The Edge Malaysia, the acquirees are INNIO Holding Sdn Bhd — which owns manpower services, hostel management, and a cross-border recruitment platform — and Agensi Pekerjaan INNIO Sdn Bhd, a private employment agency.
Payment is RM3.6 million (US$885,000) in cash and RM10.8 million (US$2.66 million) in new Ramssol shares at 70 sen each. The deal is backed by a cumulative RM8 million (US$1.97 million) profit guarantee for fiscal years 2026 and 2027 and an outstanding order book of RM39.3 million (US$$9.67 million).
INNIO stakes extend Ramssol beyond HR software
INNIO Holding Sdn Bhd owns INNIO Group Sdn Bhd and CariJob Holding Sdn Bhd, which collectively span manpower services, hostel management, recruitment, and an AI-powered cross-border manpower placement platform.
Agensi Pekerjaan INNIO operates a licensed private employment agency in Malaysia focused on recruiting and placing workers for client firms across industries.
Acquiring operating businesses with established order books and profit guarantees rather than building recruitment capabilities organically collapses a multi-year capability build into a single structured transaction at a defined earnings multiple.
Ramssol said the acquisitions will create cross-selling opportunities for its existing HR products, including PaydayNow and EnGo, across the acquirees’ combined workforce client base.
Six-times multiple backs Ramssol’s value chain acquisition
The deal is priced at six times the average annual profit guarantee — below Ramssol’s own 14.3x earnings ratio on Bursa Malaysia.
Ramssol will fund the cash portion from internally generated funds, supported by RM32.76 million in cash held at end-2025.
Buying at a six-times earnings multiple while Ramssol itself trades at 14.3 times positions the acquisitions as accretive to group earnings from the first reporting period.
“With the addition of INNIO and API into our group, we are now expanding our reach across the entire workforce value chain to include talent sourcing and recruitment to manpower outsourcing using AI-powered workforce analytics,” said Datuk Wira Cllement Tan, Group Managing Director of Ramssol.
Malaysia’s human capital management sector has seen software providers expand horizontally into recruitment and manpower outsourcing, adding recurring placement and subscription revenue to previously software-only income models.
Southeast Asia’s cross-border manpower sector — which routes millions of migrant workers annually between countries — has attracted growing technology investment as agencies digitize historically manual placement processes.
