TIME dotCom buys 60% stake of AVM Cloud for RM58.7mil

“TIME is excited to grow cloud computing as the next pillar of our business. We believe we’ve found the right partners in AVM, considering their comprehensive product suite and customer base, ” said TIME’s commander-in-chief Afzal Abdul Rahim.

KUALA LUMPUR: TIME dotCom is accelerating its cloud computing business with the acquisition of a 60% stake in AVM Cloud Sdn Bhd for RM58.7mil cash which will enable it to provide a full spectrum of product offerings for its enterprise customers across the region.

“This acquisition signals TIME’s efforts in accelerating the growth of cloud computing as the newest pillar of its business, alongside fixed line services, global network connectivity and data centres, ” it said in a statement.

The stake was acquired from the founders of AVM Cloud, which is a home-grown brand with almost two decades of experience and it is one of the leading VMware service providers in Southeast and North Asia.

Over the past decade, AVM Cloud has established itself in the industry in competing with and complementing global cloud service providers.

The company now serves over 250 enterprise customers. AVM’s extensive product suite ranges from private cloud offerings to system integration services via its unit, Integrated Global Solutions Sdn. Bhd.

“TIME is excited to grow cloud computing as the next pillar of our business. We believe we’ve found the right partners in AVM, considering their comprehensive product suite and customer base, ” said TIME’s commander-in-chief Afzal Abdul Rahim.

AVM Cloud CEO David Chan said by joining the TIME group, this has given AVM Cloud the opportunity to scale and grow and extend its products and services to the Group’s customer base.

“We also hope to capitalise on TIME’s regional footprint to grow a regional cloud business, ” Chan said.