PETALING JAYA: Ramssol Group Bhd
’s proposed purchase of stakes in INNIO Holding Sdn Bhd and Agensi Pekerjaan INNIO Sdn Bhd (API) for RM14.4mil in a cash and shares deal, is deemed positive by Apex Securities Research.
It believes the proposed deal will transform Ramssol from a dedicated PeopleTech and Human Capital Management (HCM) software provider into a fully integrated workforce solutions platform.
Under the deal announced, Ramssol will buy a 60% stake in INNIO – the parent of INNIO Group Sdn Bhd and CariJob Holding Sdn Bhd – and a 49% stake in API.
INNIO and API bring licensed capabilities in talent sourcing, recruitment and manpower outsourcing, functions that sit at the very entry point of any organisation’s workforce journey.
The deal carries a profit guarantee of RM3mil for financial year 2026 (FY26) and RM5mil for FY27, priced at an implied price-to-earnings multiple of six times and backed by a RM39.3mil order book.
Apex Research noted that by integrating INNIO’s hostel management and foreign worker services with CariJob’s artificial intelligence-driven recruitment platform, Ramssol can create a powerful ecosystem for cross-selling.
“We see immediate cross-sell potential in both directions: the target group’s sizeable outsourced workforce base (underpinned by a RM39.3mil order book) becomes a captive distribution channel for Ramssol’s PaydayNow (earned wage access) and EnGo (upskilling and compliance), while Ramssol’s existing enterprise client base using HCM solutions such as Darwinbox and HONO provides an outbound channel for the target group’s recruitment and manpower outsourcing services,” Apex Research said in a recent report on Ramssol.
It added that the combined offering should also drive a structural shift in revenue mix from one-off project implementation fees toward more recurring placement, outsourcing and subscription-based income for Ramssol.
The purchase consideration of RM14.4mil will be satisfied via RM3.6mil cash (25%) and the issuance of 15.4 million new Ramssol shares (75%) at an issue price of 70 sen per share. Deal completion is targeted for the third quarter of FY26.
Apex Research raised its FY26, FY27 and FY28 earnings estimates for Ramssol by 8%, 23.5% and 28% to RM31mil, RM40mil and RM45.2mil respectively.
It maintained a “buy” call on the stock with a lower revised target price of RM1.30 a share from RM1.41 previously.
